,,ib  ,union ,calendar ,no4 #fj  #aaeth 
,,congress  #ast ,session  ,h4 ,r4 #acff
  ,report ,no4 #aae-ajc  ,,in ,,the     
,,house ,,of ,,representatives  ,march  
#f1 #bjag ,ms4 ,velzquez 7for herself1  
,mr4 ,duffy1 ,mr4 ,serrano1 and ,mr4    
,mac,arthur7 introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services  ,may
 #a1 #bjag ,additional sponsors3 ,miss  
,gonzlez-,coln of ,puerto ,rico1 ,mr4   
,sherman1 ,mr4 ,grijalva1 ,mr4 ,messer1 
and ,ms4 ,plaskett  ,may #a1 #bjag      
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed  ,a    
,,bill  ,to amend the ,investment       
,company ,act of #aidj to terminate an  
exemption for companies located in      
,puerto ,rico1 the ,virgin ,islands1 and
 any other possession of the ,united    
,states4  #a4 ,short title ,this ,act   
may be cited as the ,u4,s4 ,territories 
,investor ,protection ,act of #bjag4    
#b4 ,termination of exemption  7a7 ,in  

general ,section #f7;a7 of the          
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#f7;a77 is amended by   
striking paragraph 7#a74  7b7 ,effective
 date and safe harbor  7#a7 ,effective  
date ,except as provided in paragraph   
7#b71 the amendment made by subsection  
7a7 shall take effect on the date of the
 enactment of this ,act4  7#b7 ,safe    
harbor ,with respect to a company that  
is exempt under section #f7;a77#a7 of   
the ,investment ,company ,act of #aidj  
7#ae ,u4,s4,c4 #hj;a-#f7;a77#a77 on the 
day before the date of the enactment of 
this ,act1 the amendment made by        
subsection 7a7 shall take effect on the 
date that is #c years after the date of 
the enactment of this ,act4  7#c7       
,extension of safe harbor ,the          
,securities and ,exchange ,commission1  
by rule and regulation upon its own     
motion1 or by order upon application1   
may conditionally or unconditionally1   
under section #f7;c7 of the ,investment 
,company ,act of #aidj 7#ae ,u4,s4,c4   

#hj;a-#f7;c771 further delay the        
effective date for a company described  
in paragraph 7#b7 for a maximum of #c   
years following the initial #c-year     
period if1 before the end of the initial
 #c-year period1 the ,commission        
determines that such a rule1 regulation1
 motion1 or order is necessary or       
appropriate in the public interest and  
for the protection of investors4  ,may  
#a1 #bjag ,committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union and ordered to be printed