,i #aacth ,,congress #ast ,session ,h4 ,r4 #ca ,,in ,,the ,,house ,,of ,,representatives ,january #c1 #bjac ,ms4 ,velzquez introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,investment ,company ,act of #aidj to change the asset coverage ratio and treatment of preferred stock for business development companies1 to allow business development companies to purchase1 otherwise acquire1 or hold certain securities1 and to direct the ,securities and ,exchange ,commission to revise rules under the ,securities ,act of #aicc relating to business development companies4 #a4 ,short title ,this ,act may be cited as the ,next ,steps for ,credit ,availability ,act4 #b4 ,amendments to permit business development companies to own investment advisers ,section #fj of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ei7 is amended by striking except that the ,commission shall not and inserting the following3 except that-- 7#a7 section #ab shall not apply to the purchasing1 otherwise acquiring1 or holding by a business development company of any security issued by1 or any other interest in the business of1 any person who is an investment adviser registered under title ,,ii of this ,act or who is an investment adviser to an investment company2 and 7#b7 the ,commission shall not 4 #c4 ,amendments to expand access to capital for business development companies ,section #fa7;a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#fj7;a77 is amended-- 7#a7 in paragraph 7#a71 by striking #bjj and inserting #aej2 7#b7 in paragraph 7#b71 by inserting or which is a stock after indebtedness2 and 7#c7 by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,section #ah7;a77#b7 shall not apply to a business development company4 4 #d4 ,parity for business development companies regarding offering rules 7a7 ,revision to rules ,not later than #ahj days after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall revise any rules 7or any successor rules7 to the extent necessary to allow a business development company that has filed an election pursuant to section #ed of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#fj7;a77 to use the securities offering rules that are available to other issuers that are required to file reports under section #ac or section #ae7;d7 of the ,securities ,exchange ,act of #aicd 7,public ,law #gc-djd2 #dh ,stat4 #hha74 ,any action that the ,commission takes pursuant to this subsection shall include the following3 7#a7 ,the ,commission shall revise rule #dje under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dje7-- 7,a7 to remove the exclusion of a business development company from the definition of a well-known seasoned issuer provided by that rule2 and 7,b7 to add registration statements filed on ,form ,n-#b to the definition of automatic shelf registration statement provided by that rule4 7#b7 ,the ,commission shall revise rules #afh and #afi under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afh and #bcj4afi7 to remove the exclusion of a business development company from an issuer that can use the exemptions provided by those rules4 7#c7 ,the ,commission shall revise rules #afc and #afc;,a under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afc and #bcj4afc;,a7 to remove a business development company from the list of issuers that are ineligible to use the exemptions provided by those rules4 7#d7 ,the ,commission shall revise rule #acd under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4acd7 to remove the exclusion of a business development company from that rule4 7#e7 ,the ,commission shall revise rules #ach and #aci under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4ach and #bcj4aci7 to specifically include a business development company as an issuer to which those rules apply4 7#f7 ,the ,commission shall revise rule #afd under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afd7 to remove a business development company from the list of issuers that are excluded from that rule4 7#g7 ,the ,commission shall revise rule #dcc under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dcc7 to specifically include a business development company that is a well-known seasoned issuer as an issuer to which that rule applies4 7#h7 ,the ,commission shall revise rule #dae under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dae7-- 7,a7 to state that the registration for securities provided by that rule includes securities registered by a business development company on ,form ,n-#b2 and 7,b7 to provide an exception for a business development company from the requirement that a ,form ,n-#b registrant must furnish the undertakings required by item #cd4d of ,form ,n-#b4 7#i7 ,the ,commission shall revise rule #dig under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dig7 to include a process for a business development company to file a form of prospectus that is parallel to the process for filing a form of prospectus under rule #dbd7;b74 7#aj7 ,the ,commission shall revise rules #agb and #agc under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4agb and #bcj4agc7 to remove the exclusion of an offering of a business development company from those rules4 7b7 ,revision to form ,n-#b ,the ,commission shall revise ,form ,n-#b-- 7#a7 to include an item or instruction that is similar to item #ab on ,form ,s-#c to provide that a business development company that meets the requirements of ,form ,s-#c shall incorporate by reference its reports and documents filed under the ,securities ,exchange ,act of #aicd into its registration statement filed on ,form ,n-#b2 and 7#b7 to include an instruction 7that is similar to the instruction regarding automatic shelf offerings by well-known seasoned issuers on ,form ,s-#c7 to provide that a business development company that is a well-known seasoned issuer may file automatic shelf offerings on ,form ,n-#b 7or any successor form74