Sec. 848. Streamlining of applications for an exemption from the Investment Company Act of 1940

575 words·~3 min read·/bill/115/hr/10/ih/section-848

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Section 6(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–6(c) ) is amended— by striking

(c)The Commission and inserting the following: The Commission ; and by adding at the end the following: A person who wishes to receive an exemption from the Commission pursuant to paragraph

(1)shall file an application with the Commission in such form and manner and containing such information as the Commission may require. Not later than the end of the 5-day period beginning on the date that the Commission receives an application under subparagraph (A), the Commission shall either— publish the application, including by publication on the website of the Commission; or if the Commission determines that the application does not comply with the proper form, manner, or information requirements described under subparagraph (A), reject such application and notify the applicant of the specific reasons the application was rejected. If the Commission does not reject an application under clause (i)(II), but fails to publish the application by the end of the time period specified under clause (i), such application shall be deemed to have been published on the date that is the end of such time period. Not later than 45 days after the date that the Commission publishes an application pursuant to paragraph (2)(B), the Commission shall, by order— approve the application; if the Commission determines that the application would have been approved had the applicant provided additional supporting documentation or made certain amendments to the application— provide the applicant with the specific additional supporting documentation or amendments that the Commission believes are necessary for the applicant to provide in order for the application to be approved; and request that the applicant withdraw the application and re-submit the application with such additional supporting documentation and amendments; or deny the application. The Commission may extend the time period described under subparagraph

(A)by not more than an additional 45 days, if— the Commission determines that a longer period is appropriate and publishes the reasons for such determination; or the applicant consents to the longer period. If the Commission makes a request under subparagraph (A)(ii) for an applicant to withdraw an application, such application shall be deemed to be denied if the applicant informs the Commission that the applicant will not withdraw the application or if the applicant does not withdraw the application before the end of the 30-day period beginning on the date the Commission makes such request. If an application is denied pursuant to paragraph (3), the Commission shall provide the applicant with— a written explanation for why the application was not approved; and an opportunity for hearing, if requested by the applicant not later than 20 days after the date of such denial, with such hearing to be commenced not later than 30 days after the date of such denial. An application shall be deemed to have been approved by the Commission, if— the Commission fails to either approve, request the withdrawal of, or deny the application, as required under paragraph (3)(A), within the time period required under paragraph (3)(A), as such time period may have been extended pursuant to paragraph (3)(B); or the applicant requests an opportunity for hearing, pursuant to paragraph (4)(B), but the Commission does not commence such hearing within the time period required under paragraph (4)(B). Not later than 180 days after the date of enactment of this paragraph, the Commission shall issue rules to carry out this subsection. .

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15 USC 80a–6(c)

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Sec. 848

Streamlining of applications for an exemption from the Investment Company Act of 1940

Cite15 USC 80a–6(c)

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