December 17, 2018

SEC Adopts FAIR Act Rules Promoting Research Reports on Investment Funds

On November 30, 2018, the Securities and Exchange Commission (SEC) adopted a new rule under the Securities Act of 1933 (Securities Act), Rule 139b, to extend the current safe harbor under Rule 139 to a “covered investment fund research report.” The SEC adopted Rule 139b to promote research on qualifying investment funds in furtherance of the mandate in the Fair Access to Investment Research Act of 2017 (FAIR Act), which required the SEC to expand the current safe harbor under Rule 139 to cover research reports on qualifying investment funds.

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