Fair Access to Investment Research Act of 2017
Latest action · Oct 6, 2017 Became Public Law No: 115-66.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 7, 2017
- Passed SenateSep 11, 2017
- Passed HouseSep 27, 2017
- To the PresidentSep 29, 2017
- Became lawOct 6, 2017Public Law 115-66
Summary
Fair Access to Investment Research Act of 2017
(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.
In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.
The bill restricts the SEC from conditioning the safe harbor upon specified requirements.
The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Feb 7, 2017 to Mar 6, 2017; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | Gary C. Peters | Original | Feb 7, 2017 |
| R-GA | David Perdue | Mar 6, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Feb 7, 2017Markup Mar 9, 2017Reported Mar 13, 2017 |
Actions 18
Everything that happened, newest first.
- Oct 6, 2017Signed by President.
- Oct 6, 2017Became Public Law No: 115-66.
- Sep 29, 2017Presented to President.
- Sep 27, 2017Mr. Hill moved to suspend the rules and pass the bill.
- Sep 27, 2017Considered under suspension of the rules. (consideration: CR H7547-7549)
- Sep 27, 2017DEBATE - The House proceeded with forty minutes of debate on S. 327.
- Sep 27, 2017Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7547-7548)
- Sep 27, 2017Motion to reconsider laid on the table Agreed to without objection.
- Sep 12, 2017Received in the House.
- Sep 12, 2017Message on Senate action sent to the House.
- Sep 12, 2017Held at the desk.
- Sep 11, 2017Measure laid before Senate by unanimous consent. (consideration: CR S5166-5168)
- Sep 11, 2017Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent. (text: CR S5167-5168)
- Mar 13, 2017Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with amendments. Without written report.
- Mar 13, 2017Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.
- Mar 9, 2017Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment favorably.
- Feb 7, 2017Introduced in Senate
- Feb 7, 2017Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H7547–H7549Text printed H7547 | Bill Foster D-IL, J. French Hill R-AR | Sep 27, 2017 |
| Senate | Debate and remarks S5166–S5168Text printed S5167Amendments S5162, S5166, S5167 | Dean Heller R-NV (amendment), Elizabeth Warren D-MA (amendment), Mitch McConnell R-KY | Sep 11, 2017 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Congressional Budget Office cost estimate
- Mar 30, 2017S. 327, Fair Access to Investment Research Act of 2017As reported by the Senate Committee on Banking, Housing, and Urban Affairs on March 13, 2017
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| SA 935 | To improve the bill. | Elizabeth Warren D-MA | Amendment SA 935 agreed to in Senate by Unanimous Consent. |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 10 | Financial CHOICE Act of 2017 | Related bill | Jul 13, 2017 |
| HR 910 | Fair Access to Investment Research Act of 2017 | Identical bill | May 2, 2017 |
| S 3092 | Fair Access to Investment Research Act of 2016 | Reintroduction of | Jun 23, 2016 |
| HR 3280 | Financial Services and General Government Appropriations Act, 2018 | Related bill | Jul 26, 2017 |
Titles 8
Every title it has carried, official and short, at each stage.
- Official Title
- An act to direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes
- Short Title
- Fair Access to Investment Research Act of 2017
- Official Title as Introduced
- A bill to direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes.
- Short Titles as Introduced
- Fair Access to Investment Research Act of 2017
- Short Titles as Reported to Senate
- Fair Access to Investment Research Act of 2017
- Short Titles as Passed House
- Fair Access to Investment Research Act of 2017
- Short Titles as Passed Senate
- Fair Access to Investment Research Act of 2017
- Short Titles as Enacted
- Fair Access to Investment Research Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- —Enrolled Bill
- Sep 11, 2017Engrossed in Senate
- Mar 13, 2017Reported to Senate
- Feb 7, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
