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S. 327 (115th): Fair Access to Investment Research Act of 2017

About the bill

Source: Republican Policy Committee

Investor interest in ETFs has increased significantly in recent years, with 5.7 million U.S. households holding ETF shares in 2013. Yet despite their growing popularity and increasing importance to retail investors, anomalies in the SEC’s safe harbor rules have discouraged most broker-dealers from publishing research regarding ETFs. S. 327 would generally allow broker-dealers to issue research reports on ETFs.

The research reports would need to meet certain requirements to be eligible for this safe harbor. Under current law, such reports would be considered an offering for sale and the broker or dealer would be required to file a registration statement with the SEC for that offering.

S. 327 is similar to a bill H.R. 5019, the Fair Access to Investment Research Act of 2016, which passed the House under …

Sponsor and status

Dean Heller

Sponsor. Senator for Nevada. Republican.

Read Text »
Last Updated: Sep 28, 2017
Length: 4 pages
Feb 7, 2017
115th Congress (2017–2019)

Enacted — Signed by the President on Oct 6, 2017

This bill was enacted after being signed by the President on October 6, 2017.

Pub.L. 115-66

2 Cosponsors (1 Republican, 1 Democrat)


Position statements

What legislators are saying

In Case You Missed It: President Signs 15 of Sen. Hellers Bills into Law
    — Sen. Dean Heller [R-NV, 2011-2018] (Sponsor) on Jan 3, 2018

Brown Opening Statement at Banking Committee Markup of Bipartisan Securities Bills
    — Sen. Sherrod Brown [D-OH] on Mar 9, 2017

THIS WEEK IN CONGRESS - September 29, 2017
    — Rep. Gregorio Sablan [D-MP] on Oct 1, 2017

More statements at ProPublica Represent...

What stakeholders are saying

R Street Institute estimates S. 327 will add $2 million in new spending through 2022.

Incorporated legislation

This bill incorporates provisions from:

H.R. 910: Fair Access to Investment Research Act of 2017

Passed House (Senate next) on May 1, 2017. 92% incorporated. (compare text)

H.R. 3354: Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and …

Passed House (Senate next) on Sep 14, 2017. 0% incorporated. (compare text)

H.R. 10: Financial CHOICE Act of 2017

Passed House (Senate next) on Jun 8, 2017. 1% incorporated. (compare text)

H.R. 3280: Financial Services and General Government Appropriations Act, 2018

Introduced on Jul 18, 2017. 2% incorporated. (compare text)


Feb 7, 2017

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Mar 9, 2017
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Sep 11, 2017
Passed Senate (House next)

The bill was passed in a vote in the Senate. It goes to the House next. The vote was by Unanimous Consent so no record of individual votes was made.

Sep 27, 2017
Passed House

The bill was passed by both chambers in identical form. It goes to the President next who may sign or veto the bill. The vote was by voice vote so no record of individual votes was made.

Oct 6, 2017
Enacted — Signed by the President

The President signed the bill and it became law.

S. 327 (115th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 327. This is the one from the 115th Congress.

This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.

How to cite this information.

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