,i #aae? ,,congress #a/ ,session ,h4 ,r4 #dbgi ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #g1 #bjag ,mr4 ,holl+swor? introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to direct ! ,securities & ,ex*ange ,commission to revise any rules necess>y to enable clos$-end companies to use ! securities (f]+ & proxy rules t are available to o!r issu]s ( securities4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,exp&+ ,inve/m5t ,opportunities ,act4 #b4 ,p>ity = clos$-end companies reg>d+ (f]+ & proxy rules 7a7 ,revision to rules ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise any rules to ! ext5t necess>y to all[ any clos$-end company1 z def9$ 9 section #e7;a77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#e71 t is regi/]$ z an inve/m5t company "u su* ,act to use ! securities (f]+ & proxy 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#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action t ! ,commission takes pursuant to ?is subsection %all include ! foll[+3 7#a7 ,! ,commission %all revise section #bcj4dje ( title #ag1 ,code ( ,f$]al ,regulations1 to-- 7,a7 remove ! exclusion ( a regi/]$ clos$-end company f ! def9ition ( a well-kn[n season$ issu] provid$ by t section2 & 7,b7 add regi/ration /atem5ts fil$ on ,=m ,n-#b to ! def9ition ( automatic %elf regi/ration /atem5t provid$ by t section4 7#b7 ,! ,commission %all revise sections #bcj4afh & #bcj4afi ( title #ag1 ,code ( ,f$]al ,regulations1 to remove ! exclusion ( a regi/]$ clos$-end company f ! li/ ( issu]s t c use ! exemptions provid$ by ^? sections4 7#c7 ,! ,commission %all revise sections #bcj4afc & #bcj4afc;,a ( title #ag1 ,code ( ,f$]al ,regulations1 to remove a regi/]$ clos$-end company f ! li/ ( issu]s t are ineligible to use ! exemptions provid$ by ^? sections4 7#d7 ,! ,commission %all revise section #bcj4acd ( title #ag1 ,code ( ,f$]al ,regulations1 to remove ! exclusion ( a regi/]$ clos$-end company f t section4 7#e7 ,! ,commission %all revise sections #bcj4ach & #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 to specifically include any regi/]$ clos$-end company z an issu] to :i* ^? sections apply4 7#f7 ,! ,commission %all revise section #bcj4afd ( title #ag1 ,code ( ,f$]al ,regulations1 to remove a regi/]$ clos$-end company f ! li/ ( issu]s t are exclud$ f t section4 7#g7 ,! ,commission %all revise section #bcj4dcc1 ( title #ag1 ,code ( ,f$]al ,regulations1 to specifically include any regi/]$ clos$-end company t is a well-kn[n season$ issu] z an issu] to :i* t section applies4 7#h7 ,! ,commission %all revise section #bcj4dae ( title #ag1 ,code ( ,f$]al ,regulations1 to-- 7,a7 /ate t ! regi/ration = securities provid$ by t section includes securities regi/]$ by any regi/]$ clos$-end company on ,=m ,n-#b2 & 7,b7 elim9ate ! requirem5t t a ,=m ,n-#b regi/rant mu/ furni% ! und]tak+s requir$ by item #cd4d ( ,=m ,n-#b4 7#i7 ,! ,commission %all revise section #bcj4dig ( title #ag1 ,code ( ,f$]al ,regulations1 to include a process = any regi/]$ clos$-end company to file a =m ( prospectus t is p>allel to ! process = fil+ a =m ( prospectus "u section #bcj4dbd7;b7 ( su* title4 7#aj7 ,! ,commission %all revise sections #bcj4agb & #bcj4agc ( title #ag1 ,code ( ,f$]al ,regulations1 to remove ! exclusion ( an (f]+ ( any regi/]$ clos$-end company f ^? sections4 7#aa7 ,! ,commission %all revise section #bcj4dah ( title #ag1 ,code ( ,f$]al ,regulations1 to provide t any regi/]$ clos$-end company t w\ld o!rwise meet ! eligibility requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be exempt f p>agraph 7a77#c7 ( t section4 7#ab7 ,! ,commission %all revise section #bdj4ad;a-#aja ( title #ag1 ,code ( ,f$]al ,regulations1 to provide t any regi/]$ clos$-end company t w\ld o!rwise meet ! requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be deem$ to meet ! requirem5ts ( ,=m ,s-#c = purposes ( ,s*$ule #ad;,a4 7#ac7 ,! ,commission %all revise section #bdc4ajc ( title #ag1 ,code ( ,f$]al ,regulations1 to provide t p>agraph 7a7 ( t section applies = purposes ( ,=m ,n-#b4 7b7 ,revisions to ,=m ,n-#b ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,commission %all revise ,=m ,n-#b to-- 7#a7 include an item or in/ruction t is simil> to item #ab on ,=m ,s-#c to provide t any regi/]$ clos$-end company t w\ld o!rwise meet ! requirem5ts ( ,=m ,s-#c %all incorporate by ref]5ce its reports & docum5ts fil$ "u ! ,securities ,ex*ange ,act ( #aicd into its regi/ration /atem5t fil$ on ,=m ,n-#b2 & 7#b7 include an item or in/ruction t is simil> to ! in/ruction reg>d+ automatic %elf (f]+s by well-kn[n season$ issu]s on ,=m ,s-#c to provide t any regi/]$ clos$-end company t is a well-kn[n season$ issu] may file automatic %elf (f]+s on ,=m ,n-#b4 7c7 ,treatm5t if revisions n complet$ 9 a timely mann] ,if ! ,commission fails to complete ! revisions requir$ by subsections 7a7 & 7b7 by ! "t requir$ by su* subsections1 any regi/]$ clos$-end company %all be entitl$ to treat su* revisions z hav+ be5 complet$ 9 accordance ) ! actions requir$ to be tak5 by ! ,commission by su* subsections until su* "t z su* revisions are complet$ by ! ,commission4 7d7 ,rules ( con/ruction 7#a7 ,no effect on ,rule #dhb 7#a7 ,no?+ 9 ?is section or ! am5dm5ts made by ?is section %all be con/ru$ to impair or limit 9 any way a regi/]$ clos$-end company f us+ section #bcj4dhb ( title #ag1 ,code ( ,f$]al ,regulations1 to di/ribute sales mat]ial4 7#b7 ,ref]5ces ,any ref]5ce 9 ?is section to a section ( title #ag1 ,code ( ,f$]al ,regulations1 or to any =m or s*$ule means su* rule1 section1 =m1 or s*$ule1 or any successor to any su* rule1 section1 =m1 or s*$ule4