[Congressional Record (Bound Edition), Volume 163 (2017), Part 10]
[Senate]
[Page 13681]
[From the U.S. Government Publishing Office, www.gpo.gov]




            U.S. TERRITORIES INVESTOR PROTECTION ACT OF 2017

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 14, S. 484.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 484) to amend the Investment Company Act of 1940 
     to terminate an exemption for companies located in Puerto 
     Rico, the Virgin Islands, and any other possession of the 
     United States.

  There being no objection, the Senate proceeded to consider the bill, 
which had been reported from the Committee on Banking, Housing, and 
Urban affairs, with amendments, as follows:
  (The parts of the bill intended to be stricken are shown in boldface 
brackets and the part of the bill intended to be inserted are shown in 
italics.)

                                 S. 484

       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 ``U.S. Territories Investor 
     Protection Act of 2017''.

     SEC. 2. TERMINATION OF EXEMPTION.

       (a) In General.--Section 6(a) of the Investment Company Act 
     of 1940 (15 U.S.C. 80a-6(a)) is amended [ by striking 
     paragraph (1).--]
       (1) by striking paragraph (1); and
       (2) by redesignating paragraphs (2) through (5) as 
     paragraphs (1) through (4), respectively.
       (b) Effective Date and Safe Harbor.--
       (1) Effective date.--Except as provided in paragraph (2), 
     the amendment made by subsection (a) shall take effect on the 
     date of [the] enactment of this Act.
       (2) Safe harbor.--With respect to a company that is exempt 
     under section 6(a)(1) of the Investment Company Act of 1940 
     (15 U.S.C. 80a-6(a)(1)) on the day before the date of [the] 
     enactment of this Act, the amendment made by subsection (a) 
     shall take effect on the date that is 3 years after the date 
     of [the] enactment of this Act.
       (3) Extension of safe harbor.--The Securities and Exchange 
     Commission, by rule [and] or regulation upon its own motion, 
     or by order upon application, may conditionally or 
     unconditionally, under section 6(c) of the Investment Company 
     Act of 1940 (15 U.S.C. 80a-6(c)), further delay the effective 
     date for a company described in paragraph (2) for a maximum 
     of 3 years following the initial 3-year period if, before the 
     end of the initial 3-year period, the Commission determines 
     that such a rule, regulation, motion, or order is necessary 
     or appropriate in the public interest and for the protection 
     of investors.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the 
committee-reported amendments be considered and agreed to, the bill, as 
amended, be considered read a third time and passed, and the motion to 
reconsider be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The committee-reported amendments were agreed to.
  The bill (S. 484), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed, as follows:

                                 S. 484

       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 ``U.S. Territories Investor 
     Protection Act of 2017''.

     SEC. 2. TERMINATION OF EXEMPTION.

       (a) In General.--Section 6(a) of the Investment Company Act 
     of 1940 (15 U.S.C. 80a-6(a)) is amended--
       (1) by striking paragraph (1); and
       (2) by redesignating paragraphs (2) through (5) as 
     paragraphs (1) through (4), respectively.
       (b) Effective Date and Safe Harbor.--
       (1) Effective date.--Except as provided in paragraph (2), 
     the amendment made by subsection (a) shall take effect on the 
     date of enactment of this Act.
       (2) Safe harbor.--With respect to a company that is exempt 
     under section 6(a)(1) of the Investment Company Act of 1940 
     (15 U.S.C. 80a-6(a)(1)) on the day before the date of 
     enactment of this Act, the amendment made by subsection (a) 
     shall take effect on the date that is 3 years after the date 
     of enactment of this Act.
       (3) Extension of safe harbor.--The Securities and Exchange 
     Commission, by rule or regulation upon its own motion, or by 
     order upon application, may conditionally or unconditionally, 
     under section 6(c) of the Investment Company Act of 1940 (15 
     U.S.C. 80a-6(c)), further delay the effective date for a 
     company described in paragraph (2) for a maximum of 3 years 
     following the initial 3-year period if, before the end of the 
     initial 3-year period, the Commission determines that such a 
     rule, regulation, motion, or order is necessary or 
     appropriate in the public interest and for the protection of 
     investors.

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