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Broker Exemption Extension and Investment Market Study

This act extends for six months a temporary exemption for brokers and dealers providing research services from the definition of an investment adviser. This aims to prevent sudden market disruptions and allows time for a detailed study on the impact of these regulations on the availability of investment research, especially for smaller firms, and on investors.
Key points
Extends by 6 months the current rules allowing brokers to offer research services without being classified as investment advisers.
Mandates a study on the impact of these rules on the investment research market, including small firms and various market participants.
Requires a cost-benefit analysis of regulatory options to support research coverage for small entities and increase transparency in research costs.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_2622
Sponsor: Rep. Sessions, Pete [R-TX-17]
Process start date: 2023-04-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2622.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-13.

What are the main provisions?

Key points include:

  • Extends by 6 months the current rules allowing brokers to offer research services without being classified as investment advisers.
  • Mandates a study on the impact of these rules on the investment research market, including small firms and various market participants.
  • Requires a cost-benefit analysis of regulatory options to support research coverage for small entities and increase transparency in research costs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sessions, Pete [R-TX-17].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy