President Trump signed into law on October 6, 2017, a Bill that directs the SEC to amend Rule 139 under the Securities Act of 1933 to expand the Rule’s safe harbor to include certain investment fund research reports that are published or distributed by broker-dealers. The amended Rule will expand the safe harbor to include the publication or distribution of research reports relating to certain covered investment funds, including certain exchange-traded funds. The SEC must propose the Rule amendments no later than April 4, 2018, and adopt the final amended Rule by July 3, 2018.

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