,i #aac? ,,congress #a/ ,session ,h4 ,r4 #ahjj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #bf1 #bjac ,mr4 ,grimm 7= himself & ,mr4 ,graves ( ,georgia7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,inve/m5t ,company ,act ( #aidj to all[ bus9ess developm5t companies to pur*ase1 o!rwise acquire1 or hold c]ta9 securities1 to *ange ! asset cov]age ratio & treatm5t ( pref]r$ /ock = bus9ess developm5t companies1 & to direct ! ,securities & ,ex*ange ,commission to revise c]ta9 rules relat+ to bus9ess developm5t companies4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,cr$it ,availability ,act4 #b4 ,am5dm5t to p]mit bus9ess developm5t companies to own inve/m5t advis]s ,section #fj ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ei7 is am5d$ by /rik+ except t ! ,commission %all n & ins]t+ ! foll[+3 except t-- 7#a7 section #ab %all n apply to ! pur*as+1 o!rwise acquir+1 or hold+ by a bus9ess developm5t company ( any security issu$ by1 or any o!r int]e/ 9 ! bus9ess (1 any p]son :o is an inve/m5t advis] regi/]$ "u title ,,ii ( ?is ,act or :o is an inve/m5t advis] to an inve/m5t company2 & 7#b7 ! ,commission %all n 4 #c4 ,am5dm5ts to exp& access to capital = bus9ess developm5t companies ,section #fa7;a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#fj7;a77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ #bjj & ins]t+ #aej2 7#b7 9 p>agraph 7#b71 by ins]t+ or :i* is a /ock aft] indebt$ness2 & 7#c7 by add+ at ! end ! foll[+3 7#e7 ,section #ah7;a77#b7 %all n apply to a bus9ess developm5t company4 4 #d4 ,p>ity = bus9ess developm5t companies reg>d+ (f]+ & proxy rules 7a7 ,revision to rules ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise any rules to ! ext5t necess>y to all[ a bus9ess developm5t company t has fil$ an election pursuant to section #ed ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ec7 to use ! securities (f]+ & proxy rules t are available to o!r issu]s t are requir$ to file reports "u section #ac or section #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action t ! ,commission takes pursuant to ?is subsection %all include ! foll[+3 7#a7 ,! ,commission %all revise rule #dje "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dje7-- 7,a7 to remove ! exclusion ( a bus9ess developm5t company f ! def9ition ( a well-kn[n season$ issu] provid$ by t rule2 & 7,b7 to add regi/ration /atem5ts fil$ on ,=m ,n-#b to ! def9ition ( automatic %elf regi/ration /atem5t provid$ by t rule4 7#b7 ,! ,commission %all revise rules #afh & #afi "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afh & #bcj4afi7 to remove ! exclusion ( a bus9ess developm5t company f an issu] t c use ! exemptions provid$ by ^? rules4 7#c7 ,! ,commission %all revise rules #afc & #afc;,a "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afc & #bcj4afc;,a7 to remove a bus9ess developm5t company f ! li/ ( issu]s t are ineligible to use ! exemptions provid$ by ^? rules4 7#d7 ,! ,commission %all revise rule #acd "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4acd7 to remove ! exclusion ( a bus9ess developm5t company f t rule4 7#e7 ,! ,commission %all revise rules #ach & #aci "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4ach & #bcj4aci7 to specifically include a bus9ess developm5t company z an issu] to :i* ^? rules apply4 7#f7 ,! ,commission %all revise rule #afd "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afd7 to remove a bus9ess developm5t company f ! li/ ( issu]s t are exclud$ f t rule4 7#g7 ,! ,commission %all revise rule #dcc "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dcc7 to specifically include a bus9ess developm5t company t is a well-kn[n season$ issu] z an issu] to :i* t rule applies4 7#h7 ,! ,commission %all revise rule #dae "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dae7-- 7,a7 to /ate t ! regi/ration = securities provid$ by t rule includes securities regi/]$ by a bus9ess developm5t company on ,=m ,n-#b2 & 7,b7 to provide an exception = a bus9ess developm5t company f ! requirem5t t a ,=m ,n-#b regi/rant mu/ furni% ! und]tak+s requir$ by item #cd4d ( ,=m ,n-#b4 7#i7 ,! ,commission %all revise rule #dig "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dig7 to include a process = a bus9ess developm5t company to file a =m ( prospectus t is p>allel to ! process = fil+ a =m ( prospectus "u rule #dbd7;b74 7#aj7 ,! ,commission %all revise rules #agb & #agc "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4agb & #bcj4agc7 to remove ! exclusion ( an (f]+ ( a bus9ess developm5t company f ^? rules4 7#aa7 ,! ,commission %all revise rule #dah "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dah7 to provide t a bus9ess developm5t company t w\ld o!rwise meet ! eligibility requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be exempt f p>agraph 7a77#c7 ( t rule4 7#ab7 ,! ,commission %all revise rule #ad;a-#aja "u ! ,securities ,ex*ange ,act ( #aicd 7#ag ,c4,f4,r4 #bdj4ad;a-#aja7 to provide t a bus9ess developm5t company t w\ld o!rwise meet ! requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be deem$ to meet ! requirem5ts ( ,=m ,s-#c = purposes ( ,s*$ule #ad;,a4 7#ac7 ,! ,commission %all revise rule #ajc "u ,regulation ,,fd 7#ag ,c4,f4,r4 #bdc4ajc7 to provide t p>agraph 7a7 ( t rule applies = purposes ( ,=m ,n-#b4 7b7 ,revision to =m ,n-#b ,! ,commission %all revise ,=m ,n-#b-- 7#a7 to include an item or in/ruction t is simil> to item #ab on ,=m ,s-#c to provide t a bus9ess developm5t company t w\ld o!rwise meet ! requirem5ts ( ,=m ,s-#c %all incorporate by ref]5ce its reports & docum5ts fil$ "u ! ,securities ,ex*ange ,act ( #aicd into its regi/ration /atem5t fil$ on ,=m ,n-#b2 & 7#b7 to include an in/ruction 7t is simil> to ! in/ruction reg>d+ automatic %elf (f]+s by well-kn[n season$ issu]s on ,=m ,s-#c7 to provide t a bus9ess developm5t company t is a well-kn[n season$ issu] may file automatic %elf (f]+s on ,=m ,n-#b4 7c7 ,rule ( con/ruction ,any ref]5ce 9 ?is section to a rule or =m means su* rule or =m or any successor rule or =m4