The Securities Research Modernization Act proposes to amend Section 2(a)(3) of the Securities Act of 1933, significantly expanding the existing research report exception. Currently, this exception is limited to research reports concerning emerging growth companies and their common equity. The bill would replace references to "an emerging growth company" with " an issuer " and "the common equity" with " any " security. This modification broadens the exception to cover research reports about any issuer undertaking a proposed public offering of securities, regardless of their emerging growth status or the specific type of security. The aim is to modernize regulations and allow for wider dissemination of research to investors for a more diverse range of companies and offerings.