H.R. 3672 · On the floor · Finance and Financial Sector

Securities Research Modernization Act

Sponsor: Roger Williams (R-TX)

What it does

• Exempts securities research reports on any issuer's proposed public offering from registration requirements, removing an exemption currently limited to emerging growth companies.
• Allows brokers and dealers to publish or distribute research on proposed offerings without triggering registration obligations under securities laws.
• Expands the scope of research-publication exemptions to cover all classes of issuers, not just emerging growth companies.

Official summary

Securities Research Modernization Act This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.

Latest action

Jul 15, 2025: Placed on the Union Calendar, Calendar No. 167.

Committee: House Financial Services