,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #gcge  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #be1 #bjbj,mr4  
,%]man 7= himself & ,mr4 ,/iv]s7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to revise rules to 
exclude bus9ess developm5t companies f  
c]ta9 ,acquir$ ,fund fees & exp5ses     
report+1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,access 
to ,small ,bus9ess ,inve/or ,capital    
,act4  #b4 ,exclud+ bus9ess developm5t  
companies f c]ta9 ,acquir$ ,fund fees & 
exp5ses report+  7a7 ,revision to rules 
,n lat] ?an ! end ( ! #b-ye> p]iod      
beg9n+ on ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission    
%all revise any rule ( ! ,commission    
relat+ to inve/m5t company regi/ration  
/atem5ts to specify t1 :5 calculat+ !   
fees & exp5ses ( an ,acquir$ ,fund1 !   
t]m ,acquir$ ,fund does n include a     
bus9ess developm5t company4  7b7        

,failure ,to issue rules ,if !          
,commission does n make ! revisions     
requir$ "u subsection 7a7 be=e ! end ( !
 #b-ye> p]iod describ$ 9 subsection 7a71
 any ref]5ce to an ,acquir$ ,fund 9 a   
rule ( ! ,commission relat+ to inve/m5t 
company regi/ration /atem5ts 7includ+ 9 
any item 9 or in/ruction to ,=ms        
,n-#a;,a1 -#b1 -#c1 -#d1 & -#f7 %all1 :5
 us$ 9 ! context ( calculat+ ! fees &   
exp5ses ( an ,acquir$ ,fund1 be deem$ to
 n include a bus9ess developm5t company4
  7c7 ,bus9ess developm5t company def9$ 
,9 ?is section1 ! t]m bus9ess developm5t
 company has ! mean+ giv5 t t]m "u      
section #b7;a7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;a774  7d7 ,rules ( con/ruction
 ,any ref]5ce 9 ?is section to-- 7#a7 a 
=m means su* =m & any successor =m2 &   
7#b7 ! t]ms ,acquir$ ,fund ,fees &      
,exp5ses & ,acquir$ ,fund def9$ or      
o!rwise us$ 9 su* a =m %all mean any    
successor t]ms or provisions adopt$ by !
 ,securities & ,ex*ange ,commission4