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House Overwhelmingly Approves Bill To Expand Distribution Of ETF Research
The second sentence grated. The legislation is not providing a safe harbor for information that might otherwise be considered an "unregistered offering", but rather a registered offering.
For the wonks among us - securities offered to the public generally must be registered under the Securities Act of 1933. Anytime a broker provides information about a security (such aa fund or ETF), the broker is at risk being viewed as having made a offer to sell that security.
There are rules to be followed when offering to sell a (registered) security; this safe harbor says that these rules aren't triggered merely by handing someone research about an ETF.
Comments
For the wonks among us - securities offered to the public generally must be registered under the Securities Act of 1933. Anytime a broker provides information about a security (such aa fund or ETF), the broker is at risk being viewed as having made a offer to sell that security.
There are rules to be followed when offering to sell a (registered) security; this safe harbor says that these rules aren't triggered merely by handing someone research about an ETF.