[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2225 Reported in House (RH)]

<DOC>





                                                  Union Calendar No. 96
119th CONGRESS
  1st Session
                                H. R. 2225

                          [Report No. 119-126]

To permit a registered investment company to omit certain fees from the 
calculation of Acquired Fund Fees and Expenses, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2025

 Mr. Sherman (for himself, Mr. Huizenga, Mr. Garbarino, and Ms. Bynum) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

                              June 3, 2025

   Additional sponsors: Mr. David Scott of Georgia, Mr. Meuser, Mr. 
   Fields, Mr. Fitzpatrick, Ms. Strickland, Mr. Steil, Mr. Boyle of 
  Pennsylvania, Mr. Barr, Mrs. Wagner, Ms. Pettersen, Mr. Foster, Mr. 
 Nunn of Iowa, Ms. Velazquez, Mr. Casten, Mr. Himes, Mr. Cleaver, Mr. 
Meeks, Mr. Gottheimer, Mr. Torres of New York, Mr. Vicente Gonzalez of 
                     Texas, Mrs. Kim, and Ms. Meng

                              June 3, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on March 
                               18, 2025]


_______________________________________________________________________

                                 A BILL


 
To permit a registered investment company to omit certain fees from the 
calculation of Acquired Fund Fees and Expenses, and for other purposes.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Small Business Investor 
Capital Act''.

SEC. 2. AMENDMENTS TO ACQUIRED FUND FEES AND EXPENSES REPORTING ON 
              INVESTMENT COMPANY REGISTRATION STATEMENTS.

    (a) Definitions.--For purposes of this section:
            (1) Acquired fund.--The term ``Acquired Fund'' has the 
        meaning given the term in Forms N-1A, N-2, and N-3.
            (2) Acquired fund fees and expenses.--The term ``Acquired 
        Fund Fees and Expenses'' means the Acquired Fund Fees and 
        Expenses sub-caption in the Fee Table Disclosure.
            (3) Business development company.--The term ``business 
        development company'' has the meaning given the term in section 
        2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-
        2(a)).
            (4) Fee table disclosure.--The term ``Fee Table 
        Disclosure'' means the fee table described in Item 3 of Form N-
        1A, Item 3 of Form N-2, or Item 4 of Form N-3 (as applicable, 
        and with respect to each, in any successor fee table disclosure 
        that the Securities and Exchange Commission adopts).
            (5) Form n-1a.--The term ``Form N-1A'' means the form 
        described in section 274.11A of title 17, Code of Federal 
        Regulations, or any successor regulation.
            (6) Form n-2.--The term ``Form N-2'' means the form 
        described in section 274.11a-1 of title 17, Code of Federal 
        Regulations, or any successor regulation.
            (7) Form n-3.--The term ``Form N-3'' means the form 
        described in section 274.11b of title 17, Code of Federal 
        Regulations, or any successor regulation.
            (8) Registered investment company.--The term ``registered 
        investment company'' means an investment company, as defined 
        under section 3(a) of the Investment Company Act of 1940, 
        registered with the Securities and Exchange Commission under 
        such Act.
    (b) Excluding Business Development Companies From Acquired Fund 
Fees and Expenses.--A registered investment company may, on any 
investment company registration statement filed pursuant to section 
8(b) of the Investment Company Act of 1940 (15 U.S.C. 80a-8(b)), omit 
from the calculation of Acquired Fund Fees and Expenses those fees and 
expenses that the investment company incurred indirectly as a result of 
investment in shares of one or more Acquired Funds that is a business 
development company.
                                                  Union Calendar No. 96

119th CONGRESS

  1st Session

                               H. R. 2225

                          [Report No. 119-126]

_______________________________________________________________________

                                 A BILL

To permit a registered investment company to omit certain fees from the 
calculation of Acquired Fund Fees and Expenses, and for other purposes.

_______________________________________________________________________

                              June 3, 2025

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed