,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dbfb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #cj1 #bjba,mr4  
,gonzalez ( ,ohio 7= himself & ,mr4     
,meeks7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,inve/m5t ,company ,act ( #aidj to      
prohibit limitations on clos$-end       
companies inve/+ 9 private funds1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,increas+ ,inve/or     
,opportunities ,act4  #b4 ,clos$-end    
company au?ority to inve/ 9 private     
funds  7a7 ,9 g5]al ,section #e ( !     
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#e7 is am5d$ by add+ at 
! end ! foll[+3  7d7 ,clos$-,end company
 au?ority ,to inve/ 9 private funds     
7#a7 ,9 g5]al ,! ,commission may n limit
 a clos$-end company f inve/+ any or all
 ( ! company's assets 9 private funds   
solely or prim>ily because ( ! private  
funds' /atus z private funds4  7#b7     
,application ,not)/&+ section #f7;f71   

?is subsection %all also apply to a     
clos$-end company t elects to be treat$ 
z a bus9ess developm5t company4  4  7b7 
,def9ition ( private fund  7#a7         
,inve/m5t ,company ,act ( #aidj ,section
 #b7;a7 ( ! ,inve/m5t ,company ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a77 is   
am5d$ by add+ at ! end ! foll[+3  7#ee7 
,! t]m private fund means an issu] t    
w\ld be an inve/m5t company b = p>agraph
 7#a7 or 7#g7 ( section #c7;c74  4  7#b7
 ,inve/m5t ,advis]s ,act ( #aidj ,! fir/
 p>agraph 7#bi7 7relat+ to private fund7
 ( section #bjb7;a7 ( ! ,inve/m5t       
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#b7;a77 is am5d$ to read z foll[s3
  7#bi7 ,! t]m private fund has ! mean+ 
giv5 t t]m "u section #b7;a7 ( !        
,inve/m5t ,company ,act ( #aidj4  4  7c7
 ,treatm5t by national securities       
ex*anges ,section #f7;b7 ( ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#gh;f7b77 is am5d$ by add+ at ! end !   
foll[+3  7#aa7 7,a7 ,! rules ( ! ex*ange
 d n prohibit ! li/+ or trad+ (         

securities ( a clos$-end company solely 
or prim>ily by reason ( ! am\nt ( !     
company's inve/m5t ( assets 9 private   
funds4  7,b7 ,9 ?is p>agraph-- 7i7 ! t]m
 clos$-end company has ! mean+ giv5 t   
t]m "u section #e7;a7 ( ! ,inve/m5t     
,company ,act ( #aidj1 & includes a     
clos$-end company t elects to be treat$ 
z a bus9ess developm5t company "u       
section #f7;f7 ( su* ,act2 &  7ii7 ! t]m
 private fund has ! mean+ giv5 t t]m "u 
section #b7;a7 ( ! ,inve/m5t ,company   
,act ( #aidj4  4  7d7 ,inve/m5t         
limitation ,section #c7;c7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#c7;c77 is am5d$-- 7#a7 9 p>agraph
 7#a71 by /rik+ subp>agraphs 7,a77i7 &  
7,b77i7 & ins]t+ subp>agraphs 7,a77i71  
7,b77i71 & 7,c72 &  7#b7 9 p>agraph     
7#g77;,d71 by /rik+ subp>agraphs 7,a77i7
 & 7,b77i7 & ins]t+ subp>agraphs        
7,a77i71 7,b77i71 & 7,c74