115TH CONGRESS
115TH CONGRESS 1ST SESSION H. R. 1366 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 2 •HR 1366 EH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘U.S. Territories Inves- 2 tor Protection Act of 2017’’. 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. …
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115TH CONGRESS 1ST SESSION H. R. 1366 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 2 •HR 1366 EH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘U.S. Territories Inves- 2 tor Protection Act of 2017’’. 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 3 •HR 1366 EH 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 May 1, 2017. Attest: Clerk. 115TH CONGRESS 1ST SESSION H. R. 1366 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.