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Trump Signs ETF Research Provision into Law

A bill which provides that the SEC must establish and implement a “safe harbor” for ETF research reports published by brokers and dealers was signed into law by President Trump. The bill was sponsored by Republican Senator Dean Heller of Nevada. Under the law, the ETF research reports will not be deemed “offers” pursuant to the securities laws and the broker or dealer would not be required to file a registration statement with the SEC for that offering.The research reports would need to meet certain requirements to be eligible for this safe harbor.