To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.

Fact Sheet API

Bill Number

HR 2622

Introduced

Apr 13, 2023

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

Topics

Finance and Financial Sector Financial services and investments Licensing and registrations User charges and fees

Full Text

View Full Bill Text

Votes

Summary

This bill extends for six months Securities and Exchange Commission (SEC) guidance allowing broker-dealers to receive payments for research services provided to investment managers. Under current law, broker-dealers that receive payments for performing this service must register as investment advisors. However, the SEC through guidance currently waives enforcement against these broker-dealers. This waiver is set to expire on July 3, 2023.

The SEC must report on the impact of continuation or expiration of this guidance.

Actions

Jul 12, 2023

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 11, 2023

Motion to reconsider laid on the table Agreed to without objection.
Jul 11, 2023

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
Jul 11, 2023

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
Jul 11, 2023

DEBATE - The House proceeded with forty minutes of debate on H.R. 2622.
Jul 11, 2023

Considered under suspension of the rules. (consideration: CR H3184-3185)
Jul 11, 2023

Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Jul 11, 2023

Placed on the Union Calendar, Calendar No. 105.
Jul 11, 2023

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
May 24, 2023

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.
May 24, 2023

Committee Consideration and Mark-up Session Held
Apr 13, 2023

Referred to the House Committee on Financial Services.
Apr 13, 2023

Introduced in House

Amendments

Related Bills