The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.
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The House of Representatives passed the Fair Access to Investment Research Act of 2017. The bill is intended to establish a safe harbor that would permit broker-dealers to issue research reports that cover exchange-traded funds.
The House Financial Services Committee approved six bills intended to enhance capital formation.
The House of Representatives passed a bill that directs the SEC to provide a safe harbor allowing broker-dealers to publish research reports on investment funds that are in continuous distribution without having to deem those reports to be "prospectuses."