HOUSE 2622118th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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.

Last Action: 7/12/2023

Actions

2023-07-12Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2023-07-11Motion to reconsider laid on the table Agreed to without objection.
2023-07-11On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
2023-07-11Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
2023-07-11DEBATE - The House proceeded with forty minutes of debate on H.R. 2622.
2023-07-11Considered under suspension of the rules. (consideration: CR H3184-3185)
2023-07-11Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
2023-07-11Placed on the Union Calendar, Calendar No. 105.
2023-07-11Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
2023-07-11Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
2023-05-24Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.
2023-05-24Committee Consideration and Mark-up Session Held
2023-04-13Referred to the House Committee on Financial Services.
2023-04-13Introduced in House
2023-04-13Introduced in House

CRS Summary

As of 2023-07-11 (53)

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.

Cosponsors (1)

Ann Wagner (R-MO)

Subjects

Financial services and investments
Licensing and registrations
User charges and fees

Read on Congress.gov

Sourced from Congress.gov (public domain).

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