S. 1808

119 S1808 IS: Access to Small Business Investor Capital Act
 U.S. Senate
 2025-05-20
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 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 1808  IN THE SENATE OF THE UNITED STATES   May 20, 2025   Mr. McCormick  (for himself and  Ms. Alsobrooks ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To permit a registered investment company to omit certain fees from the calculation of acquired fund fees and expenses, and for other purposes.
1.
Short title
This Act may be cited as the   Access to Small Business Investor Capital Act  .
2.
Amendments to acquired fund fees and expenses reporting on investment company registration statements
(a)
Definitions
In this section:
(1)
Acquired fund
The term  acquired fund  has the meaning given the term in Form N–1A, Form N–2, and Form N–3.
(2)
Acquired fund fees and expenses
The term  acquired fund fees and expenses  means the acquired fund fees and expenses subcaption in the fee table disclosure.
(3)
Business development company
The term  business development company  has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ).
(4)
Fee table disclosure
The term  fee table disclosure  means the fee table described in item 3 of Form N–1A, item 3 of Form N–2, or item 4 of Form N–3 (as applicable, and with respect to each, in any successor fee table disclosure that the Securities and Exchange Commission adopts).
(5)
Form N–1A
The term  Form N–1A  means the form described in section 274.11A of title 17, Code of Federal Regulations, or any successor regulation.
(6)
Form N–2
The term  Form N–2  means the form described in section 274.11a–1 of title 17, Code of Federal Regulations, or any successor regulation.
(7)
Form N–3
The term  Form N–3  means the form described in section 274.11b of title 17, Code of Federal Regulations, or any successor regulation.
(8)
Registered investment company
The term  registered investment company  means an investment company, as defined in section 3 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3 ), registered with the Securities and Exchange Commission under that Act.
(b)
Excluding business development companies from Acquired Fund Fees and Expenses
A registered investment company may, on any investment company registration statement filed pursuant to section 8(b) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(b) ) omit from the calculation of acquired fund fees and expenses those fees and expenses that the investment company incurred indirectly as a result of investment in shares of 1 or more acquired funds that is a business development company.