,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #dbgi  ,,in ,,the ,,house ,,of  
,,representatives  ,november #g1 #bjag  
,mr4 ,hollingsworth introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to direct the ,securities   
and ,exchange ,commission to revise any 
rules necessary to enable closed-end    
companies to use the securities offering
 and proxy rules that are available to  
other issuers of securities4  #a4 ,short
 title ,this ,act may be cited as the   
,expanding ,investment ,opportunities   
,act4  #b4 ,parity for closed-end       
companies regarding offering and proxy  
rules  7a7 ,revision to rules ,not later
 than #a year after the date of         
enactment of this ,act1 the ,securities 
and ,exchange ,commission shall revise  
any rules to the extent necessary to    
allow any closed-end company1 as defined
 in section #e7;a77#b7 of the           
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#e71 that is registered 

as an investment company under such ,act
 to use the securities offering and     
proxy 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#ae ,u4,s4,c4 #ghm2      
#gho7d774 ,any action that the          
,commission takes pursuant to this      
subsection shall include the following3 
7#a7 ,the ,commission shall revise      
section #bcj4dje of title #ag1 ,code of 
,federal ,regulations1 to-- 7,a7 remove 
the exclusion of a registered closed-end
 company from the definition of a       
well-known seasoned issuer provided by  
that section2 and  7,b7 add registration
 statements filed on ,form ,n-#b to the 
definition of automatic shelf           
registration statement provided by that 
section4  7#b7 ,the ,commission shall   
revise sections #bcj4afh and #bcj4afi of
 title #ag1 ,code of ,federal           
,regulations1 to remove the exclusion of
 a registered closed-end company from   

the list of issuers that can use the    
exemptions provided by those sections4  
7#c7 ,the ,commission shall revise      
sections #bcj4afc and #bcj4afc;,a of    
title #ag1 ,code of ,federal            
,regulations1 to remove a registered    
closed-end company from the list of     
issuers that are ineligible to use the  
exemptions provided by those sections4  
7#d7 ,the ,commission shall revise      
section #bcj4acd of title #ag1 ,code of 
,federal ,regulations1 to remove the    
exclusion of a registered closed-end    
company from that section4  7#e7 ,the   
,commission shall revise sections       
#bcj4ach and #bcj4aci of title #ag1     
,code of ,federal ,regulations1 to      
specifically include any registered     
closed-end company as an issuer to which
 those sections apply4  7#f7 ,the       
,commission shall revise section        
#bcj4afd of title #ag1 ,code of ,federal
 ,regulations1 to remove a registered   
closed-end company from the list of     
issuers that are excluded from that     

section4  7#g7 ,the ,commission shall   
revise section #bcj4dcc1 of title #ag1  
,code of ,federal ,regulations1 to      
specifically include any registered     
closed-end company that is a well-known 
seasoned issuer as an issuer to which   
that section applies4  7#h7 ,the        
,commission shall revise section        
#bcj4dae of title #ag1 ,code of ,federal
 ,regulations1 to--  7,a7 state that the
 registration for securities provided by
 that section includes securities       
registered by any registered closed-end 
company on ,form ,n-#b2 and  7,b7       
eliminate 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 section #bcj4dig of title  
#ag1 ,code of ,federal ,regulations1 to 
include a process for any registered    
closed-end company to file a form of    
prospectus that is parallel to the      
process for filing a form of prospectus 
under section #bcj4dbd7;b7 of such      

title4  7#aj7 ,the ,commission shall    
revise sections #bcj4agb and #bcj4agc of
 title #ag1 ,code of ,federal           
,regulations1 to remove the exclusion of
 an offering of any registered          
closed-end company from those sections4 
7#aa7 ,the ,commission shall revise     
section #bcj4dah of title #ag1 ,code of 
,federal ,regulations1 to provide that  
any registered closed-end company that  
would otherwise meet the eligibility    
requirements of ,general ,instruction   
,i4,a of ,form ,s-#c shall be exempt    
from paragraph 7a77#c7 of that section4 
7#ab7 ,the ,commission shall revise     
section #bdj4ad;a-#aja of title #ag1    
,code of ,federal ,regulations1 to      
provide that any registered closed-end  
company that would otherwise meet the   
requirements of ,general ,instruction   
,i4,a of ,form ,s-#c shall be deemed to 
meet the requirements of ,form ,s-#c for
 purposes of ,schedule #ad;,a4  7#ac7   
,the ,commission shall revise section   
#bdc4ajc of title #ag1 ,code of ,federal

 ,regulations1 to provide that paragraph
 7a7 of that section applies for        
purposes of ,form ,n-#b4  7b7 ,revisions
 to ,form ,n-#b ,not later than #a year 
after the date of enactment of this     
,act1 the ,commission shall revise ,form
 ,n-#b to--  7#a7 include an item or    
instruction that is similar to item #ab 
on ,form ,s-#c to provide that any      
registered closed-end company that would
 otherwise meet 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 include an item or instruction that
 is similar to the instruction regarding
 automatic shelf offerings by well-known
 seasoned issuers on ,form ,s-#c to     
provide that any registered closed-end  
company that is a well-known seasoned   
issuer may file automatic shelf         
offerings on ,form ,n-#b4  7c7          
,treatment if revisions not completed in

 a timely manner ,if the ,commission    
fails to complete the revisions required
 by subsections 7a7 and 7b7 by the time 
required by such subsections1 any       
registered closed-end company shall be  
entitled to treat such revisions as     
having been completed in accordance with
 the actions required to be taken by the
 ,commission by such subsections until  
such time as such revisions are         
completed by the ,commission4  7d7      
,rules of construction  7#a7 ,no effect 
on ,rule #dhb 7#a7 ,nothing in this     
section or the amendments made by this  
section shall be construed to impair or 
limit in any way a registered closed-end
 company from using section #bcj4dhb of 
title #ag1 ,code of ,federal            
,regulations1 to distribute sales       
material4  7#b7 ,references ,any        
reference in this section to a section  
of title #ag1 ,code of ,federal         
,regulations1 or to any form or schedule
 means such rule1 section1 form1 or     
schedule1 or any successor to any such  

rule1 section1 form1 or schedule4