,,ii #aaf? ,,congress #b;d ,session ,s4 #cdhc ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ab1 #bjbj,mr4 ,book] 7= himself & ,mrs4 ,gillibr&7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ,a ,,bill ,to am5d ! ,small ,bus9ess ,inve/m5t ,act ( #aieh to e/abli% ! ,scale-,up ,manufactur+ ,inve/m5t ,company 7,,sumic7 ,program4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,scale-,up ,manufactur+ ,inve/m5t ,company ,act ( #bjbj4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 ! /r5g? ( ! ,unit$ ,/ates manufactur+ sector is critical to ! economy & ! global competitiv5ess ( ! ,unit$ ,/ates2 7#b7 ,unit$ ,/ates manufactur]s support #ag1fjj1jjj jobs 9 ! ,unit$ ,/ates & acc\nt = #ab p]c5t ( ! gross dome/ic product ( ! ,unit$ ,/ates2 7#c7 access to capital is ess5tial to gr[? & innovation 9 ! manufactur+ sector2 7#d7 small1 em]g+ manufactur]s face unique *all5ges scal+ comm]cial production 9 ! ,unit$ ,/ates1 driv+ _m "y manufactur]s to o!r c\ntries2 7#e7 /ructural b>ri]s exi/ 9 ! ,unit$ ,/ates t prev5t key inve/m5ts 9 fir/-comm]cial manufactur+ facilities2 7#f7 a heal?y manufactur+ sector is ess5tial to innovation economy ( ! ,unit$ ,/ates1 provid+ ?ree-qu>t]s ( all private sector rese>* & developm5t1 employ+ ne>ly two-?irds ( all rese>* & developm5t work]s1 & produc+ ! majority ( all pat5ts issu$2 7#g7 te*nology-int5sive manufactur+ small bus9esses1 "s ( :i* may be />t-ups1 ) ! pot5tial to an*or ! next g5]ation ( manufactur+ production :]e !y locate1 face special *all5ges 9 access+ ! capital to move f idea to prototype & into comm]cial production2 7#h7 already m capital int5sive ?an s(tw>e or s]vices />t-ups1 manufactur+ />t-ups & small bus9esses face a second & wid] valley ( dea? :5 x comes to rais+ ! capital to scale up = comm]cial production because ( _! capital int5sity & novel te*nology2 7#i7 a numb] ( c\ntries1 includ+ ,*9a1 ,s\? ,korea1 ,g]many1 & ,japan1 provide publicly fund$ inc5tives to attract ^! firms1 recogniz+ t despite ! risks1 ! long-t]m b5efits ( e/abli%+ lead]%ip 9 em]g+ te*nology areas are l>ge2 7#aj7 a /udy ( manufactur+ te*nology-int5sive />t-ups lic5s$ by ! ,massa*usetts ,in/itute ( ,te*nology f\nd t almo/ all t scal$ up into comm]cial production did s ov]seas l>gely because ( ?is f> m attractive capital & inve/m5t environm5t = manufactur+ />t-ups1 :i* is a huge loss = ! future ( manufactur+ 9 ! ,unit$ ,/ates2 7#aa7 if ! ,unit$ ,/ates loses ! fir/ g5]ation ( production = a new te*nology or manufactur+ process1 hi/ory sugge/s t x is an uphill battle once lo/ to reclaim t capability "h giv5 ! unique le>n+ & "k-h[ acquir$ dur+ ! build+ ( t fir/ factory2 & 7#ab7 to ensure t manufactur+ te*nologies inv5t$ 9 ! ,unit$ ,/ates are ultimately made 9 ! ,unit$ ,/ates w require address+ ! unique capital access *all5ges fac$ by ^! te*nology-int5sive manufactur+ />t-ups4 #c4 ,scale-,up ,manufactur+ ,inve/m5t ,program 7a7 ,9 g5]al ,title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fha et seq47 is am5d$ by add+ at ! end ! foll[+3 ,d ,scale-,up ,manufactur+ ,inve/m5t ,company ,program #cii;,a4 ,def9itions ,9 ?is "p-- 7#a7 ! t]m ,associate ,adm9i/rator means ! ,associate ,adm9i/rator describ$ 9 section #bja2 7#b7 ! t]m ,c\ncil means ! ,scale-,up ,manufactur+ ,inve/m5t ,company ,cr$it ,c\ncil t may be e/abli%$ "u section #cii,k2 7#c7 ! t]m p>ticipat+ inve/m5t fund means a privately manag$ inve/m5t fund lic5s$ "u section #cii;,c to op]ate "u ! program2 7#d7 ! t]m private capital has ! mean+ giv5 ! t]m 9 section #ajc7i72 7#e7 ! t]m program means ! scale-up manufactur+ inve/m5t company program e/abli%$ "u section #cii;,b2 7#f7 ! t]m qualify+ manufactur+ project means an inve/m5t 9 a small & em]g+ manufactur] = ! purposes ( build+ fir/ comm]cial production facilities1 novel manufactur+ capabilities1 or ! introduction into production ( em]g+ manufactur+ te*nologies2 7#g7 ! t]m small & em]g+ manufactur] means any advanc$ manufactur] t does n exce$ ! size /&>d e/abli%$ by ! ,adm9i/rator = ! applicable ,nor? ,am]ican ,indu/ry ,classification ,sy/em code "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb72 & 7#h7 ! t]m small bus9ess conc]n own$ & controll$ by socially & economically disadvantag$ individuals has ! mean+ giv5 ! t]m 9 section #h7;d77#c77;,c7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcg7;d77#c77;,c774 #cii;,b4 ,e/abli%m5t 7a7 ,9 g5]al ,! ,adm9i/rator %all e/abli% & c>ry out a scale-up manufactur+ inve/m5t company program "u :i* ! ,adm9i/rator %all provide lev]age to p>ticipat+ inve/m5t funds to support debt & equity inve/m5ts 9 qualify+ manufactur+ projects ( small & em]g+ manufactur]s 9 ! ,unit$ ,/ates4 7b7 ,adm9i/ration ( program ,! program %all be adm9i/]$ by ! ,adm9i/rator act+ ?r\gh ! ,associate ,adm9i/rator4 #cii;,c4 ,selection ( p>ticipat+ inve/m5t funds 7a7 ,application = lic5se 7#a7 ,submission ( application ,an inve/m5t fund desir+ to receive a lic5se to op]ate "u ! program %all submit an application to ! ,adm9i/rator at su* "t & 9 su* mann] z ! ,adm9i/rator may require4 7#b7 ,requirem5t ,an application submitt$ "u p>agraph 7#a7 %all demon/rate t ! inve/m5t fund-- 7,a7 has ! requisite m9imum private capital rais$ f inve/ors2 & 7,b7 committ$ to op]ate "u ! program z ( ! date ( submission ( ! application4 7#c7 ,/atus ,n lat] ?an #ij days aft] ! date on :i* ! ,adm9i/rator receives an application submitt$ "u p>agraph 7#a71 ! ,adm9i/rator %all provide ! applicant ) a writt5 report detail+ ! /atus ( ! application & any requirem5ts rema9+ = completion ( ! application4 7b7 ,selection 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date on :i* ! ,adm9i/rator receives an application "u subsection 7a71 ! ,adm9i/rator %all approve or d5y ! application = a lic5se to op]ate "u ! program & notify ! applicant ( ! det]m9ation4 7#b7 ,crit]ia ,! ,adm9i/rator %all e/abli% selection crit]ia to evaluate applications to op]ate "u ! program1 :i* %all include1 at a m9imum-- 7,a7 ! prov5 inve/m5t exp]i5ce ( ! inve/m5t fund manag]2 7,b7 ! prov51 balanc$1 & positive-inve/m5t track record ( a previ\s inve/m5t fund or ! pr9cipals & fund p]=mance analysis measur$ aga9/ b5*m>ks & pe] funds2 7,c7 ! exp]i5ce ( ! inve/m5t fund ) inve/m5ts relat+ to small manufactur]s & em]g+ te*nologies relat$ to advanc$ manufactur+2 7,d7 an evaluation ( ! use ( lev]age by ! inve/m5t fund manag]s 9 pa/ deals2 7,e7 evid5ce indicat+ a cohesive & effective team & team dynamic2 7,f7 pr9cipals ) /rong reputations2 7,g7 a record ( positive realizations & exits f previ\s inve/m5ts 9 ! inve/m5t track record2 7,h7 cle>ly articulat$ focus1 inve/m5t !sis1 inve/m5t !mes1 & inve/m5t in/rum5ts to be us$ to capitalize companies2 & 7,i7 fund /ructure & economics t reflect /&>d practices & indu/ry norms1 su* z-- 7i7 pref]r$ returns to limit$ p>tn]s2 7ii7 g5]al p>tn] c>ri$ int]e/ allocations1 fees & ve/+ s*$ules2 7iii7 adequate fund infra/ructure & support+ back (fice s]vices2 & 7iv7 evid5ce ( fund rais+ traction & capability4 7c7 ,fees 7#a7 ,9 g5]al ,! ,adm9i/ration %all prescribe fees to be paid by ea* applicant = a lic5se to op]ate z a p>ticipat+ inve/m5t fund "u ! program4 7#b7 ,use ( am\nts ,fees collect$ "u ?is subsection-- 7,a7 %all be deposit$ 9 ! acc\nt = sal>ies & exp5ses ( ! ,adm9i/ration2 & 7,b7 are au?oriz$ to be appropriat$ solely to cov] ! co/s ( lic5s+ exam9ations4 #cii;,d4 ,provision ( lev]age to p>ticipat+ inve/m5t funds 7a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date on :i* ! ,adm9i/rator approves & issues a lic5se "u section #cii;,c to op]ate z a p>ticipat+ inve/m5t fund "u ! program1 ! ,adm9i/rator may provide n m ?an #a ( lev]age = e #a ( private capital rais$ by ! p>ticipat+ inve/m5t fund4 7b7 ,maximum lev]age ,! maximum am\nt ( out/&+ lev]age made available 9 any giv5 fiscal ye>-- 7#a7 to any p>ticipat+ inve/m5t fund may n exce$ #ejj1jjj1jjj2 & 7#b7 to all p>ticipat+ inve/m5t funds 9 aggregate may n exce$ #a1jjj1jjj1jjj4 7c7 ,private capital requirem5t 7#a7 ,9 g5]al ,! private capital ( a p>ticipat+ inve/m5t fund %all be n less ?an #bej1jjj1jjj4 7#b7 ,f9ancial in/itution inve/m5ts ,any national bank1 or any memb] bank ( ! ,f$]al ,res]ve ,sy/em or nonmemb] insur$ bank to ! ext5t p]mitt$ "u applicable ,/ate law1 may inve/ 9 any "o or m p>ticipat+ inve/m5t funds1 or 9 any entity e/abli%$ to inve/ solely 9 p>ticipat+ inve/m5t funds1 except t 9 no ev5t %all ! total am\nt ( su* inve/m5ts ( any su* bank exce$ #e p]c5t ( ! capital & surplus ( ! bank4 7d7 ,lev]age fee ,! ,adm9i/rator %all *>ge & collect a lev]age fee ( n m ?an #e4e p]c5t & n less ?an #c p]c5t ( ! face am\nt ( ! lev]age issu$4 #cii;,e4 ,borr[+ p[] 7a7 ,9 g5]al ,ea* p>ticipat+ inve/m5t fund %all h ! au?ority to borr[ money & issue deb5tures & pref]r$ securities1 subject to su* limitations & regulations z ! ,adm9i/ration may prescribe4 7b7 ,limitation ,( ! lev]age provid$ by ! ,adm9i/rator to a p>ticipat+ inve/m5t fund "u section #cii;,d-- 7#a7 n less ?an #gj p]c5t %all be issu$ z deb5tures "u subsection 7a72 & 7#b7 n m ?an #cj p]c5t may be issu$ z pref]r$ securities "u subsection 7a74 7c7 ,f$]al ,f9anc+ ,bank ,! ,f$]al ,f9anc+ ,bank may acquire a deb5ture issu$ by a p>ticipat+ inve/m5t fund company "u subsection 7a74 7d7 ,pur*ase & gu>antee by ,,sba 7#a7 ,9 g5]al ,! ,adm9i/ration may pur*ase or gu>antee ! timely paym5t ( all pr9cipal & int]e/ z s*$ul$ on deb5tures or pref]r$ securities issu$ by p>ticipat+ inve/m5t funds "u subsection 7a71 subject to su* limitations & regulations z ! ,adm9i/ration may prescribe4 7#b7 ,full fai? & cr$it ,! full fai? & cr$it ( ! ,unit$ ,/ates is pl$g$ to ! paym5t ( all am\nts :i* may be requir$ to be paid "u any gu>antee "u ?is subsection4 7e7 ,?ird-,p>ty debt ,! ,adm9i/rator-- 7#a7 %all n p]mit a p>ticipat+ inve/m5t fund hav+ out/&+ lev]age to incur ?ird-p>ty debt t w\ld create or contribute to an unreasonable risk ( default or loss to ! ,f$]al ,gov]nm5t2 & 7#b7 %all p]mit su* p>ticipat+ inve/m5t funds to incur ?ird-p>ty debt only on su* t]ms & subject to su* conditions z may be e/abli%$ by ! ,adm9i/rator1 by regulation or o!rwise4 7f7 ,calculation ( subsidy rate ,all fees1 int]e/1 & pr(its receiv$ & reta9$ by ! ,adm9i/ration "u ?is section & section #cii;,d %all be includ$ 9 ! calculations made by ! ,director ( ! ,(fice ( ,managem5t & ,budget to (fset ! co/ 7z t t]m is def9$ 9 section #ejb ( ! ,f$]al ,cr$it ,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa;a77 to ! ,adm9i/ration ( pur*as+ & gu>antee+ deb5tures & pref]r$ securities "u ?is ,act4 #cii;,f4 ,inve/m5ts 9 small bus9ess conc]ns 7a7 ,9 g5]al ,a p>ticipat+ inve/m5t fund %all use lev]age receiv$ "u section #cii;,d to make debt & equity inve/m5ts 9 small & em]g+ manufactur]s to c>ry out qualify+ manufactur+ projects4 7b7 ,limitation ,n m ?an #ej p]c5t ( ! am\nt provid$ by a p>ticipat+ inve/m5t fund to a small & em]g+ manufactur] "u subsection 7a7 = a qualify+ manufactur+ project %all consi/ ( lev]age provid$ to ! p>ticipat+ inve/m5t fund "u ! program4 7c7 ,portfolio managem5t ,a s+le inve/m5t made by a p>ticipat+ inve/m5t fund "u subsection 7a7 may n exce$ #aj p]c5t ( ! total capital ( ! p>ticipat+ inve/m5t fund1 :i* includes private capital & any lev]age project$ to be provid$ to ! p>ticipat+ inve/m5t fund1 if applicable4 7d7 ,increas$ outrea* ,! ,adm9i/ration %all issue policy directives to provide = enhanc$ outrea* ef=ts to increase inve/m5ts by p>ticipat+ inve/m5t funds 9-- 7#a7 a small bus9ess conc]n own$ & controll$ by socially & economically disadvantag$ individuals2 & 7#b7 small bus9ess conc]ns own$ & controll$ by-- 7,a7 wom52 7,b7 vet]ans2 or 7,c7 individuals ) disabilities4 #cii;,g4 ,exam9ations & valuations 7a7 ,exam9ations 7#a7 ,9 g5]al ,ea* p>ticipat+ inve/m5t fund %all be subject to exam9ations made at ! direction ( ! ,inve/m5t ,division ( ! ,adm9i/ration 9 accordance ) ?is subsection4 7#b7 ,assi/ance ( private sector entities ,exam9ations "u ?is subsection may be conduct$ ) ! assi/ance ( a private sector entity t has ! qualifications & ! exp]tise necess>y to conduct su* exam9ations4 7#c7 ,co/s 7,a7 ,assessm5t 7i7 ,9 g5]al ,! ,adm9i/rator may assess ! co/ ( exam9ations "u ?is subsection1 includ+ comp5sation ( ! exam9]s1 aga9/ ! p>ticipat+ inve/m5t fund exam9$4 7ii7 ,paym5t ,any p>ticipat+ inve/m5t fund aga9/ :i* ! ,adm9i/rator assesses co/s "u subp>agraph 7,a7 %all pay su* co/s4 7,b7 ,deposit ( funds ,funds collect$ "u ?is subsection-- 7i7 %all be deposit$ 9 ! acc\nt = sal>ies & exp5ses ( ! ,adm9i/ration2 & 7ii7 are au?oriz$ to be appropriat$ solely to cov] ! co/s ( exam9ations & o!r program ov]sight activities4 7b7 ,valuations 7#a7 ,frequ5cy ( valuations 7,a7 ,9 g5]al ,ea* p>ticipat+ inve/m5t fund %all submit to ! ,adm9i/rator a writt5 valuation ( ! loans & inve/m5ts ( ! p>ticipat+ inve/m5t fund n less (t5 ?an semiannually or o!rwise ^u ! reque/ ( ! ,adm9i/rator1 except t any p>ticipat+ inve/m5t fund ) no lev]age out/&+ %all submit su* valuations annually1 unless ! ,adm9i/rator det]m9es o!rwise4 7,b7 ,mat]ial adv]se *anges ,n lat] ?an #cj days aft] ! end ( a fiscal qu>t] ( a p>ticipat+ inve/m5t fund dur+ :i* a mat]ial adv]se *ange 9 ! aggregate valuation ( ! loans & inve/m5ts or op]ations ( ! p>ticipat+ inve/m5t fund occurs1 ! p>ticipat+ inve/m5t fund %all notify ! ,adm9i/rator 9 writ+ ( ! nature & ext5t ( t *ange4 7,c7 ,indep5d5t c]tification 7i7 ,9 g5]al ,n less ?an once dur+ ea* fiscal ye>1 ea* p>ticipat+ inve/m5t fund %all submit to ! ,adm9i/rator ! f9ancial /atem5ts ( ! p>ticipat+ inve/m5t fund1 audit$ by an indep5d5t c]tifi$ public acc\ntant approv$ by ! ,adm9i/rator4 7ii7 ,audit requirem5ts ,ea* audit conduct$ "u clause 7i7 %all include-- 7,i7 a review ( ! proc$ures & docum5tation us$ by ! p>ticipat+ inve/m5t fund 9 prep>+ ! valuations requir$ by ?is subsection2 & 7,,ii7 a /atem5t by ! indep5d5t c]tifi$ public acc\ntant t su* valuations 7 prep>$ 9 con=mity ) ! valuation crit]ia applicable to ! p>ticipat+ inve/m5t fund e/abli%$ 9 accordance ) p>agraph 7#b74 7#b7 ,valuation crit]ia ,ea* valuation submitt$ "u ?is subsection %all be prep>$ by ! p>ticipat+ inve/m5t fund 9 accordance ) valuation crit]ia1 :i* %all-- 7,a7 be e/abli%$ or approv$ by ! ,adm9i/rator2 & 7,b7 include appropriate safegu>ds to ensure t ! nonca% assets ( a p>ticipat+ inve/m5t fund are n ov]valu$4 #cii;,h4 ,miscellane\s ,! ,adm9i/rator may take su* action z set =? 9 sections #cji1 #caa1 #cab1 #cad1 #cae1 & #caf & an own] 7includ+ a memb]1 p>tn]1 or %>ehold]71 (fic]1 director1 employee1 ag5t1 or o!r p>ticipant 9 ! managem5t or conduct ( ! affairs ( a p>ticipat+ inve/m5t fund %all be subject to ! requirem5ts ( su* sections4 #cii;,i4 ,violations2 removal or susp5sion ( managem5t (ficials 7a7 ,violations ,if any p>ticipat+ inve/m5t fund violates or fails to comply ) any ( ! provisions ( ?is "p or ( regulations prescrib$ h]eund]1 all ( its rights1 privileges1 & fran*ises d]iv$ !refrom may !reby be =feit$4 ,be=e any su* p>ticipat+ inve/m5t fund %all be decl>$ dissolv$1 or its rights1 privileges1 & fran*ises =feit$1 any noncompliance ) or violation ( ?is ,act %all be det]m9$ & adjudg$ by a c\rt ( ! ,unit$ ,/ates ( compet5t jurisdiction 9 a suit br\ght = t purpose 9 ! di/rict1 t]ritory1 or o!r place subject to ! jurisdiction ( ! ,unit$ ,/ates1 9 :i* ! pr9cipal (fice ( su* p>ticipat+ inve/m5t fund is locat$4 ,any su* suit %all be br\ght by ! ,unit$ ,/ates at ! in/ance ( ! ,adm9i/ration or ! ,attorney ,g5]al4 7b7 ,susp5sion ( managem5t (ficials ,us+ ! proc$ures = remov+ or susp5d+ a director or an (fic] ( a lic5see set =? 9 section #cac1 ! ,adm9i/rator may remove or susp5d any managem5t (ficial ( a p>ticipat+ inve/m5t fund4 #cii;,j4 ,reports ,ea* p>ticipat+ inve/m5t fund %all1 on a semi-annual basis1 provide to ! ,adm9i/rator su* in=mation z ! ,adm9i/rator may require1 includ+-- 7#a7 in=mation relat$ to ! measurem5t crit]ia t ! p>ticipat+ inve/m5t fund propos$ 9 ! application = ! program2 7#b7 in=mation on ! use ( lev]age by ! p>ticipat+ inve/m5t fund2 & 7#c7 9 ea* case 9 :i* ! p>ticipat+ inve/m5t fund makes an inve/m5t 9 a small bus9ess conc]n t is n a small bus9ess conc]n own$ & controll$ by socially & economically disadvantag$ individuals1 a report on ! numb] & p]c5tage ( employees ( ! small bus9ess conc]n :o are socially & economically disadvantag$ individuals4 #cii,k4 ,scale-,up ,manufactur+ ,inve/m5t ,company ,cr$it ,c\ncil 7a7 ,e/abli%m5t ,! ,adm9i/rator may e/abli% a ,scale-,up ,manufactur+ ,inve/m5t ,company ,cr$it ,c\ncil1 :i*1 if e/abli%$1 %all consi/ ( #e memb]s f ! private sector ) aggregate & collective exp]i5ce 9 te*nology developm5t1 manufactur+ f9anc+1 & capital inve/m5t4 7b7 ,duties ,! ,c\ncil1 if e/abli%$1 %all advise ! ,adm9i/rator on c>ry+ out ! program1 :i* %all include-- 7#a7 provid+ advice f "t to "t on advanc$ scale-up manufactur+ indu/ries2 & 7#b7 e/abli%+ & conduct+ an annual brief+ beg9n+ n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is section4 #cii,l4 ,regulations ,! ,adm9i/rator may issue su* regulations z ! ,adm9i/rator det]m9es necess>y to c>ry out ! provisions ( ?is "p 9 accordance ) its purposes4 4 7b7 ,bank ,hold+ ,company ,act ( #aief ,section #ac7;d77#a77;,e7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7;d77#a77;,e77 is am5d$ by ins]t+ inve/m5ts 9 "o or m p>ticipat+ inve/m5t funds1 z def9$ 9 section #cii;,a ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh1 be=e or inve/m5ts4 7c7 ,ineligibility = bankruptcy ,section #aji7;b77#b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ a p>ticipat+ inve/m5t fund z def9$ 9 section #cii;,a ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh1 be=e cr$it union4 7d7 ,eligibility = ,,cra cr$it ,section #hjd ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,inve/m5ts 9 p>ticipat+ inve/m5t funds ,9 assess+ & tak+ into acc\nt1 "u subsection 7a71 ! record ( a f9ancial in/itution1 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all consid]1 z a factor1 inve/m5ts made 9 "o or m p>ticipat+ inve/m5t funds "u "p ,d ( title ,,iii ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh4 4