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.
USA118th CongressHR-2622| House
| Updated: 7/12/2023
Pete Sessions
Republican Representative
Texas
Cosponsors (1)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.
Placed on the Union Calendar, Calendar No. 105.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H3184-3185)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2622.
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)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Financial services and investmentsLicensing and registrationsUser charges and fees
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.
USA118th CongressHR-2622| House
| Updated: 7/12/2023
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.
Placed on the Union Calendar, Calendar No. 105.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H3184-3185)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2622.
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)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pete Sessions
Republican Representative
Texas
Cosponsors (1)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Financial services and investmentsLicensing and registrationsUser charges and fees