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house Bill H.R. 910

Fair Access to Investment Research Act of 2017

Bill Details

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Title

Fair Access to Investment Research Act of 2017

Official Title

To direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes.

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.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed May 1st, 2017
    Roll Call Vote 405 Yea / 2 Nay
      house Committees
      Committee on Financial Services
    IntroducedFebruary 7th, 2017

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    Helping just ONE company?! Bank of America, allowing them to make money by avoiding lawsuits! This bill that BofA is pushing would extend protections,recommending and selling securities to clients.Research reports on traditional stocks are currently reported against lawsuits for botching facts or omitting important information. THIS bill would extend those protections to reports on investments better known as "exchange traded funds". Yet, the way this bill is written it would shield significant conflicts of interest in the ETF world from a host of lawsuits. This speaks volumes about congressional priorities. Not to mention BofA is getting help from two lobbying groups for big corporations,the Securities Industry and Financial Markets Association as well as the U.S. Chamber of Commerce. BfA is a member of SIFMA. Here's hoping this bill won't pass in the Senate.
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    This legislation splits hair about which research reports are protected against lawsuits. Investors will not be able to distinguish the research report author's legal liabilities. It also creates conflicts of interests when the funds and protected research reports are managed by the same parent company. This bill disproportionately favors big financial institutions, handing these institutions even more unfair competitive advantages.
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    Unless the sponsors can demonstrate a value outside of the obvious one of banks avoiding lawsuits, this bill seems to be of little value to individual investors.
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    If a bill won't specify exactly what it's protecting then it does not deserve an affirmative vote.
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    This seems like a handout to the banking lobby
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    There is no description of what this is.
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    If a bill won't specify exactly what it's protecting then it does not deserve an affirmative vote.
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    Not a delegated power of congress. Seriously, that should be the first question in any bill or legislation. "Does this have Constitutional authority", per the framers, not precedence which is a complete usurpation.
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    New speak again. If it sounds good it must be bad.
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    Another handout to big banks at the expense of small investors. Vote NO!
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