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U.S. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-102
FAIR ACCESS TO INVESTMENT RESEARCH ACT OF 2017
MAY 1, 2017.-Committed to the Committee of the Whole House on the State of the
Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 910]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 910) to direct the Securities and Exchange Commission
to provide a safe harbor related to certain investment fund re-
search reports, and for other purposes, having considered the same,
report favorably thereon with an amendment and recommend that
the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Fair Access to Investment Research Act of 2017.
SEC. 2. SAFE HARBOR FOR INVESTMENT FUND RESEARCH.
(a) EXPANSION OF THE SAFE HARBOR.-Not later than the end of the 180-day pe-
riod beginning on the date of enactment of this Act, the Securities and Exchange
Commission shall propose, and not later than the end of the 270-day period begin-
ning on such date, the Commission shall adopt, upon such terms, conditions, or re-
quirements as the Commission may determine necessary or appropriate in the pub-
lic interest, for the protection of investors, and for the promotion of capital forma-
tion, revisions to section 230.139 of title 17, Code of Federal Regulations, to provide
that a covered investment fund research report that is published or distributed by
a broker or dealer-
(1) shall be deemed, for purposes of sections 2(a)(10) and 5(c) of the Securities
Act of 1933 (15 U.S.C. 77b(a)(10), 77e(c)), not to constitute an offer for sale or
an offer to sell a security that is the subject of an offering pursuant to a reg-
istration statement that is effective, even if the broker or dealer is participating
or will participate in the registered offering of the covered investment fund's se-
curities; and
(2) shall be deemed to satisfy the conditions of subsection (a)(1) or (a)(2) of
section 230.139 of title 17, Code of Federal Regulations, or any successor provi-
sions, for purposes of the Commission's rules and regulations under the Federal
securities laws and the rules of any self-regulatory organization.
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