,,ib ,union ,calendar ,no4 #ace #aaith  
,,congress  #ast ,session  ,h4 ,r4 #cchc
 ,report ,no4 #aai-afi ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ad1 #bjbe,mrs4 ,wagner 7for herself1   
,mr4 ,meeks1 ,mr4 ,torres of ,new ,york1
 ,mr4 ,david ,scott of ,georgia1 and    
,mr4 ,sessions7 introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services      
,june #be1 #bjbe,reported with an       
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be           
printed,strike out all after the        
enacting clause and insert the part     
printed in italic,for text of introduced
 bill1 see copy of bill as introduced on
 ,may #ad1 #bjbe  ,a ,,bill  ,to amend  
the ,investment ,company ,act of #aidj  
with respect to the authority of        
closed-end companies to invest in       
private funds4  #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 ,except as otherwise   
prohibited or restricted by this ,act   
7or any rule issued under this ,act71   
the ,commission may not prohibit or     
otherwise limit a closed-end company    
from investing any or all of the assets 
of the closed-end company in securities 
issued by private funds4  7#b7 ,other   
restrictions on ,commission authority   
,except as otherwise prohibited or      
restricted by this ,act 7or any rule    
issued under this ,act71 the ,commission
 may not impose any condition on1       
restrict1 or otherwise limit-- 7,a7 the 
offer to sell1 or the sale of1          
securities issued by a closed-end       
company that invests1 or proposes to    
invest1 in securities issued by private 

funds2 or  7,b7 the listing of the      
securities of a closed-end company      
described in subparagraph 7,a7 on a     
national securities exchange4  7#c7     
,unrelated restrictions ,the ,commission
 may impose a condition on1 restrict1 or
 otherwise limit an activity described  
in paragraph 7#a7 or subparagraph 7,a7  
or 7,b7 of paragraph 7#b7 if that       
condition1 restriction1 or limitation is
 unrelated to the underlying            
characteristics of a private fund or the
 status of a private fund as a private  
fund4  7#d7 ,rule of application        
,notwithstanding section #f7;f71 this   
subsection shall also apply to a        
closed-end company that elects to be    
treated as a business development       
company pursuant to section #ed4  4  7b7
 ,definition of private fund ,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
 has the meaning given in section       

#bjb7;a7 of the ,investment ,advisers   
,act of #aidj 7#ae ,u4,s4,c4            
#hj;b-#b7;a774  4  7c7 ,treatment by    
national securities exchanges ,section  
#f of the ,securities ,exchange ,act of 
#aicd 7#ae ,u4,s4,c4 #gh;f7 is amended  
by adding at the end the following3  7m7
 7#a7 ,except as otherwise prohibited or
 restricted by rules of the exchange    
that are consistent with section #e7;d7 
of the ,investment ,company ,act of     
#aidj 7#ae ,u4,s4,c4 #hj;a-#e7;d771 an  
exchange may not prohibit1 condition1   
restrict1 or impose any other limitation
 on the listing or trading of the       
securities of a closed-end company when 
the closed-end company invests1 or may  
invest1 some or all of the assets of the
 closed-end company in securities issued
 by private funds4  7#b7 ,in this       
subsection-- 7,a7 the term closed-end   
company-- 7i7 has the meaning given the 
term in section #e7;a7 of the           
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#e7;a772 and  7ii7      

includes a closed-end company that      
elects to be treated as a business      
development company pursuant to section 
#ed of the ,investment ,company ,act of 
#aidj 7#ae ,u4,s4,c4 #hj;a-#ec72 and    
7,b7 the term private fund has the      
meaning given in section #bjb7;a7 of the
 ,investment ,advisers ,act of #aidj    
7#ae ,u4,s4,c4 #hj;b-#b7;a774  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 in the
 matter preceding subparagraph 7,a71 in 
the second sentence1 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 ,rules of       
construction  7#a7 ,nothing in this     
section or the amendments made by this  
section may be construed to limit or    

amend any fiduciary duty owed to a      
closed-end company 7as defined in       
section #e7;a77#b7 of the ,investment   
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#e7;a77#b777 or by an investment  
adviser 7as defined under section #b7;a7
 of the ,investment ,company ,act of    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a777 to a
 closed-end company4  7#b7 ,nothing in  
this section or the amendments made by  
this section may be construed to limit  
or amend the valuation1 liquidity1 or   
redemption requirements or obligations  
of a closed-end company 7as defined in  
section #e7;a77#b7 of the ,investment   
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#e7;a77#b777 as required by the   
,investment ,company ,act of #aidj4     
,june #be1 #bjbe,reported with an       
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed