To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.

This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.

Bill 118 hr 2576, also known as the "Expanding Research Report Exception Act," aims to amend the Securities Act of 1933 to broaden the research report exception. This exception currently allows for the publication of research reports on certain issuers without being considered an offer of securities. The proposed amendment would extend this exception to include reports on any issuer that is planning to offer public securities.

The main goal of this bill is to encourage more research and analysis on companies that are preparing to go public. By expanding the research report exception, analysts and researchers would have more freedom to provide valuable insights and information to investors without running afoul of securities laws.

Supporters of the bill argue that this change would promote transparency and information sharing in the market, ultimately benefiting investors and helping to ensure a more efficient and informed capital market. Critics, however, raise concerns about potential conflicts of interest and the potential for biased or misleading research reports. Overall, the "Expanding Research Report Exception Act" seeks to modernize and adapt securities regulations to the evolving landscape of the financial industry, with the aim of promoting a more transparent and efficient market for public securities offerings.