IIB 
115TH CONGRESS 
2D SESSION 
H. R. 4279 
IN THE SENATE OF THE UNITED STATES 
JANUARY 18, 2018 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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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 pro-
pose and, not later than 1 year after the date of enactment 
of this Act, the Securities and Exchange Commission shall 
finalize 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 reg-
istered 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 secu-
rities offering and proxy rules, subject to conditions the 
Commission determines 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 Com-
mission takes pursuant to this subsection shall consider 
the availability of information to investors, including what 
disclosures constitute adequate information to be des-
ignated as a ‘‘well-known seasoned issuer’’. 
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(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 re-
quired by such subsection, any registered closed-end com-
pany 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 to be an eligible issuer under the final rule of 
the Commission 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 
registered 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 sec-
tion to a section of title 17, Code of Federal Regula-
tions, or to any form or schedule means such rule, 
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section, form, or schedule, or any successor to any 
such rule, section, form, or schedule. 
Passed the House of Representatives January 17, 
2018. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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