Access to Small Business Investor Capital Act
Officially: “Access to Small Business Investor Capital Act” Read the full text
What it does
Read it in plain language
1Short title
This section gives the Act a short name: the Access to Small Business Investor Capital Act.
Show official text
1. Short title This Act may be cited as the Access to Small Business Investor Capital Act .
2Amendments to acquired fund fees and expenses reporting on investment company registration statements
This section would let a registered investment company leave certain fees out of a figure called Acquired Fund Fees and Expenses when it files a registration statement with the Securities and Exchange Commission under section 8(b) of the Investment Company Act of 1940. Specifically, if the investment company has invested in shares of another fund (an Acquired Fund) and that Acquired Fund is a business development company, the investment company may omit, from its Acquired Fund Fees and Expenses calculation, the fees and expenses it incurred indirectly because of that investment. This is optional: the company may do this, it is not required to. The section also defines the terms it uses. Acquired Fund has the meaning given in SEC Forms N-1A, N-2, and N-3. Acquired Fund Fees and Expenses means the sub-caption of that name in the Fee Table Disclosure. Business development company has the meaning given in section 2(a) of the Investment Company Act of 1940. Fee Table Disclosure means the fee table described in Item 3 of Form N-1A, Item 3 of Form N-2, or Item 4 of Form N-3, or any successor fee table the SEC later adopts. Form N-1A, Form N-2, and Form N-3 mean the SEC forms described in the named sections of title 17 of the Code of Federal Regulations, or any successor regulation. Registered investment company means an investment company, as defined in section 3(a) of the Investment Company Act of 1940, that is registered with the SEC under that Act.
Show official text
2. Amendments to acquired fund fees and expenses reporting on investment company registration statements (a) Definitions In this section: (1) Acquired Fund The term Acquired Fund has the meaning given the term in Forms N–1A, N–2, and N–3. (2) Acquired Fund Fees and Expenses The term Acquired Fund Fees and Expenses means the Acquired Fund Fees and Expenses sub-caption in the Fee Table Disclosure. (3) Business development company The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (4) Fee table disclosure The term Fee Table Disclosure means the fee table described in Item 3 of Form N–1A, Item 3 of Form N–2, or Item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts). (5) Form N–1a The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation. (6) Form N–2 The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation. (7) Form N–3 The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation. (8) Registered investment company The term registered investment company means an investment company, as defined under section 3(a) of the Investment Company Act of 1940, registered with the Securities and Exchange Commission under such Act. (b) Excluding business development companies from acquired fund fees and expenses A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ), omit from the calculation of Acquired Fund Fees and Expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of one or more Acquired Funds that is a business development company.
Where it is
In the House.