115 HR 1366 IH: U.S. Territories Investor Protection Act of 2017 U.S. House of Representatives 2017-03-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I115th CONGRESS1st SessionH. R. 1366IN THE HOUSE OF REPRESENTATIVESMarch 6, 2017Ms. Velázquez (for herself, Mr. Duffy, Mr. Serrano, and Mr. MacArthur) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.
1.
Short title
This Act may be cited as the U.S. Territories Investor Protection Act of 2017.
2.
Termination of exemption
(a)
In general
Section 6(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended by striking paragraph (1). (b)
Effective date and safe harbor
(1)
Effective date
Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of the enactment of this Act. (2)
Safe harbor
With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) on the day before the date of the enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of the enactment of this Act. (3)
Extension of safe harbor
The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(c)), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.