IB 
Union Calendar No. 60 
115TH CONGRESS 
1ST SESSION H. R. 1366 
[Report No. 115–103] 
To amend the Investment Company Act of 1940 to terminate an exemption 
for companies located in Puerto Rico, the Virgin Islands, and any other 
possession of the United States. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 6, 2017 
Ms. VELA´ZQUEZ (for herself, Mr. DUFFY, Mr. SERRANO, and Mr. MAC-
ARTHUR) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
MAY 1, 2017 
Additional sponsors: Miss GONZA´LEZ-COLO´N of Puerto Rico, Mr. SHERMAN, 
Mr. GRIJALVA, Mr. MESSER, and Ms. PLASKETT 
MAY 1, 2017 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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A BILL 
To amend the Investment Company Act of 1940 to terminate 
an exemption for companies located in Puerto Rico, the 
Virgin Islands, and any other possession of the United 
States. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘U.S. Territories Inves-
tor Protection Act of 2017’’. 
SEC. 2. TERMINATION OF EXEMPTION. 
(a) IN GENERAL.—Section 6(a) of the Investment 
Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended 
by striking paragraph (1). 
(b) EFFECTIVE DATE AND SAFE HARBOR.— 
(1) EFFECTIVE DATE.—Except as provided in 
paragraph (2), the amendment made by subsection 
(a) shall take effect on the date of the enactment of 
this Act. 
(2) SAFE HARBOR.—With respect to a company 
that is exempt under section 6(a)(1) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) 
on the day before the date of the enactment of this 
Act, the amendment made by subsection (a) shall 
take effect on the date that is 3 years after the date 
of the enactment of this Act. 
(3) EXTENSION OF SAFE HARBOR.—The Secu-
rities and Exchange Commission, by rule and regula-
tion upon its own motion, or by order upon applica-
tion, may conditionally or unconditionally, under sec-
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tion 6(c) of the Investment Company Act of 1940 
(15 U.S.C. 80a–6(c)), further delay the effective 
date for a company described in paragraph (2) for 
a maximum of 3 years following the initial 3-year 
period if, before the end of the initial 3-year period, 
the Commission determines that such a rule, regula-
tion, motion, or order is necessary or appropriate in 
the public interest and for the protection of inves-
tors. 
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Union Calendar No. 60 
115TH CONGRESS 
1ST SESSION 
H. R. 1366 
[Report No. 115–103] 
A BILL 
To amend the Investment Company Act of 1940 to 
terminate an exemption for companies located in 
Puerto Rico, the Virgin Islands, and any other 
possession of the United States. 
MAY 1, 2017 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
21:42 May 01, 2017
Jkt 069200
PO 00000
Frm 00006
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Sfmt 6651
E:\BILLS\H1366.RH
H1366
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