Adoption of Amendments To Clarify Safe Harbors for Broker-Dealer Research Reports

The Commission is announcing the adoption of amendments relating to the safe harbor provisions of Rules 138 and 139 under the Securities Act of 1933. The amendments clarify the availability of the safe harbor provisions of Rule 138 relating to broker-dealer research reports on individual domestic and foreign companies and the availability of the safe harbor provisions of Rule 139 for broker- dealer industry research reports which include sizable, first-time foreign registrants.