H.R. 2622 — Introduced in House

I 118th CONGRESS 1st Session H. R. 2622 IN THE HOUSE OF REPRESENTATIVES April 13, 2023Mr. Sessions (for himself and Mrs. Wagner) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes. 1. Definition of investment adviser amended to exclude brokers and dealers compensated for certain research services Section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(11)) is amended by adding at the end the following: In subparagraph (C), the term special compensation does not include compensation provided by any person who is an investment adviser, who would be an investment advisor but for subparagraph (A), (C), (E), (F) or (G), or is an insurance company, for research services, as described in section 28(e) of the Securities Exchange Act of 1934, whether paid from the resources of such person or the resources of a client of such person (including client commissions)..