H.R. 3672 — Securities Research Modernization Act

This section expands the exclusion from the definitions of "sale," "sell," "offer to sell," "offer for sale," or "offer" under the Securities Act of 1933 for a broker or dealer's provision of a research report to apply to any security of any issuer (from the common equity of an emerging growth company). (As background, the Securities Act of 1933 generally requires registration of securities offerings; this exclusion ensures research reports do not trigger such requirements.)