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

May 1, 2017 at 6:54 p.m. ET. On Motion to Suspend the Rules and Pass, as Amended in the House.

This was a vote to pass H.R. 910 (115th) in the House. This vote was taken under a House procedure called “suspension of the rules” which is typically used to pass non-controversial bills. Votes under suspension require a 2/3rds majority. A failed vote under suspension can be taken again.

H.R. 910 establishes a safe harbor that would allow broker-dealers to issue research reports that cover Exchange Traded Funds (ETFs), so that these reports are not considered “offers” under the securities law. 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.

An Exchange Traded Fund (ETF) is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange.

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.

H.R. 910 is similar to a bill H.R. 5019, the Fair Access to Investment Research Act of 2016, which passed the House under suspension of the rules by a vote of 411 to 6 on April 28, 2016.

Source: Republican Policy Committee


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Nay 0%
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Passed. 2/3 Required. Source:

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