Access to Small Business Investor Capital Act

119 S1808 IS: Access to Small Business Investor Capital Act U.S. Senate 2025-05-20 text/xml EN 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.