[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4854 Engrossed in House (EH)]

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114th CONGRESS
  2d Session
                                H. R. 4854

_______________________________________________________________________

                                 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.

    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 
80a-3(c)(1)) is amended--
            (1) by inserting after ``one hundred persons'' the 
        following: ``(or, with respect to a qualifying venture capital 
        fund, 250 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 the House of Representatives July 5, 2016.

            Attest:

                                                                 Clerk.
114th CONGRESS

  2d Session

                               H. R. 4854

_______________________________________________________________________

                                 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.