[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4279 Referred in Senate (RFS)]

<DOC>
115th CONGRESS
  2d Session
                                H. R. 4279


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 18, 2018

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
 To direct the Securities and Exchange Commission to revise any rules 
necessary to enable closed-end companies to use the securities offering 
   and proxy rules that are available to other issuers of securities.

    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 ``Expanding Investment Opportunities 
Act''.

SEC. 2. PARITY FOR CLOSED-END COMPANIES REGARDING OFFERING AND PROXY 
              RULES.

    (a) Revision to Rules.--Not later than the end of the 180 period 
beginning on the date of enactment of this Act, the Securities and 
Exchange Commission shall propose and, not later than 1 year after the 
date of enactment of this Act, the Securities and Exchange Commission 
shall finalize any rules, as appropriate, to allow any closed-end 
company, as defined in section 5(a)(2) of the Investment Company Act of 
1940 (15 U.S.C. 80a-5), that is registered as an investment company 
under such Act, and is listed on a national securities exchange or that 
makes periodic repurchase offers pursuant to section 270.23c-3 of title 
17, Code of Federal Regulations, to use the securities offering and 
proxy rules, subject to conditions the Commission determines 
appropriate, that are available to other issuers that are required to 
file reports under section 13 or section 15(d) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that the 
Commission takes pursuant to this subsection shall consider the 
availability of information to investors, including what disclosures 
constitute adequate information to be designated as a ``well-known 
seasoned issuer''.
    (b) Treatment if Revisions Not Completed in a Timely Manner.--If 
the Commission fails to complete the revisions required by subsection 
(a) by the time required by such subsection, any registered closed-end 
company that is listed on a national securities exchange or that makes 
periodic repurchase offers pursuant to section 270.23c-3 of title 17, 
Code of Federal Regulations, shall be deemed to be an eligible issuer 
under the final rule of the Commission titled ``Securities Offering 
Reform'' (70 Fed. Reg. 44722; published August 3, 2005).
    (c) Rules of Construction.--
            (1) No effect on rule 482.--Nothing in this section or the 
        amendments made by this section shall be construed to impair or 
        limit in any way a registered closed-end company from using 
        section 230.482 of title 17, Code of Federal Regulations, to 
        distribute sales material.
            (2) References.--Any reference in this section to a section 
        of title 17, Code of Federal Regulations, or to any form or 
        schedule means such rule,


              

         section, form, or schedule, or any successor to any such rule, 
        section, form, or schedule.

            Passed the House of Representatives January 17, 2018.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.