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118-hr-2622Committee
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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.

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Summary

Official CRS 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.

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Bill details

Congress
118
Bill type
hr
Introduced
April 13, 2023
Sponsor
Not yet available
Last action
July 12, 2023— Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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