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IB Union Calendar No. 521 114TH CONGRESS 2D SESSION H. R. 5322 [Report No. 114–673] 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 HOUSE OF REPRESENTATIVES MAY 25, 2016 Ms. VELA´ZQUEZ (for herself, Mr. PIERLUISI, and Mr. SERRANO) introduced the following bill; which was referred to the Committee on Financial Services JULY 11, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS 2 •HR 5322 RH 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. VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS 3 •HR 5322 RH 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 SEC. 2. TERMINATION OF EXEMPTION. 6 (a) IN GENERAL.—Section 6(a) of the Investment 7 Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended 8 by striking paragraph (1). 9 (b) EFFECTIVE DATE AND SAFE HARBOR.— 10 (1) EFFECTIVE DATE.—Except as provided in 11 paragraph (2), the amendment made by subsection 12 (a) shall take effect on the date of the enactment of 13 this Act. 14 (2) SAFE HARBOR.—With respect to a company 15 that is exempt under section 6(a)(1) of the Invest- 16 ment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) 17 on the day before the date of the enactment of this 18 Act, the amendment made by subsection (a) shall 19 take effect on the date that is three years after the 20 date of the enactment of this Act. 21 (3) EXTENSION OF SAFE HARBOR.—The Secu- 22 rities and Exchange Commission, by rule and regula- 23 tion upon its own motion, or by order upon applica- 24 tion, may conditionally or unconditionally, under sec- 25 VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS 4 •HR 5322 RH tion 6(c) of the Investment Company Act of 1940 1 (15 U.S.C. 80a–6(c)), further delay the effective 2 date for a company described in paragraph (2) for 3 a maximum of three years following the initial three- 4 year period if, before the end of the initial three-year 5 period, the Commission determines that such a rule, 6 regulation, motion, or order is necessary or appro- 7 priate in the public interest and for the protection 8 of investors. 9 VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS Union Calendar No. 521 114TH CONGRESS 2D SESSION H. R. 5322 [Report No. 114–673] 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. JULY 11, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed VerDate Sep 11 2014 02:21 Jul 12, 2016 Jkt 059200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H5322.RH H5322 rfrederick on DSK6VPTVN1PROD with BILLS