,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cchc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ad1 #bjbe,mrs4  
,wagn] 7= h]self1 ,mr4 ,meeks1 ,mr4     
,torres ( ,new ,york1 ,mr4 ,david ,scott
 ( ,georgia1 & ,mr4 ,sessions7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,inve/m5t ,company   
,act ( #aidj ) respect to ! au?ority (  
clos$-end companies to inve/ 9 private  
funds4  #a4 ,%ort title ,?is ,act may be
 cit$ 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$-,end company
 au?ority ,to inve/ 9 private funds     
7#a7 ,9 g5]al ,except z o!rwise         
prohibit$ or re/rict$ by ?is ,act 7or   
any rule issu$ "u ?is ,act71 !          
,commission may n prohibit or o!rwise   
limit a clos$-end company f inve/+ any  

or all ( ! assets ( ! clos$-end company 
9 securities issu$ by private funds4    
7#b7 ,o!r re/rictions on ,commission    
au?ority ,except z o!rwise prohibit$ or 
re/rict$ by ?is ,act 7or any rule issu$ 
"u ?is ,act71 ! ,commission may n impose
 any condition on1 re/rict1 or o!rwise  
limit-- 7,a7 ! (f] to sell1 or ! sale (1
 securities issu$ by a clos$-end company
 t inve/s1 or proposes to inve/1 9      
securities issu$ by private funds2 or   
7,b7 ! li/+ ( ! securities ( a clos$-end
 company describ$ 9 subp>agraph 7,a7 on 
a national securities ex*ange4  7#c7    
,unrelat$ re/rictions ,! ,commission may
 impose a condition on1 re/rict1 or     
o!rwise limit an activity describ$ 9    
p>agraph 7#a7 or subp>agraph 7,a7 or    
7,b7 ( p>agraph 7#b7 if t condition1    
re/riction1 or limitation is unrelat$ to
 ! und]ly+ *>act]i/ics ( a private fund 
or ! /atus ( a private fund z a private 
fund4  7#d7 ,application ,not)/&+       
section #f7;f71 ?is subsection %all also
 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 ,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 has ! mean+ giv5 9  
section #bjb7;a7 ( ! ,inve/m5t ,advis]s 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a774  4  7c7 ,treatm5t by     
national securities ex*anges ,section #f
 ( ! ,securities ,ex*ange ,act ( #aicd  
7#ae ,u4,s4,c4 #gh;f7 is am5d$ by add+  
at ! end ! foll[+3  7m7 7#a7 ,except z  
o!rwise prohibit$ or re/rict$ by rules (
 ! ex*ange t are consi/5t ) section     
#e7;d7 ( ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#e7;d771 an  
ex*ange may n prohibit1 condition1      
re/rict1 or impose any o!r limitation on
 ! li/+ or trad+ ( ! securities ( a     
clos$-end company :5 ! clos$-end company
 inve/s1 or may inve/1 "s or all ( !    
assets ( ! clos$-end company 9          
securities issu$ by private funds4  7#b7

 ,9 ?is subsection-- 7,a7 ! t]m         
clos$-end company-- 7i7 has ! mean+ giv5
 ! t]m 9 section #e7;a7 ( ! ,inve/m5t   
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#e7;a772 &  7ii7 includes a       
clos$-end company t elects to be treat$ 
z a bus9ess developm5t company pursuant 
to section #ed ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ec72 
&  7,b7 ! t]m private fund has ! mean+  
giv5 9 section #bjb7;a7 ( ! ,inve/m5t   
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#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  
7e7 ,rules ( con/ruction  7#a7 ,no?+ 9  
?is section or ! am5dm5ts made by ?is   

section may be con/ru$ to limit or am5d 
any fiduci>y duty ow$ to a clos$-end    
company 7z def9$ 9 section #e7;a77#b7 ( 
! ,inve/m5t ,company ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;a-#e7;a77#b777 or by an   
inve/m5t advis] 7z def9$ "u section     
#b7;a7 ( ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a777 to a
 clos$-end company4  7#b7 ,no?+ 9 ?is   
section or ! am5dm5ts made by ?is       
section may be con/ru$ to limit or am5d 
! valuation1 liquidity1 or r$emption    
requirem5ts or obligations ( a clos$-end
 company 7z def9$ 9 section #e7;a77#b7 (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#e7;a77#b777 z requir$  
by ! ,inve/m5t ,company ,act ( #aidj4