,,ii  #aaeth ,,congress  #ast ,session  
,s4 #dhd  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #a1 #bjag,mr4
 ,menendez 7for himself and ,mr4 ,hatch7
 introduced the following bill2 which   
was read twice and referred to the      
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,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