To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.

Bill 118 hr 2622, also known as the "Investment Advisers Act of 1940 Amendment," aims to make changes to the Investment Advisers Act of 1940. The main purpose of this bill is to officially include certain Securities and Exchange Commission (SEC) no-action letters into the Act. These letters currently exclude brokers and dealers who are compensated for providing specific research services from being classified as investment advisers.

By codifying these no-action letters, the bill seeks to provide clarity and consistency in the regulation of brokers and dealers who offer research services. This would ensure that these individuals are not subject to the same regulations as traditional investment advisers.

In addition to codifying the SEC no-action letters, the bill also addresses other purposes related to the regulation of brokers, dealers, and investment advisers. The specific details of these additional purposes are not provided in the summary. Overall, Bill 118 hr 2622 aims to make amendments to the Investment Advisers Act of 1940 in order to provide clear guidelines for brokers and dealers who provide research services, and to ensure that they are not classified as investment advisers under the Act.