IB Union Calendar No. 386 115th CONGRESS 2d Session H. R. 4279 [Report No. 115–517] 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 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.

1. Short title This Act may be cited as the Expanding Investment Opportunities Act . 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 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 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 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 Commission takes pursuant to this subsection shall consider the availability of information to investors, including what disclosures constitute adequate information to be designated as a well-known seasoned 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 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 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.

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