[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1973 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1973

  To permit business development companies to increase investments in 
  small-and middle-market financial services companies and investment 
                               advisors.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2013

 Mr. Mulvaney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To permit business development companies to increase investments in 
  small-and middle-market financial services companies and investment 
                               advisors.

    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 ``Business Development Company 
Modernization Act''.

SEC. 2. INVESTMENTS OF BUSINESS DEVELOPMENT COMPANIES.

    The Investment Company Act of 1940 is amended--
            (1) in section 2(a)(46(B) (15 U.S.C. 80a-2(46)(B)) by 
        striking ``nor a company which would be an investment company 
        except for the exclusion from the definition of investment 
        company in section 3(c) of this title''; and
            (2) in section 60 (15 U.S.C. 80a-59) by striking ``except 
        that the Commission shall not'' and inserting ``except that--
            ``(1) section 12 shall not apply to the purchasing, 
        otherwise acquiring, or holding by a business development 
        company of any security issued by, or any other interest in the 
        business of, any person who is--
                    ``(A) an investment adviser registered under title 
                II of this Act or who is an investment adviser to an 
                investment company; or
                    ``(B) an eligible portfolio company as defined in 
                section 2(a)(46) (15 U.S.C. 80a-2(a)(46)); and
                    ``(C) the Commission shall not''.
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