Fair Access to Investment Research Act of 2016
This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.
The revised regulation shall declare that a published or distributed investment fund research report shall not be deemed to constitute an offer for sale or an offer to sell a security that is the subject of the offering pursuant to an effective registration statement, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities.
The covered investment fund research report shall indeed be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization.
The SEC shall not impose specified conditions and requirements when implementing the safe harbor.
Until the SEC has adopted such safe harbor revisions, and the Financial Industry Regulatory Authority (FINRA) has revised a related rule, a covered investment fund shall be deemed to be a security listed on a national securities exchange that is not subject to a certain filing requirement of the Investment Company Act of 1940.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-05-09 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2016-04-28 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2016-04-28 | Vote | On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 6 (Roll no. 175). (text: CR 4/26/2016 H1950) | House floor actions |
| 2016-04-28 | Floor | Considered as unfinished business. (consideration: CR H2081) | House floor actions |
| 2016-04-26 | Floor | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. | House floor actions |
| 2016-04-26 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 5019. | House floor actions |
| 2016-04-26 | Floor | Considered under suspension of the rules. (consideration: CR H1950-1952) | House floor actions |
| 2016-04-26 | Floor | Mr. Garrett moved to suspend the rules and pass the bill. | House floor actions |
| 2016-04-21 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2016-04-21 | IntroReferral | Introduced in House | Library of Congress |