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Code · BILL · 114th Congress · H.R. 5983 (Reported in House) — To create hope and opportunity for consumers, investors, and entrepreneurs by ending bailouts and Too Big to Fail, ho... · Sec. 1036

Sec. 1036. Business development company ownership of securities of investment advisers and certain financial companies

248 words·~1 min read·/bill/114/hr/5983/rh/section-1036·

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Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall promulgate regulations to codify the order in Investment Company Act Release No. 30024, dated March 30, 2012. If the Commission fails to complete the regulations as required by this subsection, a business development company shall be entitled to treat such regulations as having been completed in accordance with the actions required to be taken by the Commission until such time as such regulations are completed by the Commission.
Nothing in this subsection shall prevent the Commission from issuing rules to address potential conflicts of interest between business development companies and investment advisers. Section 55 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–54 ) is amended by adding at the end the following: Notwithstanding subsection (a), securities that would be described in paragraphs
(1)through
(6)of such subsection except that the issuer is a company described in paragraph (2), (3), (4), (5), (6), or
(9)of section 3(c) may be deemed to be assets described in paragraphs
(1)through
(6)of subsection
(a)to the extent necessary for the sum of the assets to equal 70 percent of the value of a business development company’s total assets (other than assets described in paragraph
(7)of subsection (a)), provided that the aggregate value of such securities counting toward such 70 percent shall not exceed 20 percent of the value of the business development company’s total assets. .
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  • 15 USC 80a–54
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Sec. 1036
Business development company ownership of securities of investment advisers and certain financial companies
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