[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2622 Introduced in House (IH)]

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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.


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                    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

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                                 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).''.
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