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SEC proposes safe harbor for broker-dealer research reports

Joe Mont | May 24, 2018

The Securities and Exchange Commission has proposed rules and amendments that would promote research on mutual funds, exchange‑traded funds, registered closed-end funds, business development companies, and similar covered investment funds.

The proposal, made public on Wednesday, sets a goal to “reduce obstacles to providing research on investment funds by harmonizing the treatment of such research with research on other public entities.”

If adopted, the proposal would establish a safe harbor for brokers and dealers to publish or distribute research reports on investment funds under certain conditions. This proposed safe harbor is similar to a regulatory safe harbor that currently exists for research reports about other public entities. If the conditions for the safe harbor are satisfied, this publication or distribution would be deemed not to be an offer for sale or offer to sell the covered investment...

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