Union Calendar No. 60
IB Union Calendar No. 60 115TH CONGRESS 1ST SESSION H. R. 1366 [Report No. 115–103] 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 MARCH 6, 2017 Ms. VELA´ZQUEZ (for herself, Mr. DUFFY, Mr. SERRANO, and Mr. MAC- ARTHUR) introduced the following bill; which was referred to the Com- mittee on Financial Services MAY 1, 2017 Additional sponsors: Miss GONZA´LEZ-COLO´N 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 VerDate Sep 11 2014 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS 2 •HR 1366 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. …
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IB Union Calendar No. 60 115TH CONGRESS 1ST SESSION H. R. 1366 [Report No. 115–103] 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 MARCH 6, 2017 Ms. VELA´ZQUEZ (for herself, Mr. DUFFY, Mr. SERRANO, and Mr. MAC- ARTHUR) introduced the following bill; which was referred to the Com- mittee on Financial Services MAY 1, 2017 Additional sponsors: Miss GONZA´LEZ-COLO´N 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 VerDate Sep 11 2014 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS 2 •HR 1366 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 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS 3 •HR 1366 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 2017’’. 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 3 years after the date 20 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 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS 4 •HR 1366 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 3 years following the initial 3-year 4 period if, before the end of the initial 3-year period, 5 the Commission determines that such a rule, regula- 6 tion, motion, or order is necessary or appropriate in 7 the public interest and for the protection of inves- 8 tors. 9 VerDate Sep 11 2014 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS VerDate Sep 11 2014 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS Union Calendar No. 60 115TH CONGRESS 1ST SESSION H. R. 1366 [Report No. 115–103] 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. MAY 1, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed VerDate Sep 11 2014 21:42 May 01, 2017 Jkt 069200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H1366.RH H1366 sradovich on DSK3GMQ082PROD with BILLS