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US HR 2622

Title: 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.
Author: Peter Anderson Sessions

Summary
This bill provides statutory authority for specified Securities and Exchange Commission (SEC) guidance allowing broker-dealers to receive payments for research services provided to investment managers. Under current law, broker-dealers that receive payments for performing this service must register as investment advisors. However, the SEC currently waives enforcement against these broker-dealers.

Status
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Documents
US HR 2622 - Reported in House (07/11/2023)
2023-04-13 - US HR 2622 (Reported in House (07/11/2023))

US HR 2622 - Engrossed in House (07/11/2023)
2023-04-13 - US HR 2622 (Engrossed in House (07/11/2023))
US HR 2622 - Introduced in House (04/13/2023)
2023-04-13 - US HR 2622 (Introduced in House (04/13/2023))

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Author Details


  • Pete Sessions - R
    Representative - US House - TX
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    Contact Tips

    Capital Address:
    2204 Rayburn House Office Building
    Washington, DC 20515
    2022256105

    District Address:
    2700 Earl Rudder Fwy, S. Highway 6 Ste 4500
    College Station, TX 77845 2804
    Phone: 9794316340