,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cidh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bi1 #bjbb,mr4    
,da9es introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,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 ( ! assets ( ! company 9 a      
private fund solely or prim>ily because 
( ! /atus ( ! fund z a private fund4    
7#b7 ,application ,not)/&+ section      
#f7;f71 ?is subsection %all apply to a  

clos$-end company t elects to be treat$ 
z a bus9ess developm5t company pursuant 
to section #ed4  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 = ! exception       
provid$ = 9 p>agraph 7#a7 or 7#g7 (     
section #c7;c74  4  7#b7 ,inve/m5t      
,advis]s ,act ( #aidj ,section #bjb7;a7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#b7;a77 is am5d$-- 7,a7
 by r$esignat+ ! second p>agraph 7#bi7  
7relat+ to commodity pool & o!r t]ms7 z 
p>agraph 7#ca72 &  7,b7 by am5d+        
p>agraph 7#bi7 to read z foll[s3  7#bi7 
,! t]m private fund has ! mean+ giv5 !  
t]m 9 section #b7;a7 ( ! ,inve/m5t      
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#b7;a774  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$-end    
company by reason ( ! am\nt ( ! inve/m5t
 by ! company ( assets 9 private funds4 
7,b7 ,9 ?is p>agraph-- 7i7 ! t]m        
clos$-end company-- 7,i7 has ! mean+    
giv5 ! t]m 9 section #e7;a7 ( !         
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#e7;a772 &  7,,ii7      
includes a clos$-end company t elects to
 be treat$ z a bus9ess developm5t       
company "u section #f7;f7 ( ! ,inve/m5t 
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#f7;f772 &  7ii7 ! t]m private    
fund has ! mean+ giv5 ! t]m 9 section   
#b7;a7 ( ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a774  4  
7d7 ,inve/m5t limitation ,section #c7;c7
 ( ! ,inve/m5t ,company ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;a-#c7;c77 is am5d$-- 
7#a7 9 p>agraph 7#a71 9 ! matt] prec$+  
subp>agraph 7,a71 9 ! second s5t5ce1 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