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H. Rept. 114-401 1 (2016-01-28)

handle is hein.congrecreports/crptxrhy0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-401 FAIR ACCESS TO INVESTMENT RESEARCH ACT OF 2015 JANUARY 28, 2016.-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 together with MINORITY VIEWS [To accompany H.R. 2356] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 2356) 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 without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Hill on May 15, 2015, H.R. 2356, the Fair Access to Investor Research Act, directs the Securities and Exchange Commission (SEC) to provide a safe harbor for research reports that cover Exchange Traded Funds (ETFs) so that these re- ports are not considered offers under Section 5 of the Securities Act of 1933. H.R. 2356 requires the SEC to revise applicable regu- lations within 120 days of the Act's enactment and, if the deadline is not met, H.R. 2356 provides that an interim safe harbor will take effect until the SEC's rules are finalized. To qualify for H.R. 2356's safe harbor, a broker or dealer must distribute the research report in the regular course of business and the report must relate to an ETF issuer that (1) has a class of securities listed on a na- tional securities exchange for at least 12 months prior to the pub- lishing or distribution of the report, (2) has an aggregate market value of at least $75 million, and (3) is either a unit investment 59-006

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