Text: H.R.4854 — 114th Congress (2015-2016)All Information (Except Text)

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Received in Senate (07/06/2016)


114th CONGRESS
2d Session
H. R. 4854


IN THE SENATE OF THE UNITED STATES

July 6, 2016

Received


AN ACT

To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.

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 “Supporting America’s Innovators Act of 2016”.

SEC. 2. Investor limitation for qualifying venture capital funds.

Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended—

(1) by inserting after “one hundred persons” the following: “(or, with respect to a qualifying venture capital fund, 250 persons)”; and

(2) by adding at the end the following:

    “(C) The term ‘qualifying venture capital fund’ means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(l)(1)) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.”.

Passed the House of Representatives July 5, 2016.

    Attest: karen l. haas,   
    Clerk.

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