,,ib ,union ,cal5d> ,no4 #cjd #aad? ,,congress #b;d ,session ,h4 ,r4 #bcef ,report ,no4 #aad-dja ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #ae1 #bjae ,mr4 ,hill 7= himself & ,mr4 ,c>ney7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,janu>y #bh1 #bjaf ,committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be pr9t$ ,a ,,bill ,to direct ! ,securities & ,ex*ange ,commission to provide a safe h>bor relat$ to c]ta9 inve/m5t fund rese>* reports1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fair ,access to ,inve/m5t ,rese>* ,act ( #bjae4 #b4 ,safe h>bor = inve/m5t fund rese>* 7a7 ,expansion ( safe h>bor ,n lat] ?an ! end ( ! #de-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all propose1 & n lat] ?an ! end ( ! #abj-;day p]iod beg9n+ on su* date1 ! ,commission %all adopt1 ^u su* t]ms1 conditions1 or requirem5ts z ! ,commission may det]m9e necess>y or appropriate 9 ! public int]e/1 = ! protection ( inve/ors1 & = ! promotion ( capital =mation1 revisions to section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 to provide t a cov]$ inve/m5t fund rese>* report-- 7#a7 %all be deem$1 = purposes ( sections #b7;a77#aj7 & #e7;c7 ( ! ,securities ,act ( #aicc1 n to con/itute an (f] = sale or an (f] to sell a security t is ! subject ( an (f]+ pursuant to a regi/ration /atem5t t ! issu] proposes to file1 or has fil$1 or t is effective1 ev5 if ! brok] or deal] is p>ticipat+ or w p>ticipate 9 ! regi/]$ (f]+ ( ! cov]$ inve/m5t fund's securities2 & 7#b7 %all be deem$ to satisfy ! conditions ( subsection 7a77#a7 or 7a77#b7 ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor provisions1 = purposes ( ! ,commission's rules & regulations "u ! ,f$]al securities laws & ! rules ( any self-regulatory organization4 7b7 ,implem5tation ( safe h>bor ,9 implem5t+ ! safe h>bor pursuant to subsection 7a71 ! ,commission %all-- 7#a7 n1 9 ! case ( a cov]$ inve/m5t fund ) a class ( securities 9 sub/antially cont9u\s di/ribution1 condition ! safe h>bor on :e!r ! brok]'s or deal]'s publication or di/ribution ( a cov]$ inve/m5t fund rese>* report con/itutes su* brok]'s or deal]'s initiation or re9itiation ( rese>* cov]age on su* cov]$ inve/m5t fund or its securities2 7#b7 n-- 7,a7 require ! cov]$ inve/m5t fund to h be5 regi/]$ z an inve/m5t company "u ! ,inve/m5t ,company ,act ( #aidj or subject to ! report+ requirem5ts ( section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd = any p]iod exce$+ twelve mon?s2 or 7,b7 impose a m9imum float provision exce$+ t ref]5c$ 9 subsection 7a77#a77;i77,a77#a77;i7 ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations2 7#c7 provide t a self-regulatory organization may n ma9ta9 or en=ce any rule t w\ld-- 7,a7 condition ! ability ( a memb] to publi% or di/ribute a cov]$ inve/m5t fund rese>* report on :e!r ! memb] is also p>ticipat+ 9 a regi/]$ (f]+ or o!r di/ribution ( any securities ( su* cov]$ inve/m5t fund2 7,b7 condition ! ability ( a memb] to p>ticipate 9 a regi/]$ (f]+ or o!r di/ribution ( securities ( a cov]$ inve/m5t fund on :e!r ! memb] has publi%$ or di/ribut$ a cov]$ inve/m5t fund rese>* report ab\t su* cov]$ inve/m5t fund or its securities2 or 7,c7 require ! fil+ ( a cov]$ inve/m5t fund rese>* report ) su* self-regulatory organization2 & 7#d7 provide t a cov]$ inve/m5t fund rese>* report %all n be subject to sections #bd7;b7 or #cd7;b7 ( ! ,inve/m5t ,company ,act ( #aidj or ! rules & regulations !reund]4 7c7 ,rules ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ z 9 any way limit+-- 7#a7 ! applicability ( ! antifraud provisions ( ! ,f$]al securities laws2 or 7#b7 ! au?ority ( any self-regulatory organization to exam9e or sup]vise a memb]'s practices 9 connection ) su* memb]'s publication or di/ribution ( a cov]$ inve/m5t fund rese>* report = compliance ) o!rwise applicable provisions ( ! ,f$]al securities laws or self-regulatory organization rules4 7d7 ,int]im effectiv5ess ( safe h>bor ,f & aft] ! #abj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 if ! ,commission has n met its obligations pursuant to subsection 7a7 to adopt revisions to section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 & until su* "t z ! ,commission has done s1 a cov]$ inve/m5t fund rese>* report publi%$ or di/ribut$ by a brok] or deal] aft] su* date %all be deem$ to meet ! requirem5ts ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 & to satisfy ! conditions ( subsection 7a77#a7 or 7a77#b7 !re( = purposes ( ! ,commission's rules & regulations "u ! ,f$]al securities laws & ! rules ( any self-regulatory organization1 z if revis$ & implem5t$ 9 accordance ) subsections 7a7 & 7b74 7e7 ,def9itions ,= purposes ( ?is ,act3 7#a7 ,cov]$ inve/m5t fund rese>* report ,! t]m cov]$ inve/m5t fund rese>* report means a rese>* report publi%$ or di/ribut$ by a brok] or deal] ab\t a cov]$ inve/m5t fund or any ( its securities4 7#b7 ,cov]$ inve/m5t fund ,! t]m cov]$ inve/m5t fund means-- 7,a7 an inve/m5t company regi/]$ "u1 or t has fil$ an election to be treat$ z a bus9ess developm5t company "u1 ! ,inve/m5t ,company ,act ( #aidj & t has fil$ a regi/ration /atem5t "u ! ,securities ,act ( #aicc = ! public (f]+ ( a class ( its securities1 :i* regi/ration /atem5t has be5 decl>$ effective by ! ,commission2 & 7,b7 a tru/ or o!r p]son-- 7i7 t has a class ( securities li/$ = trad+ on a national securities ex*ange2 7ii7 ! assets ( :i* consi/ prim>ily ( commodities1 curr5cies1 or d]ivative in/rum5ts t ref]5ce commodities or curr5cies1 or int]e/s 9 ! =ego+2 & 7iii7 t all[s its securities to be pur*as$ or r$eem$1 subject to conditions or limitations1 = a ratable %>e ( its assets4 7#c7 ,rese>* report ,! t]m rese>* report has ! mean+ giv5 to t t]m "u section #b7;a77#c7 ( ! ,securities ,act ( #aicc1 except t su* t]m %all n include an oral communication4 7#d7 ,self-regulatory organization ,! t]m self-regulatory organization has ! mean+ giv5 to t t]m "u section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd4 ,janu>y #bh1 #bjaf ,committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be pr9t$