114TH CONGRESS
II 114TH CONGRESS 2D SESSION S. 3467 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. IN THE SENATE OF THE UNITED STATES SEPTEMBER 29, 2016 Mr. MENENDEZ (for himself and Mr. HATCH) introduced the following bill; which was read twice and referred to the Committee on Banking, Hous- ing, and Urban Affairs 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘U.S. Territories Inves- 4 tor Protection Act of 2016’’. 5 VerDate Sep 11 2014 22:48 Oct 06, 2016 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3467.IS S3467 sradovich on DSK3GMQ082PROD with BILLS 2 •S 3467 IS SEC. 2. TERMINATION OF EXEMPTION. …
Download the original document · Plain text (TXT) · Browse the archive · How this archive works
Original source: https://www.govinfo.gov/content/pkg/BILLS-114s3467is/pdf/BILLS-114s3467is.pdf
SHA-256 6be86b300273eda97b0f31e1dd299be224ae8ae2b54edf4e89a8431b69806e6f
Re-using this document
A work of the United States Government. Not subject to copyright in the United States under 17 U.S.C. § 105, and therefore in the public domain from the moment it was created.
Our description, tagging, arrangement, extracted text and machine transcripts are released under CC0 1.0. We assert nothing about the document itself.
Archive identifier LF-6be86b300273
Document text
II 114TH CONGRESS 2D SESSION S. 3467 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. IN THE SENATE OF THE UNITED STATES SEPTEMBER 29, 2016 Mr. MENENDEZ (for himself and Mr. HATCH) introduced the following bill; which was read twice and referred to the Committee on Banking, Hous- ing, and Urban Affairs 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘U.S. Territories Inves- 4 tor Protection Act of 2016’’. 5 VerDate Sep 11 2014 22:48 Oct 06, 2016 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3467.IS S3467 sradovich on DSK3GMQ082PROD with BILLS 2 •S 3467 IS SEC. 2. TERMINATION OF EXEMPTION. 1 (a) IN GENERAL.—Section 6(a) of the Investment 2 Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended 3 by striking paragraph (1). 4 (b) EFFECTIVE DATE AND SAFE HARBOR.— 5 (1) EFFECTIVE DATE.—Except as provided in 6 paragraph (2), the amendment made by subsection 7 (a) shall take effect on the date of the enactment of 8 this Act. 9 (2) SAFE HARBOR.—With respect to a company 10 that is exempt under section 6(a)(1) of the Invest- 11 ment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) 12 on the day before the date of the enactment of this 13 Act, the amendment made by subsection (a) shall 14 take effect on the date that is 3 years after the date 15 of the enactment of this Act. 16 (3) EXTENSION OF SAFE HARBOR.—The Secu- 17 rities and Exchange Commission, by rule and regula- 18 tion upon its own motion, or by order upon applica- 19 tion, may conditionally or unconditionally, under sec- 20 tion 6(c) of the Investment Company Act of 1940 21 (15 U.S.C. 80a–6(c)), further delay the effective 22 date for a company described in paragraph (2) for 23 a maximum of 3 years following the initial 3-year 24 period if, before the end of the initial 3-year period, 25 the Commission determines that such a rule, regula- 26 VerDate Sep 11 2014 22:48 Oct 06, 2016 Jkt 069200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3467.IS S3467 sradovich on DSK3GMQ082PROD with BILLS 3 •S 3467 IS tion, motion, or order is necessary or appropriate in 1 the public interest and for the protection of inves- 2 tors. 3 Æ VerDate Sep 11 2014 22:48 Oct 06, 2016 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S3467.IS S3467 sradovich on DSK3GMQ082PROD with BILLS