,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cfga  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #ae1  
#bjbf,mr4 ,daines 7for himself and ,mr4 
,rounds7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,banking1 ,housing1 and  
,urban ,affairs  ,a ,,bill  ,to amend   
the ,investment ,company ,act of #aidj  
with respect to the authority of        
closed-end companies to invest in       
private funds1 and for other purposes4  
#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 the term 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
 ,closed-,end companies  7#a7 ,in       
general ,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  ,definitions  
,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 ,definition ,in this 
subsection1 the term closed-end company 
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;a774  7#b7 ,rules ,nothing in 
this section1 or in any amendment made  
by this section1 may be construed to    
limit or amend-- 7,a7 any fiduciary duty
 owed-- 7i7 to a closed-end company2 or 
7ii7 by an investment adviser 7as       
defined in section #b7;a7 of the        
,investment ,company ,act of #aidj 7#ae 

,u4,s4,c4 #hj;a-#b7;a777 to a closed-end
 company2 or  7,b7 the valuation1       
liquidity1 or redemption requirements or
 obligations of a closed-end company1 as
 required under the ,investment ,company
 ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a  
et seq474