,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ca  ,,9 ,,! ,,h\se ,,(             
,,repres5tatives  ,janu>y #c1 #bjac ,ms4
 ,velzquez introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d !         
,inve/m5t ,company ,act ( #aidj to *ange
 ! asset cov]age ratio & treatm5t (     
pref]r$ /ock = bus9ess developm5t       
companies1 to all[ bus9ess developm5t   
companies to pur*ase1 o!rwise acquire1  
or hold c]ta9 securities1 & to direct ! 
,securities & ,ex*ange ,commission to   
revise rules "u ! ,securities ,act (    
#aicc relat+ to bus9ess developm5t      
companies4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,next ,/eps = ,cr$it    
,availability ,act4  #b4 ,am5dm5ts to   
p]mit bus9ess developm5t companies to   
own inve/m5t advis]s ,section #fj ( !   
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#ei7 is am5d$ 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 ins]t+ aft]     
p>agraph 7#d7 ! foll[+ new p>agraph3    
7#e7 ,section #ah7;a77#b7 %all n apply  
to a bus9ess developm5t company4  4  #d4
 ,p>ity = bus9ess developm5t companies  
reg>d+ (f]+ rules  7a7 ,revision to     
rules ,n lat] ?an #ahj days aft] ! date 
( enactm5t ( ?is ,act1 ! ,securities &  
,ex*ange ,commission %all revise any    
rules 7or any successor rules7 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-#fj7;a77 to use !       
securities (f]+ 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,public ,law #gc-djd2 #dh ,/at4  
#hha74 ,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  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
 meets ! 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-#b 7or any successor =m74