3.0.0 3868 2023-01-11T13:29:28Z 2023-01-11T13:29:28Z House HR 2015-11-02 114 [Congressional Record Volume 161, Number 162 (Monday, November 2, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MULVANEY:H.R. 3868.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3. ``To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes.''[Page H7390]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing ssbk04 Securities, Insurance, and Investment Subcommittee Hearings by 2016-05-19T14:00:00Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2015-06-16T13:36:42Z Reported by 2016-04-19T18:25:06Z Markup by 2015-11-04T18:07:48Z Referred to 2015-11-02T17:00:46Z H. Rept. 114-508 Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2016-05-19 ssbk04 Securities, Insurance, and Investment Subcommittee Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. Committee 2016-04-19 Placed on the Union Calendar, Calendar No. 388. Calendars H12410 2 House floor actions U00388 2016-04-19 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-508. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2016-04-19 Reported (Amended) by the Committee on Financial Services. H. Rept. 114-508. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2015-11-04 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 4. Committee 2015-11-04 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-11-02 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-11-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-11-02 Introduced in House IntroReferral 1000 9 Library of Congress 2015-06-16 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. Committee M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 N S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2015-11-04 False S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2015-11-04 False S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 2015-11-04 False P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2015-11-04 False K000380 Rep. Kildee, Daniel T. [D-MI-5] Daniel Kildee D MI T. 5 2015-11-04 False D000613 Rep. Dold, Robert J. [R-IL-10] Robert Dold R IL J. 10 2015-12-07 False 2016-03-18T14:53:00Z H.R. 3868, Small Business Credit Availability Act https://www.cbo.gov/publication/51389 As ordered reported by the House Committee on Financial Services on November 4, 2015 Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Business investment and capital Business records Financial services and investments Licensing and registrations Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2015-11-02 Introduced in House 2016-03-28T18:11:48Z Small Business Credit Availability Act

This bill directs the Securities and Exchange Commission (SEC) to promulgate regulations that codify a specified order in Investment Company Act Release No. 30024, dated March 30, 2012.

Under Investment Company Act Release No. 30024 the SEC permitted the Ares Capital Corporation to:

  • continue to own (directly or indirectly) up to 100% of the outstanding equity interests of Ivy Hill ll Asset Management, L.P.; and
  • make additional investments in Ivy Hill, in each case, following the time Ivy Hill shall be required to become a registered investment adviser under the Investment Advisers Act of 1940.

The bill entitles a business development company (BDC) to treat such regulations as having been completed if the SEC fails to complete the regulations required by this Act.

The Investment Company Act of 1940 is amended to deem certain securities to be permissible BDC assets to the extent necessary for the sum of the assets to equal 70% of the value of a BDC's total assets if the aggregate value of such securities does not exceed 20% of the value of the BDC's total assets.

Asset coverage requirements applicable to BDCs shall be reduced from 200% to 150% if the BDC makes specified disclosures on its website, and its directors or general partners approve of the modified asset.

(A registered closed-end investment company may not issue, or sell, any class of senior security unless it represents an indebtedness and, immediately after the issuance or sale, it will have an asset coverage of at least 300%. This asset coverage requirement currently is reduced to 200% for most BDCs.)

The SEC must revise various rules under the Securities Act of 1933, and related forms, so as to allow a BDC to use security offering rules available to other issuers who are required to file security issuance reports under the Securities Exchange Act of 1934.

]]> 17 2016-04-19 Reported to House with amendment(s) 2016-04-29T21:03:51Z Small Business Credit Availability Act

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to promulgate regulations that codify a specified order in Investment Company Act Release No. 30024, dated March 30, 2012.

Under Investment Company Act Release No. 30024 the SEC permitted the Ares Capital Corporation to:

  • continue to own (directly or indirectly) up to 100% of the outstanding equity interests of Ivy Hill ll Asset Management, L.P.; and
  • make additional investments in Ivy Hill, in each case, following the time Ivy Hill shall be required to become a registered investment adviser under the Investment Advisers Act of 1940.

The bill entitles a business development company (BDC) to treat such regulations as having been completed if the SEC fails to complete the regulations required by this bill.

The bill further states, however, that nothing in it shall prevent the SEC from issuing rules that address potential conflicts of interest between BDCs and investment advisers.

The Investment Company Act of 1940 is amended to deem certain securities to be permissible BDC assets to the extent necessary for the sum of permissible assets to equal 70% of the value of a BDC's total assets (excluding specified noninvestment assets) if the aggregate value of such securities does not exceed 20% of the value of the BDC's total assets.

(Sec. 3) The asset coverage requirements of registered closed-end companies also applicable to BDCs shall be reduced from 200% to 150% if the BDC makes certain disclosures on its website, and its directors or general partners approve of the modified requirements.

(A registered closed-end investment company may not issue, or sell, any class of senior security unless it represents an indebtedness and, immediately after the issuance or sale, it will have an asset coverage of at least 300%. This asset coverage requirement currently is reduced to 200% for most BDCs.)

As an additional requirement, a BDC that issues equity securities that are not registered on a national securities exchange (non-traded BDC) must extend, to each shareholder as of the date of the approval, an offer to repurchase the shareholder's equity securities, with 25% of them to be repurchased in each of the four quarters following the approval date. In the alternative, the non-traded BDC shall obtain, at a special or annual meeting of shareholders or partners at which a quorum is present, the approval of the 150% reduction in requirements by more than 50% of the votes cast.

A BDC may issue more than one class of senior security which is stock but only if it is issued to and held by a qualified institutional buyer.

(Sec. 4) The SEC must revise various rules under the Securities Act of 1933, and related forms, so as to allow a BDC to use security offering rules (such as those enabling a registrant to be a Well Known Seasoned Issuer, use shelf offerings, and communicate directly with shareholders) which are available to other issuers who are required to file security issuance reports under the Securities Exchange Act of 1934.

Should the SEC fail to complete such revisions in timely fashion, a BDC shall be entitled to treat those revisions as having been completed in accordance with the timetable set forth in this bill until the SEC does complete them.

]]> Small Business Credit Availability Act Display Title Small Business Credit Availability Act Official Title as Introduced To amend the Investment Company Act of 1940 to remove certain restrictions on the ability of business development companies to own securities of investment advisers and certain financial companies, to change certain requirements relating to the capital structure of business development companies, to direct the Securities and Exchange Commission to revise certain rules relating to business development companies, and for other purposes. Introduced in House IH Short Titles as Introduced Small Business Credit Availability Act Short Titles as Reported to House Small Business Credit Availability Act H House Reported in House 2016-04-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3868rh/xml/BILLS-114hr3868rh.xml Introduced in House 2015-11-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3868ih/xml/BILLS-114hr3868ih.xml 2016-05-19 Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.