; study (a) Findings Congress finds the following: (1) The Securities and Exchange Commission staff first granted temporary no-action relief in 2017, prior to the implementation of European rules designed to protect European investors from excessive costs and conflicts of interest. (2) The Commission staff did not engage in any meaningful cost-benefit analysis of the issues raised by the no-action relief requested either prior to or following the granting of no-action relief in 2017. (3) The Commission staff revised and extended the temporary no-action relief in 2019, again without any meaningful cost-benefit analysis of the issues raised by the no-action relief requested prior to or following the granting of the relief. (4) There are currently 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, as it currently exists. (6) The Commission has received concerns from broker-dealers related to the potential expiration of the no-action relief. (b) Extension of no-action letter The Commission shall provide an additional 6-month extension of the October 26, 2017, Securities Industry and Financial Markets Association, SEC Staff No-Action Letter, set to expire on July 3, 2023. (c) Study required After the announcement extending the expiration date of the no-action letter under subsection (b), the Commission shall conduct, through notice and comment, a study of the impact of allowing the no-action letter’s expiration or maintenance of the no-action letter, and give due regard to any comments received in conducting the study. The Commission or delegated staff shall report their findings and conclusions, including findings related to the expiration of the no-action relief, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (d)