117 S3961 IS: Access to Small Business Investor Capital Act U.S. Senate 2022-03-30 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.

II117th CONGRESS2d SessionS. 3961IN THE SENATE OF THE UNITED STATESMarch 30, 2022Mr. Daines (for himself and Mr. Menendez) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo permit a registered investment company to omit certain fees from the calculation of acquired fund fees and expenses, and for other purposes.

1.

Short title

This Act may be cited as the Access to Small Business Investor Capital Act.

2.

Amendments to acquired fund fees and expenses reporting on investment company registration statements

(a)

Definitions

In this section:(1)

Acquired fund

The term acquired fund has the meaning given the term in Form N–1A, Form N–2, and Form N–3.(2)

Acquired fund fees and expenses

The term acquired fund fees and expenses means the acquired fund fees and expenses subcaption in the fee table disclosure.(3)

Business development company

The term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)).(4)

Fee table disclosure

The term fee table disclosure means the fee table described in item 3 of Form N–1A, item 3 of Form N–2, or item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts).(5)

Form N–1A

The term Form N–1A means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation.(6)

Form N–2

The term Form N–2 means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation.(7)

Form N–3

The term Form N–3 means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation.(8)

Registered investment company

The term registered investment company means an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3), registered with the Securities and Exchange Commission under that Act.(b)

Excluding business development companies from Acquired Fund Fees and Expenses

A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 (15 U.S.C. 80a–8(b))—(1)omit from the calculation of acquired fund fees and expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of 1 or more acquired funds that is a business development company; and(2)instead disclose in a footnote to the fee table disclosure those fees and expenses described in paragraph (1), calculated according to the acquired fund fees and expenses formula.