#aaeth ,,congress  #ast ,session  ,h4   
,r4 #iaj  ,,an ,,act  ,to direct the    
,securities and ,exchange ,commission to
 provide a safe harbor related to       
certain investment fund research        
reports1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,fair ,access to ,investment        
,research ,act of #bjag4  #b4 ,safe     
harbor for investment fund research  7a7
 ,expansion of the safe harbor ,not     
later than the end of the #ahj-;day     
period beginning on the date of         
enactment of this ,act1 the ,securities 
and ,exchange ,commission shall propose1
 and not later than the end of the      
#bgj-;day period beginning on such date1
 the ,commission shall adopt1 upon such 
terms1 conditions1 or requirements as   
the ,commission may determine necessary 
or appropriate in the public interest1  
for the protection of investors1 and for
 the promotion of capital formation1    
revisions to section #bcj4aci of title  
#ag1 ,code of ,federal ,regulations1 to 

provide that a covered investment fund  
research report that is published or    
distributed by a broker or dealer--     
7#a7 shall be deemed1 for purposes of   
sections #b7;a77#aj7 and #e7;c7 of the  
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7a77#aj71 #gg;e7c771 not to       
constitute an offer for sale or an offer
 to sell a security that is the subject 
of an offering pursuant to a            
registration statement that is          
effective1 even if the broker or dealer 
is participating or will participate in 
the registered offering of the covered  
investment fund's securities2 and  7#b7 
shall be deemed to satisfy the          
conditions of subsection 7a77#a7 or     
7a77#b7 of section #bcj4aci of title    
#ag1 ,code of ,federal ,regulations1 or 
any successor provisions1 for purposes  
of the ,commission's rules and          
regulations under the ,federal          
securities laws and the rules of any    
self-regulatory organization4  7b7      
,implementation of safe harbor ,in      

implementing the safe harbor pursuant to
 subsection 7a71 the ,commission shall--
 7#a7 not1 in the case of a covered     
investment fund with a class of         
securities in substantially continuous  
distribution1 condition the safe harbor 
on whether the broker's or dealer's     
publication or distribution of a covered
 investment fund research report        
constitutes such broker's or dealer's   
initiation or reinitiation of research  
coverage on such covered investment fund
 or its securities2  7#b7 not-- 7,a7    
require the covered investment fund to  
have been registered as an investment   
company under the ,investment ,company  
,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et
 seq47 or subject to the reporting      
requirements of section #ac or #ae7;d7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d77 for 
any period exceeding the period of time 
referenced under paragraph              
7a77#a77;i77,a77#a7 of section #bcj4aci 
of title #ag1 ,code of ,federal         

,regulations2 or  7,b7 impose a minimum 
float provision exceeding that          
referenced in paragraph                 
7a77#a77;i77,a77#a77;i7 of section      
#bcj4aci of title #ag1 ,code of ,federal
 ,regulations2  7#c7 provide that a     
self-regulatory organization may not    
maintain or enforce any rule that       
would--  7,a7 prohibit the ability of a 
member to publish or distribute a       
covered investment fund research report 
solely because the member is also       
participating in a registered offering  
or other distribution of any securities 
of such covered investment fund2 or     
7,b7 prohibit the ability of a member to
 participate in a registered offering or
 other distribution of securities of a  
covered investment fund solely because  
the member has published or distributed 
a covered investment fund research      
report about such covered investment    
fund or its securities2 and  7#d7       
provide that a covered investment fund  
research report shall not be subject to 

section #bd7;b7 of the ,investment      
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#bd7;b77 or the rules and         
regulations thereunder1 except that such
 report may still be subject to such    
section and the rules and regulations   
thereunder to the extent that it is     
otherwise not subject to the content    
standards in the rules of any           
self-regulatory organization related to 
research reports1 including those       
contained in the rules governing        
communications with the public regarding
 investment companies or substantially  
similar standards4  7c7 ,rules of       
construction ,nothing in this ,act shall
 be construed as in any way limiting--  
7#a7 the applicability of the antifraud 
or antimanipulation provisions of the   
,federal securities laws and rules      
adopted thereunder to a covered         
investment fund research report1        
including section #ag of the ,securities
 ,act of #aicc 7#ae ,u4,s4,c4 #ggq71    
section #cd7;b7 of the ,investment      

,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#cc71 and sections #i and #aj of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;i1 #gh;j72 or  7#b7  
the authority of any self-regulatory    
organization to examine or supervise a  
member's practices in connection with   
such member's publication or            
distribution of a covered investment    
fund research report for compliance with
 applicable provisions of the ,federal  
securities laws or self-regulatory      
organization rules related to research  
reports1 including those contained in   
rules governing communications with the 
public1 or to require the filing of     
communications with the public the      
purpose of which is not to provide      
research and analysis of covered        
investment funds4  7d7 ,interim         
effectiveness of safe harbor  7#a7 ,in  
general ,from and after the #bgj-;day   
period beginning on the date of         
enactment of this ,act1 if the          
,commission has not adopted revisions to

 section #bcj4aci of title #ag1 ,code of
 ,federal ,regulations1 as required by  
subsection 7a71 and until such time as  
the ,commission has done so1 a broker or
 dealer distributing or publishing a    
covered investment fund research report 
after such date shall be able to rely on
 the provisions of section #bcj4aci of  
title #ag1 ,code of ,federal            
,regulations1 and the broker or dealer's
 publication of such report shall be    
deemed to satisfy the conditions of     
subsection 7a77#a7 or 7a77#b7 of section
 #bcj4aci of title #ag1 ,code of        
,federal ,regulations1 if the covered   
investment fund that is the subject of  
such report satisfies the reporting     
history requirements 7without regard to 
,form ,s-#c or ,form ,f-#c eligibility7 
and minimum float provisions of such    
subsections for purposes of the         
,commission's rules and regulations     
under the ,federal securities laws and  
the rules of any self-regulatory        
organization1 as if revised and         

implemented in accordance with          
subsections 7a7 and 7b74  7#b7 ,status  
of covered investment fund ,after such  
period and until the ,commission has    
adopted revisions to section #bcj4aci   
and ,,finra has revised rule #bbaj1 for 
purposes of subsection 7c77#g77,o7 of   
such rule1 a covered investment fund    
shall be deemed to be a security that is
 listed on a national securities        
exchange and that is not subject to     
section #bd7;b7 of the ,investment      
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#bd7;b774  7#c7 ,covered          
investment funds communications  7,a7   
,in general ,except as provided in      
subparagraph 7,b71 communications that  
concern only covered investment funds   
that fall within the scope of section   
#bd7;b7 of the ,investment ,company ,act
 of #aidj 7#ae ,u4,s4,c4 #hj;a-#bd7;b77 
shall not be required to be filed with  
,,finra4  7,b7 ,exception ,,finra may   
require the filing of communications    
with the public if the purpose of those 

communications is not to provide        
research and analysis of covered        
investment funds4  7e7 ,definitions ,for
 purposes of this ,act3 7#a7 ,the term  
covered investment fund research report 
means a research report published or    
distributed by a broker or dealer about 
a covered investment fund or any        
securities issued by the covered        
investment fund1 but not including a    
research report to the extent that it is
 published or distributed by the covered
 investment fund or any affiliate of the
 covered investment fund4  7#b7 ,the    
term covered investment fund means--    
7,a7 an investment company registered   
under1 or that has filed an election to 
be treated as a business development    
company under1 the ,investment ,company 
,act of #aidj and that has filed a      
registration statement under the        
,securities ,act of #aicc for the public
 offering of a class of its securities1 
which registration statement has been   
declared effective by the ,commission2  

and  7,b7 a trust or other person-- 7i7 
issuing securities in an offering       
registered under the ,securities ,act of
 #aicc and which class of securities is 
listed for trading on a national        
securities exchange2  7ii7 the assets of
 which consist primarily of commodities1
 currencies1 or derivative instruments  
that reference commodities or           
currencies1 or interests in the         
foregoing2 and  7iii7 that provides in  
its registration statement under the    
,securities ,act of #aicc that a class  
of its securities are purchased or      
redeemed1 subject to conditions or      
limitations1 for a ratable share of its 
assets4  7#c7 ,the term ,,finra means   
the ,financial ,industry ,regulatory    
,authority4  7#d7 ,the term research    
report has the meaning given that term  
under section #b7;a77#c7 of the         
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7a77#c771 except that such term   
shall not include an oral communication4
  7#e7 ,the term self-regulatory        

organization has the meaning given to   
that term under section #c7;a77#bf7 of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;c7a77#bf774  ,passed 
the ,house of ,representatives ,may #a1 
#bjag4;,clerk4