IB 

Union Calendar No. 386 

115TH CONGRESS 

2D SESSION H. R. 4279 

[Report No. 115–517] 

To direct the Securities and Exchange Commission to revise any rules necessary to enable closed-end companies to use the securities offering 

and proxy rules that are available to other issuers of securities. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 7, 2017 

Mr. HOLLINGSWORTH introduced the following bill; which was referred to the 

Committee on Financial Services 

JANUARY 16, 2018 

Additional sponsors: Mr. HULTGREN, Mr. FOSTER, and Mr. GOTTHEIMER

JANUARY 16, 2018 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on November 7, 2017] 


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•HR 4279 RH

A BILL 

To direct the Securities and Exchange Commission to revise 

any rules necessary to enable closed-end companies to 

use the securities offering and proxy rules that are available to other issuers of securities. 


daltland on DSKBBV9HB2PROD with BILLS
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•HR 4279 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Expanding Investment 

5 Opportunities Act’’. 

6 SEC. 2. PARITY FOR CLOSED-END COMPANIES REGARDING 

7 OFFERING AND PROXY RULES. 

8 (a) REVISION TO RULES.—Not later than the end of 

9 the 180 period beginning on the date of enactment of this 

10 Act, the Securities and Exchange Commission shall propose 

11 and, not later than 1 year after the date of enactment of 

12 this Act, the Securities and Exchange Commission shall fi13 nalize any rules, as appropriate, to allow any closed-end 

14 company, as defined in section 5(a)(2) of the Investment 

15 Company Act of 1940 (15 U.S.C. 80a–5), that is registered 

16 as an investment company under such Act, and is listed 

17 on a national securities exchange or that makes periodic 

18 repurchase offers pursuant to section 270.23c-3 of title 17, 

19 Code of Federal Regulations, to use the securities offering 

20 and proxy rules, subject to conditions the Commission deter21 mines appropriate, that are available to other issuers that 

22 are required to file reports under section 13 or section 15(d) 

23 of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 

24 78o(d)). Any action that the Commission takes pursuant 

25 to this subsection shall consider the availability of informaVerDate Sep 11 2014 22:38 Jan 16, 2018 Jkt 079200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H4279.RH H4279

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•HR 4279 RH

1 tion to investors, including what disclosures constitute ade2 quate information to be designated as a ‘‘well-known sea3 soned issuer’’. 

4 (b) TREATMENT IF REVISIONS NOT COMPLETED IN A

5 TIMELY MANNER.—If the Commission fails to complete the 

6 revisions required by subsection (a) by the time required 

7 by such subsection, any registered closed-end company that 

8 is listed on a national securities exchange or that makes 

9 periodic repurchase offers pursuant to section 270.23c-3 of 

10 title 17, Code of Federal Regulations, shall be deemed not 

11 to be an ineligible issuer under the final rule of the Commis12 sion titled ‘‘Securities Offering Reform’’ (70 Fed. Reg. 

13 44722; published August 3, 2005). 

14 (c) RULES OF CONSTRUCTION.— 

15 (1) NO EFFECT ON RULE 482.—Nothing in this 

16 section or the amendments made by this section shall 

17 be construed to impair or limit in any way a reg18 istered closed-end company from using section 

19 230.482 of title 17, Code of Federal Regulations, to 

20 distribute sales material. 

21 (2) REFERENCES.—Any reference in this section 

22 to a section of title 17, Code of Federal Regulations, 

23 or to any form or schedule means such rule, section, 

24 form, or schedule, or any successor to any such rule, 

25 section, form, or schedule. 


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daltland on DSKBBV9HB2PROD with BILLS
Union Calendar No. 386 

115TH CONGRESS 

2D SESSION H. R. 4279 

[Report No. 115–517] 

A BILL 

To direct the Securities and Exchange Commission 

securities. proxy rules that are available to other issuers of companies to use the securities offering and to revise any rules necessary to enable closed-end 

JANUARY 16, 2018 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


daltland on DSKBBV9HB2PROD with BILLS