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House Bill 2622
118th Congress(2023-2024)
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.
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Passed House on Jul 11, 2023
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 2622 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 2622


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.

IN THE HOUSE OF REPRESENTATIVES

April 13, 2023

Mr. 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 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).”.