HB2622: 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.
- Introduced (completed)
- 2Passed One Chamber (current step)
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
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.
Plain-language summary
This bill would update the Investment Advisers Act of 1940 to officially put into law certain Securities and Exchange Commission (SEC) rulings that allow brokers and dealers to avoid being classified as investment advisers when they are paid for providing research services. A no-action letter is an SEC ruling stating the agency will not take enforcement action if a company operates a certain way. Investment advisers are heavily regulated financial professionals who must follow strict rules. The bill would codify, or write into law, existing informal SEC guidance on this topic. The bill is currently engrossed, meaning it has passed one and is being sent to the other.
AI-generated summary
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HB2622: To amend the Investment Advisers Act of 1940 to codify certain Securities and E…