Breadcrumb

Final Rule

Covered Investment Fund Research Reports

Overview

The Commission is adopting a new rule under the Securities Act of 1933 to establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to publish or distribute a covered investment fund research report. If the conditions in the rule are satisfied, the publication or distribution of a covered investment fund research report would be deemed not to be an offer for sale or offer to sell the covered investment fund's securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933. The Commission is also adopting a new rule under the Investment Company Act of 1940 to exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act, except to the extent the research report is otherwise not subject to the content standards in self-regulatory organization rules related to research reports. We are also adopting a conforming amendment to rule 101 of Regulation M, and a technical amendment to Form 12b-25.

Prior Actions

Last Reviewed or Updated: April 7, 2023

Details

Public Comments Due

Comments regarding the collection of information requirements within the meaning of the Paperwork Reduction Act of 1995 should be received on or before February 11, 2019

File Number
S7-11-18
Rule Type
Final
Release Number
33-10580
34-84710
IC-33311
SEC Issue Date
Effective Date

January 14, 2019 except that amendatory instruction 4 amending Sec. 230.139b(a)(1)(i)(A)(1) is effective May 1, 2020.

Federal Register Publish Date
Document Citation

83 FR 64180

RIN
3235-AM24