,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #hghf  ,,in ,,the ,,house ,,of  
,,representatives  ,november #ai1       
#bjbj,mr4 ,gonzalez of ,ohio introduced 
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,a ,,bill  ,to amend the     
,investment ,company ,act of #aidj to   
prohibit limitations on closed-end      
companies investing in private funds1   
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,increasing ,investor ,opportunities    
,act4  #b4 ,closed-end company authority
 to invest in private funds  7a7 ,in    
general ,section #e of the ,investment  
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#e7 is amended by adding at the   
end the following3  7d7 ,closed-,end    
company authority ,to invest in private 
funds  7#a7 ,in general ,the ,commission
 may not limit a closed-end company from
 investing any or all of the company's  
assets in private funds solely or       
primarily because of the private funds' 

status as private funds4  7#b7          
,application ,notwithstanding section   
#f7;f71 this subsection shall also apply
 to a closed-end company that elects to 
be treated as a business development    
company4  4  7b7 ,definition of private 
fund  7#a7 ,investment ,company ,act of 
#aidj ,section #b7;a7 of the ,investment
 ,company ,act of #aidj 7#ae ,u4,s4,c4  
#hj;a-#b7;a77 is amended by adding at   
the end the following3  7#ee7 ,the term 
private fund means an issuer that would 
be an investment company but for        
paragraph 7#a7 or 7#g7 of section       
#c7;c74  4  7#b7 ,investment ,advisers  
,act of #aidj ,the first paragraph 7#bi7
 7relating to private fund7 of section  
#bjb7;a7 of the ,investment ,advisers   
,act of #aidj 7#ae ,u4,s4,c4            
#hj;b-#b7;a77 is amended to read as     
follows3  7#bi7 ,the term private fund  
has the meaning given that term under   
section #b7;a7 of the ,investment       
,company ,act of #aidj4  4  7c7         
,treatment by national securities       

exchanges ,section #f7;b7 of the        
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;f7b77 is amended by      
adding at the end the following3  7#aa7 
7,a7 ,the rules of the exchange do not  
prohibit the listing or trading of      
securities of a closed-end company      
solely or primarily by reason of the    
amount of the company's investment of   
assets in private funds4  7,b7 ,in this 
paragraph-- 7i7 the term closed-end     
company has the meaning given that term 
under section #e7;a7 of the ,investment 
,company ,act of #aidj1 and includes a  
closed-end company that elects to be    
treated as a business development       
company under section #f7;f7 of such    
,act2 and  7ii7 the term private fund   
has the meaning given that term under   
section #b7;a7 of the ,investment       
,company ,act of #aidj4  4  7d7         
,investment limitation ,section #c7;c7  
of the ,investment ,company ,act of     
#aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77 is   
amended-- 7#a7 in paragraph 7#a71 by    

striking subparagraphs 7,a77i7 and      
7,b77i7 and inserting subparagraphs     
7,a77i71 7,b77i71 and 7,c72 and  7#b7 in
 paragraph 7#g77;,d71 by striking       
subparagraphs 7,a77i7 and 7,b77i7 and   
inserting subparagraphs 7,a77i71        
7,b77i71 and 7,c74  7e7 ,effective date 
,the amendments made by this section    
shall take effect after the end of the  
#b-year period beginning on the date of 
enactment of this ,act1 or such earlier 
date as the ,securities and ,exchange   
,commission may determine is necessary  
or appropriate in the public interest or
 for the protection of investors1 upon  
notification of the ,congress and the   
public4