Increasing Access to Adviser Information Act
This bill excludes from investment adviser regulations any research activity performed by a broker or a dealer in line with similar foreign laws and regulations.
To provide that broker-dealers who provide research services to an 
investment manager and receive payments from certain accounts is not an 
              investment adviser, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Increasing Access to Adviser 
Information Act''.

SEC. 2. DEFINITION OF INVESTMENT ADVISER.

    Section 202(a)(11) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-2(a)(11)) is amended by striking ``or (H)'' and inserting 
``(H) any broker or dealer who provides research services to an 
investment manager and accepts payment for those services from the 
investment manager's own money, from a research payment account funded 
with money from a client of the investment manager, or a combination 
thereof, provided that the payment method of the investment manager is 
subject to, either directly or by contractual obligation, the Directive 
2014/65/EU of the European Parliament, the Council of 15 May 2014 on 
markets in financial instruments and amending Directive 2002/92/EC and 
Directive 2011/61/EU, as implemented by the European Union member 
states, or any other law from any foreign jurisdiction that is 
substantially similar to that directive and the implementing rules and 
regulations of that directive; or (I)''.
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Increasing Access to Adviser Information Act
A bill to provide that broker-dealers who provide research services to an investment manager and receive payments from certain accounts is not an investment adviser, and for other purposes.
Increasing Access to Adviser Information Act
Sen. Moran, Jerry