Thursday, February 4, 2016

Hill’s Fair Access to Investment Research Act Passes the House

WASHINGTON, D.C. – Today, the House passed H.R. 1675, the Encouraging Employee Ownership Act of 2015, by a vote of 265-159. Included in H.R. 1675 was a package of financial services bills, including H.R. 2356, the Fair Access to Investment Research Act, which was introduced by Congressman French Hill (AR-02) last May.

H.R. 2356 would direct the Securities and Exchange Commission (SEC) to provide a safe harbor for research reports that cover Exchange Traded Funds (ETFs) so that the reports would not be considered “offers” under the Securities Act of 1933.

Following passage of the bill, Congressman Hill stated:

“Spending the past three decades in the investment industry, I have witnessed firsthand ETFs skyrocket. Yet despite their increased popularity, there is little research on ETFs due to anomalies in the securities laws. My commonsense bill would clarify the law and allow broker-dealers to publish ETF research, allowing investors to access useful information in this rapidly growing market. I appreciate Chairman Hensarling’s and the Congress’ efforts to promote capital formation, reduce unnecessary burdens, and grow jobs and the economy and was proud to support this bill.” 

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