; study (a) Findings Congress finds the following: (1) In 2017, staff of the Securities and Exchange Commission (referred to in this section as the Commission ) first granted temporary no-action relief regarding compliance with the provisions related to research in the Markets in Financial Instruments Directive II (commonly referred to as MiFID II ) and related implementing rules and regulations, before the implementation of European rules designed to protect European investors from excessive costs and conflicts of interest. (2) Staff of the Commission did not engage in any meaningful cost-benefit analysis of the issues raised by the no-action relief described in paragraph (1) either before or after the granting of that relief. (3) In 2019, staff of the Commission revised and extended the temporary no-action relief described in paragraph (1), again without any meaningful cost-benefit analysis of the issues raised by the no-action relief either before or after the granting of that relief. (4) As of the date of enactment of this Act, there are approximately 15,300 registered investment advisers, including affiliates that provide the vast majority of investment research. (5) The Commission has received complaints from investors and investor advocacy groups expressing concerns with the no-action relief described in paragraph (1), as it exists on the date of enactment of this Act. (6) The Commission has received concerns from broker-dealers relating to the potential expiration of the no-action relief described in paragraph (1). (b) Extension of no-Action determination The Commission shall provide an additional 180-day extension of the no-action determination described in the letter sent on November 4, 2019, from the Chief Counsel’s Office of the Division of Investment Management of the Commission to the Securities Industry and Financial Markets Association, entitled Investment Advisers Act of 1940—Section 202(a)(11) (referred to in this section as the no-action determination ), set to expire on July 3, 2023. (c) Study