Securities Research Modernization Act

This bill changes the rules about what counts as a securities sales offer. Right now, when a stock broker or dealer publishes a research report about a new company preparing to sell stock to the public for the first time, it can only be treated as just a report (and not as a sales pitch) if the company is a smaller, newer business. This bill expands that rule so brokers and dealers can publish research reports about **any** company preparing to sell stock to the public without it being treated as an official offer to sell those stocks.

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