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I
116TH CONGRESS
2D SESSION
H. R. 7375
To require the Securities and Exchange Commission to revise rules to exclude
business development companies from certain ‘‘Acquired Fund fees and
expenses’’ reporting, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JUNE 25, 2020
Mr. SHERMAN (for himself and Mr. STIVERS) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To require the Securities and Exchange Commission to revise
rules to exclude business development companies from
certain ‘‘Acquired Fund fees and expenses’’ reporting,
and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Access to Small Busi-
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ness Investor Capital Act’’.
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•HR 7375 IH
SEC. 2. EXCLUDING BUSINESS DEVELOPMENT COMPANIES
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FROM CERTAIN ‘‘ACQUIRED FUND FEES AND
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EXPENSES’’ REPORTING.
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(a) REVISION TO RULES.—Not later than the end of
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the 2-year period beginning on the date of enactment of
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this Act, the Securities and Exchange Commission shall
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revise any rule of the Commission relating to investment
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company registration statements to specify that, when cal-
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culating the fees and expenses of an Acquired Fund, the
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term ‘‘Acquired Fund’’ does not include a business devel-
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opment company.
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(b) FAILURE TO ISSUE RULES.—If the Commission
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does not make the revisions required under subsection (a)
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before the end of the 2-year period described in subsection
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(a), any reference to an Acquired Fund in a rule of the
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Commission relating to investment company registration
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statements (including in any item in or instruction to
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Forms N–1A, –2, –3, –4, and –6) shall, when used in the
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context of calculating the fees and expenses of an Acquired
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Fund, be deemed to not include a business development
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company.
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(c) BUSINESS DEVELOPMENT COMPANY DEFINED.—
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In this section, the term ‘‘business development company’’
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has the meaning given that term under section 2(a) of
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the Investment Company Act of 1940 (15 U.S.C. 80a–
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2(a)).
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•HR 7375 IH
(d) RULES OF CONSTRUCTION.—Any reference in
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this section to—
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(1) a form means such form and any successor
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form; and
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(2) the terms ‘‘Acquired Fund Fees and Ex-
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penses’’ and ‘‘Acquired Fund’’ defined or otherwise
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used in such a form shall mean any successor terms
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or provisions adopted by the Securities and Ex-
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change Commission.
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Æ
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