,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #gcge  ,,in ,,the ,,house ,,of  
,,representatives  ,june #be1 #bjbj,mr4 
,sherman 7for himself and ,mr4 ,stivers7
 introduced the following bill2 which   
was referred to the ,committee on       
,financial ,services  ,a ,,bill  ,to    
require the ,securities and ,exchange   
,commission to revise rules to exclude  
business development companies from     
certain ,acquired ,fund fees and        
expenses reporting1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,access to ,small   
,business ,investor ,capital ,act4  #b4 
,excluding business development         
companies from certain ,acquired ,fund  
fees and expenses reporting  7a7        
,revision to rules ,not later than the  
end of the #b-year period beginning on  
the date of enactment of this ,act1 the 
,securities and ,exchange ,commission   
shall revise any rule of the ,commission
 relating to investment company         
registration statements to specify that1

 when calculating the fees and expenses 
of an ,acquired ,fund1 the term         
,acquired ,fund does not include a      
business development company4  7b7      
,failure ,to issue rules ,if the        
,commission does not make the revisions 
required under subsection 7a7 before the
 end of the #b-year period described in 
subsection 7a71 any reference to an     
,acquired ,fund in a rule of the        
,commission relating to investment      
company registration statements         
7including in any item in or instruction
 to ,forms ,n-#a;,a1 -#b1 -#c1 -#d1 and 
-#f7 shall1 when used in the context of 
calculating the fees and expenses of an 
,acquired ,fund1 be deemed to not       
include a business development company4 
7c7 ,business development company       
defined ,in this section1 the term      
business development company has the    
meaning given that term under section   
#b7;a7 of the ,investment ,company ,act 
of #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a774  
7d7 ,rules of construction ,any         

reference in this section to-- 7#a7 a   
form means such form and any successor  
form2 and  7#b7 the terms ,acquired     
,fund ,fees and ,expenses and ,acquired 
,fund defined or otherwise used in such 
a form shall mean any successor terms or
 provisions adopted by the ,securities  
and ,exchange ,commission4