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Legal Update

SEC Expands Safe Harbor to Promote Research on Investment Funds

5 December 2018
Mayer Brown Legal Update
On November 30, 2018, the Securities and Exchange Commission (the “Commission”) adopted a new rule establishing a non-exclusive research report safe harbor (“Rule 139b”) for unaffiliated brokers or dealers that publish or distribute research reports regarding qualifying investment funds. The Commission took this action in furtherance of the mandate of the Fair Access to Investment Research Act of 2017 (the “FAIR Act”). The FAIR Act required that the Commission expand the Rule 139 safe harbor for research reports in order to cover research reports on investment funds.


  • Brian D. Hirshberg
    T +1 212 506 2176
  • J. Paul Forrester
    T +1 312 701 7366
  • Anna T. Pinedo
    T +1 212 506 2275
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