U.S. Territories Investor Protection Act of 2017

Bill: 115-hr-1366
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2017-03-06
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Caribbean area

Financial services and investments

Puerto Rico

Securities

U.S. territories and protectorates

Virgin Islands
Latest action: action_date: 2017-05-03
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-03-06
action_desc: Introduced in House
text: <p><b>U.S. Territories Investor Protection Act of 2017 </b></p> <p>This bill amends the Investment Company Act of 1940 to apply the Act to investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.</p>

action_date: 2017-05-01
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>U.S. Territories Investor Protection Act of 2017 </b></p> <p>(Sec. 2) This bill amends the Investment Company Act of 1940 to apply the Act to investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1366 IN THE HOUSE OF REPRESENTATIVES March 6, 2017 Ms. Velázquez (for herself, Mr. Duffy , Mr. Serrano , and Mr. MacArthur ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.

1. Short title This Act may be cited as the U.S. Territories Investor Protection Act of 2017 . 2. Termination of exemption (a) In general Section 6(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a) ) is amended by striking paragraph (1). (b) Effective date and safe harbor (1) Effective date Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of the enactment of this Act. (2) Safe harbor With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a)(1) ) on the day before the date of the enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of the enactment of this Act. (3) Extension of safe harbor The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

tv_txt: I 115th CONGRESS 1st Session H. R. 1366 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.

1. Short title This Act may be cited as the U.S. Territories Investor Protection Act of 2017 . 2. Termination of exemption (a) In general Section 6(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a) ) is amended by striking paragraph (1). (b) Effective date and safe harbor (1) Effective date Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of the enactment of this Act. (2) Safe harbor With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a)(1) ) on the day before the date of the enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of the enactment of this Act. (3) Extension of safe harbor The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

Passed the House of Representatives May 1, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 1366 IN THE SENATE OF THE UNITED STATES May 2, 2017 Received May 3, 2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.

1. Short title This Act may be cited as the U.S. Territories Investor Protection Act of 2017 . 2. Termination of exemption (a) In general Section 6(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a) ) is amended by striking paragraph (1). (b) Effective date and safe harbor (1) Effective date Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of the enactment of this Act. (2) Safe harbor With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a)(1) ) on the day before the date of the enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of the enactment of this Act. (3) Extension of safe harbor The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

Passed the House of Representatives May 1, 2017. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 60 115th CONGRESS 1st Session H. R. 1366 [Report No. 115–103] IN THE HOUSE OF REPRESENTATIVES March 6, 2017 Ms. Velázquez (for herself, Mr. Duffy , Mr. Serrano , and Mr. MacArthur ) introduced the following bill; which was referred to the Committee on Financial Services May 1, 2017 Additional sponsors: Miss González-Colón of Puerto Rico , Mr. Sherman , Mr. Grijalva , Mr. Messer , and Ms. Plaskett May 1, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.

1. Short title This Act may be cited as the U.S. Territories Investor Protection Act of 2017 . 2. Termination of exemption (a) In general Section 6(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a) ) is amended by striking paragraph (1). (b) Effective date and safe harbor (1) Effective date Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of the enactment of this Act. (2) Safe harbor With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(a)(1) ) on the day before the date of the enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of the enactment of this Act. (3) Extension of safe harbor The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

May 1, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed