Access to Small Business Investor Capital Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2225 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 2225

To permit a registered investment company to omit certain fees from the
calculation of Acquired Fund Fees and Expenses, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2025

 Mr. Sherman (for himself, Mr. Huizenga, Mr. Garbarino, and Ms. Bynum)
 introduced the following bill; which was referred to the Committee on
                           Financial Services

_______________________________________________________________________

                                 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.

    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 ``Access to Small Business Investor
Capital Act''.

SEC. 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 Forms N-1A, N-2, and N-3.
            (2) Acquired fund fees and expenses.--The term ``Acquired
        Fund Fees and Expenses'' means the Acquired Fund Fees and
        Expenses sub-caption 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
        under section 3(a) of the Investment Company Act of 1940,
        registered with the Securities and Exchange Commission under
        such 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 one or more Acquired Funds that is a business
development company.
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