[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 444 Reported in Senate (RS)]

<DOC>





                                                        Calendar No. 12
115th CONGRESS
  1st Session
                                 S. 444

  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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2017

 Ms. Heitkamp (for herself, Mr. Heller, and Mr. Warner) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

                             March 13, 2017

                Reported by Mr. Crapo, without amendment

_______________________________________________________________________

                                 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 2017''.

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) in the matter preceding subparagraph (A), by inserting 
        ``(or, in the case of a qualifying venture capital fund, 250 
        persons)'' after ``one hundred persons''; and
            (2) by adding at the end the following:
                    ``(C)(i) The term `qualifying venture capital fund' 
                means a venture capital fund that has not more than 
                $10,000,000 in aggregate capital contributions and 
                uncalled committed capital, with such dollar amount to 
                be indexed for inflation once every 5 years by the 
                Commission, beginning from a measurement made by the 
                Commission on a date selected by the Commission, 
                rounded to the nearest $1,000,000.
                    ``(ii) The term `venture capital fund' has the 
                meaning given the term in section 275.203(l)-1 of title 
                17, Code of Federal Regulations, or any successor 
                regulation.''.
                                                        Calendar No. 12

115th CONGRESS

  1st Session

                                 S. 444

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                             March 13, 2017

                       Reported without amendment