,,ib  ,union ,cal5d> ,no4 #ei  #aae?    
,,congress  #a/ ,session  ,h4 ,r4 #iaj  
,report ,no4 #aae-ajb  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,febru>y #g1 #bjag
 ,mr4 ,hill 7= himself & ,mr4 ,fo/]7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices     
,may #a1 #bjag ,additional sponsors3    
,mr4 ,holl+swor?1 ,ms4 ,blunt ,ro*e/]1  
,mr4 ,got!im]1 ,mr4 ,%]man1 & ,mr4      
,mess]  ,may #a1 #bjag ,report$ ) an    
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$ ,/rike out all aft] ! 
enact+ clause & ins]t ! "p pr9t$ 9      
italic ,= text ( introduc$ bill1 see    
copy ( bill z introduc$ on ,febru>y #g1 
#bjag  ,a ,,bill  ,to direct !          
,securities & ,ex*ange ,commission to   
provide a safe h>bor relat$ to c]ta9    
inve/m5t fund rese>* reports1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,fair ,access to ,inve/m5t 
,rese>* ,act ( #bjag4  #b4 ,safe h>bor =
 inve/m5t fund rese>*  7a7 ,expansion ( 

! safe h>bor ,n lat] ?an ! end ( !      
#ahj-;day p]iod beg9n+ on ! date (      
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all propose1 & n  
lat] ?an ! end ( ! #bgj-;day p]iod      
beg9n+ on su* date1 ! ,commission %all  
adopt1 ^u su* t]ms1 conditions1 or      
requirem5ts z ! ,commission may det]m9e 
necess>y or appropriate 9 ! public      
int]e/1 = ! protection ( inve/ors1 & = !
 promotion ( capital =mation1 revisions 
to section #bcj4aci ( title #ag1 ,code (
 ,f$]al ,regulations1 to provide t a    
cov]$ inve/m5t fund rese>* report t is  
publi%$ or di/ribut$ by a brok] or      
deal]--  7#a7 %all be deem$1 = purposes 
( sections #b7;a77#aj7 & #e7;c7 ( !     
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#aj71 #gg;e7c771 n to con/itute
 an (f] = sale or an (f] to sell a      
security t is ! subject ( an (f]+       
pursuant to a regi/ration /atem5t t is  
effective1 ev5 if ! brok] or deal] is   
p>ticipat+ or w p>ticipate 9 ! regi/]$  
(f]+ ( ! cov]$ inve/m5t fund's          

securities2 &  7#b7 %all be deem$ to    
satisfy ! conditions ( subsection       
7a77#a7 or 7a77#b7 ( section #bcj4aci ( 
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor provisions1 = purposes 
( ! ,commission's rules & regulations "u
 ! ,f$]al securities laws & ! rules (   
any self-regulatory organization4  7b7  
,implem5tation ( safe h>bor ,9 implem5t+
 ! safe h>bor pursuant to subsection    
7a71 ! ,commission %all-- 7#a7 n1 9 !   
case ( a cov]$ inve/m5t fund ) a class (
 securities 9 sub/antially cont9u\s     
di/ribution1 condition ! safe h>bor on  
:e!r ! brok]'s or deal]'s publication or
 di/ribution ( a cov]$ inve/m5t fund    
rese>* report con/itutes su* brok]'s or 
deal]'s initiation or re9itiation (     
rese>* cov]age on su* cov]$ inve/m5t    
fund or its securities2  7#b7 n-- 7,a7  
require ! cov]$ inve/m5t fund to h be5  
regi/]$ z an inve/m5t company "u !      
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#a et seq47 or subject  
to ! report+ requirem5ts ( section #ac  

or #ae7;d7 ( ! ,securities ,ex*ange ,act
 ( #aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d77 =
 any p]iod exce$+ ! p]iod ( "t ref]5c$  
"u p>agraph 7a77#a77;i77,a77#a7 (       
section #bcj4aci ( title #ag1 ,code (   
,f$]al ,regulations2 or  7,b7 impose a  
m9imum float provision exce$+ t ref]5c$ 
9 p>agraph 7a77#a77;i77,a77#a77;i7 (    
section #bcj4aci ( title #ag1 ,code (   
,f$]al ,regulations2  7#c7 provide t a  
self-regulatory organization may n      
ma9ta9 or en=ce any rule t w\ld--  7,a7 
prohibit ! ability ( a memb] to publi%  
or di/ribute a cov]$ inve/m5t fund      
rese>* report solely because ! memb] is 
also p>ticipat+ 9 a regi/]$ (f]+ or o!r 
di/ribution ( any securities ( su* cov]$
 inve/m5t fund2 or  7,b7 prohibit !     
ability ( a memb] to p>ticipate 9 a     
regi/]$ (f]+ or o!r di/ribution (       
securities ( a cov]$ inve/m5t fund      
solely because ! memb] has publi%$ or   
di/ribut$ a cov]$ inve/m5t fund rese>*  
report ab\t su* cov]$ inve/m5t fund or  
its securities2 &  7#d7 provide t a     

cov]$ inve/m5t fund rese>* report %all n
 be subject to section #bd7;b7 ( !      
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#bd7;b77 or ! rules &   
regulations !reund]1 except t su* report
 may /ill be subject to su* section & ! 
rules & regulations !reund] to ! ext5t t
 x is o!rwise n subject to ! cont5t     
/&>ds 9 ! rules ( any self-regulatory   
organization relat$ to rese>* reports1  
includ+ ^? conta9$ 9 ! rules gov]n+     
communications ) ! public reg>d+        
inve/m5t companies or sub/antially      
simil> /&>ds4  7c7 ,rules ( con/ruction 
,no?+ 9 ?is ,act %all be con/ru$ z 9 any
 way limit+--  7#a7 ! applicability ( ! 
antifraud or antimanipulation provisions
 ( ! ,f$]al securities laws & rules     
adopt$ !reund] to a cov]$ inve/m5t fund 
rese>* report1 includ+ section #ag ( !  
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggq71 section #cd7;b7 ( ! ,inve/m5t    
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#cc71 & sections #i & #aj ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #gh;i1 #gh;j72 or  7#b7 !     
au?ority ( any self-regulatory          
organization to exam9e or sup]vise a    
memb]'s practices 9 connection ) su*    
memb]'s publication or di/ribution ( a  
cov]$ inve/m5t fund rese>* report =     
compliance ) applicable provisions ( !  
,f$]al securities laws or               
self-regulatory organization rules      
relat$ to rese>* reports1 includ+ ^?    
conta9$ 9 rules gov]n+ communications ) 
! public1 or to require ! fil+ (        
communications ) ! public ! purpose (   
:i* is n to provide rese>* & analysis ( 
cov]$ inve/m5t funds4  7d7 ,int]im      
effectiv5ess ( safe h>bor  7#a7 ,9 g5]al
 ,f & aft] ! #bgj-;day p]iod beg9n+ on !
 date ( enactm5t ( ?is ,act1 if !       
,commission has n adopt$ revisions to   
section #bcj4aci ( title #ag1 ,code (   
,f$]al ,regulations1 z requir$ by       
subsection 7a71 & until su* "t z !      
,commission has done s1 a brok] or deal]
 di/ribut+ or publi%+ a cov]$ inve/m5t  
fund rese>* report aft] su* date %all be

 able to rely on ! provisions ( section 
#bcj4aci ( title #ag1 ,code ( ,f$]al    
,regulations1 & ! brok] or deal]'s      
publication ( su* report %all be deem$  
to satisfy ! conditions ( subsection    
7a77#a7 or 7a77#b7 ( section #bcj4aci ( 
title #ag1 ,code ( ,f$]al ,regulations1 
if ! cov]$ inve/m5t fund t is ! subject 
( su* report satisfies ! report+ hi/ory 
requirem5ts 7)\t reg>d to ,=m ,s-#c or  
,=m ,f-#c eligibility7 & m9imum float   
provisions ( su* subsections = purposes 
( ! ,commission's rules & regulations "u
 ! ,f$]al securities laws & ! rules (   
any self-regulatory organization1 z if  
revis$ & implem5t$ 9 accordance )       
subsections 7a7 & 7b74  7#b7 ,/atus (   
cov]$ inve/m5t fund ,aft] su* p]iod &   
until ! ,commission has adopt$ revisions
 to section #bcj4aci & ,,f9ra has revis$
 rule #bbaj1 = purposes ( subsection    
7c77#g77,o7 ( su* rule1 a cov]$ inve/m5t
 fund %all be deem$ to be a security t  
is li/$ on a national securities ex*ange
 & t is n subject to section #bd7;b7 ( !

 ,inve/m5t ,company ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;a-#bd7;b774  7#c7 ,cov]$  
inve/m5t funds communications  7,a7 ,9  
g5]al ,except z provid$ 9 subp>agraph   
7,b71 communications t conc]n only cov]$
 inve/m5t funds t fall )9 ! scope (     
section #bd7;b7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#bd7;b77 %all n be requir$ to be  
fil$ ) ,,f9ra4  7,b7 ,exception ,,f9ra  
may require ! fil+ ( communications ) ! 
public if ! purpose ( ^? communications 
is n to provide rese>* & analysis (     
cov]$ inve/m5t funds4  7e7 ,def9itions  
,= purposes ( ?is ,act3 7#a7 ,! t]m     
cov]$ inve/m5t fund rese>* report means 
a rese>* report publi%$ or di/ribut$ by 
a brok] or deal] ab\t a cov]$ inve/m5t  
fund or any securities issu$ by ! cov]$ 
inve/m5t fund1 b n includ+ a rese>*     
report to ! ext5t t x is publi%$ or     
di/ribut$ by ! cov]$ inve/m5t fund or   
any affiliate ( ! cov]$ inve/m5t fund4  
7#b7 ,! t]m cov]$ inve/m5t fund means-- 
7,a7 an inve/m5t company regi/]$ "u1 or 

t has fil$ an election to be treat$ z a 
bus9ess developm5t company "u1 !        
,inve/m5t ,company ,act ( #aidj & t has 
fil$ a regi/ration /atem5t "u !         
,securities ,act ( #aicc = ! public (f]+
 ( a class ( its securities1 :i*        
regi/ration /atem5t has be5 decl>$      
effective by ! ,commission2 &  7,b7 a   
tru/ or o!r p]son-- 7i7 issu+ securities
 9 an (f]+ regi/]$ "u ! ,securities ,act
 ( #aicc & :i* class ( securities is    
li/$ = trad+ on a national securities   
ex*ange2  7ii7 ! assets ( :i* consi/    
prim>ily ( commodities1 curr5cies1 or   
d]ivative in/rum5ts t ref]5ce           
commodities or curr5cies1 or int]e/s 9 !
 =ego+2 &  7iii7 t provides 9 its       
regi/ration /atem5t "u ! ,securities    
,act ( #aicc t a class ( its securities 
are pur*as$ or r$eem$1 subject to       
conditions or limitations1 = a ratable  
%>e ( its assets4  7#c7 ,! t]m ,,f9ra   
means ! ,f9ancial ,indu/ry ,regulatory  
,au?ority4  7#d7 ,! t]m rese>* report   
has ! mean+ giv5 t t]m "u section       

#b7;a77#c7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;b7a77#c771 except t  
su* t]m %all n include an oral          
communication4  7#e7 ,! t]m             
self-regulatory organization has ! mean+
 giv5 to t t]m "u section #c7;a77#bf7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77#bf774  ,may #a1    
#bjag ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$