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

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114th CONGRESS
  2d Session
                                H. R. 4854

  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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2016

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

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                                 A BILL


 
  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, 500 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)) that does not purchase 
                more than $10,000,000 in securities of any one issuer, 
                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.''.
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