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October 09, 2017 at 10:33 AM
President Donald Trump on Friday signed S. 327, the Fair Access to Investment Research Act of 2017, into law, allowing broker-dealers to provide research reports to clients on exchanged-traded funds.
The Senate passed the measure in early September. In introducing the legislation, Sen. Dean Heller, R-Nev., explained that “securities laws provide legal protections for broker-dealers to provide research reports for several asset classes such as listed stocks and corporate debt — but not for ETFs.”
The Fair Access to Investment Research Act creates “parity in the law by allowing broker-dealers to publish public research reports on ETFs, which millions of households invest in,” Heller said.
Ben Johnson, Morningstar’s director of global ETF research, told ThinkAdvisor in a Monday phone interview that the law “puts ETFs on equal footing with other securities,” with BDs “allowed to publish research now” on ETFs.
