SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Small Business Credit 
Availability Act’’. 
SEC. 2. AMENDMENT TO PERMIT BUSINESS DEVELOPMENT 
COMPANIES TO OWN INVESTMENT ADVISERS. 
Section 60 of the Investment Company Act of 1940 
(15 U.S.C. 80a–59) is amended by striking ‘‘except that 
the Commission shall not’’ and inserting the following: 
‘‘except that— 
‘‘(1) section 12 shall not apply to the pur-
chasing, otherwise acquiring, or holding by a busi-
ness development company of any security issued by, 
or any other interest in the business of, any person 
who is an investment adviser registered under title 
II of this Act or who is an investment adviser to an 
investment company; and 
‘‘(2) the Commission shall not’’. 
SEC. 3. AMENDMENTS TO EXPAND ACCESS TO CAPITAL FOR 
BUSINESS DEVELOPMENT COMPANIES. 
Section 61(a) of the Investment Company Act of 
1940 (15 U.S.C. 80a–60(a)) is amended— 
(1) in paragraph (1), by striking ‘‘200’’ and in-
serting ‘‘150’’; 
(2) in paragraph (2), by inserting ‘‘or which is 
a stock’’ after ‘‘indebtedness’’; and 
(3) by adding at the end the following: 
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS
‘‘(5) Section 18(a)(2) shall not apply to a busi-
ness development company.’’. 
SEC. 4. PARITY FOR BUSINESS DEVELOPMENT COMPANIES 
REGARDING OFFERING AND PROXY RULES. 
(a) REVISION TO RULES.—Not later than 180 days 
after the date of enactment of this Act, the Securities and 
Exchange Commission shall revise any rules to the extent 
necessary to allow a business development company that 
has filed an election pursuant to section 54 of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–53) to use 
the securities offering and proxy rules that are available 
to other issuers that are required to file reports under sec-
tion 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 in-
clude the following: 
(1) The Commission shall revise rule 405 under 
the Securities Act of 1933 (17 C.F.R. 230.405)— 
(A) to remove the exclusion of a business 
development company from the definition of a 
well-known seasoned issuer provided by that 
rule; and 
(B) to add registration statements filed on 
Form N–2 to the definition of automatic shelf 
registration statement provided by that rule. 
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS
(2) The Commission shall revise rules 168 and 
169 under the Securities Act of 1933 (17 C.F.R. 
230.168 and 230.169) to remove the exclusion of a 
business development company from an issuer that 
can use the exemptions provided by those rules. 
(3) The Commission shall revise rules 163 and 
163A under the Securities Act of 1933 (17 C.F.R. 
230.163 and 230.163A) to remove a business devel-
opment company from the list of issuers that are in-
eligible to use the exemptions provided by those 
rules. 
(4) The Commission shall revise rule 134 under 
the Securities Act of 1933 (17 C.F.R. 230.134) to 
remove the exclusion of a business development com-
pany from that rule. 
(5) The Commission shall revise rules 138 and 
139 under the Securities Act of 1933 (17 C.F.R. 
230.138 and 230.139) to specifically include a busi-
ness development company as an issuer to which 
those rules apply. 
(6) The Commission shall revise rule 164 under 
the Securities Act of 1933 (17 C.F.R. 230.164) to 
remove a business development company from the 
list of issuers that are excluded from that rule. 
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS
(7) The Commission shall revise rule 433 under 
the Securities Act of 1933 (17 C.F.R. 230.433) to 
specifically include a business development company 
that is a well-known seasoned issuer as an issuer to 
which that rule applies. 
(8) The Commission shall revise rule 415 under 
the Securities Act of 1933 (17 C.F.R. 230.415)— 
(A) to state that the registration for secu-
rities provided by that rule includes securities 
registered by a business development company 
on Form N–2; and 
(B) to provide an exception for a business 
development company from the requirement 
that a Form N–2 registrant must furnish the 
undertakings required by item 34.4 of Form N– 
2. 
(9) The Commission shall revise rule 497 under 
the Securities Act of 1933 (17 C.F.R. 230.497) to 
include a process for a business development com-
pany to file a form of prospectus that is parallel to 
the process for filing a form of prospectus under 
rule 424(b). 
(10) The Commission shall revise rules 172 and 
173 under the Securities Act of 1933 (17 C.F.R. 
230.172 and 230.173) to remove the exclusion of an 
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS
offering of a business development company from 
those rules. 
(11) The Commission shall revise rule 418 
under the Securities Act of 1933 (17 C.F.R. 
230.418) to provide that a business development 
company that would otherwise meet the eligibility re-
quirements of General Instruction I.A of Form S–3 
shall be exempt from paragraph (a)(3) of that rule. 
(12) The Commission shall revise rule 14a–101 
under the Securities Exchange Act of 1934 (17 
C.F.R. 240.14a–101) to provide that a business de-
velopment company that would otherwise meet the 
requirements of General Instruction I.A of Form S– 
3 shall be deemed to meet the requirements of Form 
S–3 for purposes of Schedule 14A. 
(13) The Commission shall revise rule 103 
under Regulation FD (17 C.F.R. 243.103) to pro-
vide that paragraph (a) of that rule applies for pur-
poses of Form N–2. 
(b) REVISION TO FORM N–2.—The Commission shall 
revise Form N–2— 
(1) to include an item or instruction that is 
similar to item 12 on Form S–3 to provide that a 
business development company that would otherwise 
meet the requirements of Form S–3 shall incor-
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS
porate by reference its reports and documents filed 
under the Securities Exchange Act of 1934 into its 
registration statement filed on Form N–2; and 
(2) to include an instruction (that is similar to 
the instruction regarding automatic shelf offerings 
by well-known seasoned issuers on Form S–3) to 
provide that a business development company that is 
a well-known seasoned issuer may file automatic 
shelf offerings on Form N–2. 
(c) RULE OF CONSTRUCTION.—Any reference in this 
section to a rule or form means such rule or form or any 
successor rule or form. 
Æ 
VerDate Mar 15 2010 
01:03 May 02, 2013
Jkt 029200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6301
E:\BILLS\H1800.IH
H1800
pwalker on DSK7TPTVN1PROD with BILLS