#aafth ,,congress  #ast ,session  ,h4   
,r4 #cjej  ,,an ,,act  ,to require the  
,securities and ,exchange ,commission to
 carry out a study of the #aj per centum
 threshold limitation applicable to the 
definition of a diversified company     
under the ,investment ,company ,act of  
#aidj1 and for other purposes4  #a4     
,short title ,this ,act may be cited as 
the ,expanding ,investment in ,small    
,businesses ,act of #bjai4  #b4 ,,sec   
study  7a7 ,in general ,the ,securities 
and ,exchange ,commission shall carry   
out a study of the #aj per centum       
threshold limitation applicable to the  
definition of a diversified company     
under section #e7;b77#a7 of the         
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#e7;b77#a77 and         
determine the impacts of such threshold 
limits upon the protection of investors1
 efficiency1 competition1 and capital   
formation4  7b7 ,considerations ,in     
carrying out the study required under   
subsection 7a71 the ,commission shall   

consider the following3 7#a7 ,the size  
and number of diversified companies that
 are currently restricted in their      
ability to own more than #aj percent of 
the voting shares in an individual      
company4  7#b7 ,how the investing       
preferences of diversified companies    
have shifted over time with respect to  
companies with smaller market           
capitalizations and companies in        
industries where competition may be     
limited4  7#c7 ,the expected impact to  
small and emerging growth companies     
regarding the availability of capital1  
related impacts on investor confidence  
and risk1 and impacts on competition1 if
 the threshold is increased or otherwise
 changed4  7#d7 ,the ability of         
registered funds to manage liquidity    
risk4  7#e7 ,any other consideration    
that the ,commission considers necessary
 and appropriate for the protection of  
investors4  7c7 ,solicitation of public 
comments ,in carrying out the study     
required under subsection 7a71 the      

,commission may solicit public comments4
  7d7 ,report ,not later than the end of
 the #ahj-;day period beginning on the  
date of enactment of this ,act1 the     
,commission shall issue a report to the 
,congress1 and make such report publicly
 available on the website of the        
,commission1 containing--  7#a7 all     
findings and determinations made in     
carrying out the study required under   
subsection 7a72 and  7#b7 any           
legislative recommendations of the      
,commission4  ,passed the ,house of     
,representatives ,july #i1              
#bjai4;,clerk4