,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cife  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #cj1    
#bjbb,mr4 ,moran introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to provide that broker-dealers 
who provide research services to an     
investment manager and receive payments 
from certain accounts is not an         
investment adviser1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,increasing ,access 
to ,adviser ,information ,act4  #b4     
,definition of investment adviser       
,section #bjb7;a77#aa7 of the           
,investment ,advisers ,act of #aidj 7#ae
 ,u4,s4,c4 #hj;b-#b7;a77#aa77 is amended
 by striking or 7,h7 and inserting 7,h7 
any broker or dealer who provides       
research services to an investment      
manager and accepts payment for those   
services from the investment manager's  
own money1 from a research payment      

account funded with money from a client 
of the investment manager1 or a         
combination thereof1 provided that the  
payment method of the investment manager
 is subject to1 either directly or by   
contractual obligation1 the ,directive  
#bjad_/fe_/;,,eu of the ,european       
,parliament1 the ,council of #ae ,may   
#bjad on markets in financial           
instruments and amending ,directive     
#bjjb_/ib_/;,,ec and ,directive         
#bjaa_/fa_/;,,eu1 as implemented by the 
,european ,union member states1 or any  
other law from any foreign jurisdiction 
that is substantially similar to that   
directive and the implementing rules and
 regulations of that directive2 or 7,i74