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 nec-
essary 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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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 avail-
able to other issuers of securities. 
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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 ‘‘Expanding Investment 
Opportunities Act’’. 
SEC. 2. PARITY FOR CLOSED-END COMPANIES REGARDING 
OFFERING AND PROXY RULES. 
(a) REVISION TO RULES.—Not later than the end of 
the 180 period beginning on the date of enactment of this 
Act, the Securities and Exchange Commission shall propose 
and, not later than 1 year after the date of enactment of 
this Act, the Securities and Exchange Commission shall fi-
nalize any rules, as appropriate, to allow any closed-end 
company, as defined in section 5(a)(2) of the Investment 
Company Act of 1940 (15 U.S.C. 80a–5), that is registered 
as an investment company under such Act, and is listed 
on a national securities exchange or that makes periodic 
repurchase offers pursuant to section 270.23c-3 of title 17, 
Code of Federal Regulations, to use the securities offering 
and proxy rules, subject to conditions the Commission deter-
mines appropriate, that are available to other issuers that 
are required to file reports under section 13 or section 15(d) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 
78o(d)). Any action that the Commission takes pursuant 
to this subsection shall consider the availability of informa-
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tion to investors, including what disclosures constitute ade-
quate information to be designated as a ‘‘well-known sea-
soned issuer’’. 
(b) TREATMENT IF REVISIONS NOT COMPLETED IN A 
TIMELY MANNER.—If the Commission fails to complete the 
revisions required by subsection (a) by the time required 
by such subsection, any registered closed-end company that 
is listed on a national securities exchange or that makes 
periodic repurchase offers pursuant to section 270.23c-3 of 
title 17, Code of Federal Regulations, shall be deemed not 
to be an ineligible issuer under the final rule of the Commis-
sion titled ‘‘Securities Offering Reform’’ (70 Fed. Reg. 
44722; published August 3, 2005). 
(c) RULES OF CONSTRUCTION.— 
(1) NO EFFECT ON RULE 482.—Nothing in this 
section or the amendments made by this section shall 
be construed to impair or limit in any way a reg-
istered closed-end company from using section 
230.482 of title 17, Code of Federal Regulations, to 
distribute sales material. 
(2) REFERENCES.—Any reference in this section 
to a section of title 17, Code of Federal Regulations, 
or to any form or schedule means such rule, section, 
form, or schedule, or any successor to any such rule, 
section, form, or schedule. 
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Union Calendar No. 386 
115TH CONGRESS 
2D SESSION 
H. R. 4279 
[Report No. 115–517] 
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. 
JANUARY 16, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
22:38 Jan 16, 2018
Jkt 079200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H4279.RH
H4279
daltland on DSKBBV9HB2PROD with BILLS