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 Apr 13
- Committee Apr 13
- Passed House Jul 11
- Passed Senate Next
- To President Not yet
- Law Not yet
Companies lobbying on this bill
1 companyVotes
No recorded roll-call vote on this bill yet
Member trades
No member of Congress traded these companies in the last 90 days
Summary
This bill extends for six months 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 through guidance currently waives enforcement against these broker-dealers. This waiver is set to expire on July 3, 2023.
Full summary1 paragraphs
The SEC must report on the impact of continuation or expiration of this guidance.
Library of Congress summary, Jul 11, 2023
- Passed HouseJul 11, 2023
- Introduced in HouseApr 13, 2023
Actions
- SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Jul 12, 2023
- HouseMotion to reconsider laid on the table Agreed to without objection.Jul 11, 2023
- HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)Jul 11, 2023
- HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 2622.Jul 11, 2023
- HouseConsidered under suspension of the rules. (consideration: CR H3184-3185)Jul 11, 2023
- HouseMrs. Wagner moved to suspend the rules and pass the bill, as amended.Jul 11, 2023
- HouseReported (Amended) by the Committee on Financial Services. H. Rept. 118-134.Jul 11, 2023
- HousePlaced on the Union Calendar, Calendar No. 105.Jul 11, 2023
- HouseCommittee Consideration and Mark-up Session HeldMay 24, 2023
- HouseOrdered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.May 24, 2023
- HouseIntroduced in HouseApr 13, 2023
- HouseReferred to the House Committee on Financial Services.Apr 13, 2023
Bill record
Text versions4
- Referred in SenateJul 12, 2023PDF: Referred in Senate
- Reported in HouseJul 11, 2023PDF: Reported in House
- Engrossed in HouseJul 11, 2023PDF: Engrossed in House
- Introduced in HouseApr 13, 2023PDF: Introduced in House
Committees2
- Senate Banking, Housing, and Urban Affairs CommitteeReferred To Jul 12, 2023
- House Financial Services CommitteeReported By Jul 11, 2023Markup By, May 24, 2023Referred To, Apr 13, 2023
Sponsor and cosponsors1 cosponsor
- Rep. PETE SESSIONS (R-TX-17)Sponsor, Apr 13, 2023
- Ann Wagner (R-MO-2)OriginalJoined Apr 13, 2023
Amendments0
No amendments offered
Cost estimates and reports1
- H. Rept. 118-134Committee report
Titles1
- 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.Official Title as Introduced
Subjects4
Related bills0
No related bills listed
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.