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IIB 114TH CONGRESS 2D SESSION H. R. 5322 IN THE SENATE OF THE UNITED STATES JULY 12, 2016 Received; 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 02:32 Jul 13, 2016 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RFS H5322 emcdonald on DSK9F6TC42PROD with BILLS 2 HR 5322 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘U.S. Territories Inves- 2 tor Protection Act of 2016’’. 3 SEC. 2. TERMINATION OF EXEMPTION. 4 (a) IN GENERAL.—Section 6(a) of the Investment 5 Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended 6 by striking paragraph (1). 7 (b) EFFECTIVE DATE AND SAFE HARBOR.— 8 (1) EFFECTIVE DATE.—Except as provided in 9 paragraph (2), the amendment made by subsection 10 (a) shall take effect on the date of the enactment of 11 this Act. 12 (2) SAFE HARBOR.—With respect to a company 13 that is exempt under section 6(a)(1) of the Invest- 14 ment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) 15 on the day before the date of the enactment of this 16 Act, the amendment made by subsection (a) shall 17 take effect on the date that is 3 years after the date 18 of the enactment of this Act. 19 (3) EXTENSION OF SAFE HARBOR.—The Secu- 20 rities and Exchange Commission, by rule and regula- 21 tion upon its own motion, or by order upon applica- 22 tion, may conditionally or unconditionally, under sec- 23 tion 6(c) of the Investment Company Act of 1940 24 (15 U.S.C. 80a–6(c)), further delay the effective 25 date for a company described in paragraph (2) for 26 VerDate Sep 11 2014 02:32 Jul 13, 2016 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RFS H5322 emcdonald on DSK9F6TC42PROD with BILLS 3 HR 5322 RFS a maximum of 3 years following the initial 3-year 1 period if, before the end of the initial 3-year period, 2 the Commission determines that such a rule, regula- 3 tion, motion, or order is necessary or appropriate in 4 the public interest and for the protection of inves- 5 tors. 6 Passed the House of Representatives July 11, 2016. Attest: KAREN L. HAAS, Clerk. VerDate Sep 11 2014 02:32 Jul 13, 2016 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RFS H5322 emcdonald on DSK9F6TC42PROD with BILLS