To improve the bill.
What it does: 9 changes: inserts text in 3 places, replaces text in 6 places
Sen. Elizabeth Warren (D-MA)What it changes
9 changes to S. 327 · 1 shown in the bill's text
We couldn't read part of this amendment. That part is shown as written below.
Change 1: Inserts “, other than a broker or dealer that is an investment adviser to the fund or an affiliate…” on page 2, line 14
InsertsPrinted pageInserted: , other than a broker or dealer that is an investment adviser to the fund or an affiliated person of the investment adviser to the fund
Original wording
On page 2, line 14, insert “, other than a broker or dealer that is an investment adviser to the fund or an affiliated person of the investment adviser to the fund” before
Change 2: Rewrites page 8, line 6
ReplacesPrinted pageRemoves page 8, line 6 of the printed bill. See that page
Inserted: (e) Exception.--The safe harbor under subsection (a) shall not apply to the publication or distribution by a broker or a dealer of a covered investment fund research report, the subject of which is a business development company or a registered closed-end investment company, during the time period described in section 230.139(a)(1)(i)(A)(1) of title 17, Code of Federal Regulations, except where expressly permitted by the rules and regulations of the Securities and Exchange Commission under the Federal securities laws.
Inserted: (f) Definitions.--For purposes of this Act:
Inserted: (1) The term "affiliated person" has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)).
Original wording
On page 8, strike line 6 and insert the following:
Change 3: Replaces “(1)” with “(2)”
[struck: (1)][inserted: (2)]Original wording
On page 8, line 15, strike “(1)” and insert “(2)”.
Change 4: Replaces “(2)” with “(3)”
[struck: (2)][inserted: (3)]Original wording
On page 9, line 20, strike “(2)” and insert “(3)”.
Change 5: Inserts “, or any research report published or distributed by any broker or dealer that is an inve…” before the period at the end
Inserted: , or any research report published or distributed by any broker or dealer that is an investment adviser (or an affiliated person of an investment adviser) for the covered investment fund
Original wording
On page 10, line 2, insert “, or any research report published or distributed by any broker or dealer that is an investment adviser (or an affiliated person of an investment adviser) for the covered investment fund” before the period at the end.
Change 6: Replaces “(3)” with “(4)”
[struck: (3)][inserted: (4)]Original wording
On page 10, line 3, strike “(3)” and insert “(4)”.
Change 7: Inserts new text on page 10, line 4
InsertsPrinted pageInserted: (5) The term "investment adviser" has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)).
Original wording
On page 10, after line 4, add the following:
Change 8: Replaces “(4)” with “(6)”
[struck: (4)][inserted: (6)]Original wording
On page 10, line 5, strike “(4)” and insert “(6)”.
Change 9: Replaces “(5)” with “(7)”
In S. 327 · Reported to Senate
(4) The term "research report" has the meaning given that term under section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)), except that such term shall not include an oral communication.
(
[struck: 5][inserted: 7]) The term "self-regulatory organization" has the meaning given to that term under section 3(a)(26) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(26)).Original wording
On page 10, line 10, strike “(5)” and insert “(7)”.
Shown as written
the dash.
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 935. Mr. McCONNELL (for Ms. Warren (for herself and Mr. Heller)) proposed an amendment to the bill S. 327, to direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes; as follows:
On page 2, line 14, insert “, other than a broker or dealer that is an investment adviser to the fund or an affiliated person of the investment adviser to the fund” before the dash.
On page 8, strike line 6 and insert the following:
(e) Exception.--The safe harbor under subsection (a) shall not apply to the publication or distribution by a broker or a dealer of a covered investment fund research report, the subject of which is a business development company or a registered closed-end investment company, during the time period described in section 230.139(a)(1)(i)(A)(1) of title 17, Code of Federal Regulations, except where expressly permitted by the rules and regulations of the Securities and Exchange Commission under the Federal securities laws.
(f) Definitions.--For purposes of this Act:
(1) The term “affiliated person” has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)).
On page 8, line 15, strike “(1)” and insert “(2)”.
On page 9, line 20, strike “(2)” and insert “(3)”.
On page 10, line 2, insert “, or any research report published or distributed by any broker or dealer that is an investment adviser (or an affiliated person of an investment adviser) for the covered investment fund” before the period at the end.
On page 10, line 3, strike “(3)” and insert “(4)”.
On page 10, after line 4, add the following:
(5) The term “investment adviser” has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)).
On page 10, line 5, strike “(4)” and insert “(6)”.
On page 10, line 10, strike “(5)” and insert “(7)”.
Legislative Activity
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Senate amendment submitted
September 11, 2017
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Senate amendment submitted
September 11, 2017
Senate amendment agreed to: Amendment SA 935 agreed to in Senate by Unanimous Consent.
September 11, 2017
Senate amendment proposed (on the floor): Amendment SA 935 proposed by Senator McConnell for Senator Warren.(consideration: CR S5167; text: CR S5167)
September 11, 2017
Amendment SA 935 proposed by Senator McConnell for Senator Warren. (consideration: CR S5167; text: CR S5167) To improve the bill.
September 11, 2017
Amendment SA 935 agreed to in Senate by Unanimous Consent.
September 11, 2017