Changes

To amend the Investment Company Act of 1940 to expand the investor AN ACTlimitation for qualifying venture capital funds under an exemption from the definition of an investment company.  _______________________________________________________________________   IN THE HOUSE OF REPRESENTATIVES  February 27, 2017  Mr. McHenry (for himself and Ms. Velazquez) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________  A BILL   To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.  Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

This Act may be cited as the ``Supporting America's “Supporting America’s Innovators Act of 2017''2017”.

Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-380a–3(c)(1)) is amended-- (1) in the matter preceding subparagraph (A), by inserting ``(or, in the case of a qualifying venture capital fund, 250 persons)'' after ``one hundred persons''; and (2) by adding at the end the following: ``(C)(i) The term `qualifying venture capital fund' means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000. ``(ii) The term `venture capital fund' has the meaning given the term in section 275.203(l)-1 of title 17, Code of Federal Regulations, or any successor regulation.''. ==2016 Bill Text==[Congressional Bills 114th Congress][From the U.S. Government Publishing Office][H.R. 4854 Received in Senate (RDS)] 114th CONGRESS 2d Session H. R. 4854  _______________________________________________________________________   IN THE SENATE OF THE UNITED STATES  July 6, 2016  Received _______________________________________________________________________  AN ACT   To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.  Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.  This Act may be cited as the ``Supporting America's Innovators Act of 2016''. SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS.amended—

Section 3(c)(1) of in the Investment Company Act of 1940 matter preceding subparagraph (15 U.S.C. 80a-3(c)(1)) is amended-- (1A) , by inserting after ``one hundred persons'' the following: ``“(or, with respect to in the case of a qualifying venture capital fund, 250 persons)''” after “one hundred persons”; and (2) by adding at the end the following: ``(C) The term `qualifying venture capital fund' means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(l)(1)) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.''.

Passed (2) by adding at the House of Representatives July 5, 2016.end the following:

KAREN L“(ii) The term ‘venture capital fund’ has the meaning given the term in section 275. HAAS203(l)–1 of title 17,Code of Federal Regulations, or any successor regulation.”.

ClerkPassed the House of Representatives April 6, 2017.

[[Category: Legislation]] [[Category: McCarthy's Innovation Initiative]]