[Congressional Record Volume 163, Number 146 (Monday, September 11, 2017)]
[Senate]
[Page S5162]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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)''.
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