Title: Access to Small Business Investor Capital Act
Policy area: Finance and Financial Sector

Summary:
Access to Small Business Investor Capital Act
This bill directs the Securities and Exchange Commission to specify that a business development company is not considered an acquired fund for the purpose of certain fee and expense calculations as part of investment company registration statements.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7375 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7375

 To require the Securities and Exchange Commission to revise rules to 
  exclude business development companies from certain ``Acquired Fund 
         fees and expenses'' reporting, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2020

  Mr. Sherman (for himself and Mr. Stivers) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require the Securities and Exchange Commission to revise rules to 
  exclude business development companies from certain ``Acquired Fund 
         fees and expenses'' reporting, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Small Business Investor 
Capital Act''.

SEC. 2. EXCLUDING BUSINESS DEVELOPMENT COMPANIES FROM CERTAIN 
              ``ACQUIRED FUND FEES AND EXPENSES'' REPORTING.

    (a) Revision to Rules.--Not later than the end of the 2-year period 
beginning on the date of enactment of this Act, the Securities and 
Exchange Commission shall revise any rule of the Commission relating to 
investment company registration statements to specify that, when 
calculating the fees and expenses of an Acquired Fund, the term 
``Acquired Fund'' does not include a business development company.
    (b) Failure To Issue Rules.--If the Commission does not make the 
revisions required under subsection (a) before the end of the 2-year 
period described in subsection (a), any reference to an Acquired Fund 
in a rule of the Commission relating to investment company registration 
statements (including in any item in or instruction to Forms N-1A, -2, 
-3, -4, and -6) shall, when used in the context of calculating the fees 
and expenses of an Acquired Fund, be deemed to not include a business 
development company.
    (c) Business Development Company Defined.--In this section, the 
term ``business development company'' has the meaning given that term 
under section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 
80a-2(a)).
    (d) Rules of Construction.--Any reference in this section to--
            (1) a form means such form and any successor form; and
            (2) the terms ``Acquired Fund Fees and Expenses'' and 
        ``Acquired Fund'' defined or otherwise used in such a form 
        shall mean any successor terms or provisions adopted by the 
        Securities and Exchange Commission.
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