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![handle is hein.congrecreports/crptxaayu0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-517
EXPANDING INVESTMENT OPPORTUNITIES ACT
JANUARY 16, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 4279]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4279) to direct the Securities and Exchange Commission
to revise any rules necessary to enable closed-end companies to use
the securities offering and proxy rules that are available to other
issuers of securities, having considered the same, report favorably
thereon with an amendment and recommend that the bill as
amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Expanding Investment Opportunities Act.
SEC. 2. PARITY FOR CLOSED-END COMPANIES REGARDING OFFERING AND PROXY RULES.
(a) REVISION TO RULES.-Not later than the end of the 180 period beginning on
the date of enactment of this Act, the Securities and Exchange Commission shall
propose and, not later than 1 year after the date of enactment of this Act, the Secu-
rities and Exchange Commission shall finalize any rules, as appropriate, to allow
any closed-end company, as defined in section 5(a)(2) of the Investment Company
Act of 1940 (15 U.S.C. 80a-5), that is registered as an investment company under
such Act, and is listed on a national securities exchange or that makes periodic re-
purchase offers pursuant to section 270.23c-3 of title 17, Code of Federal Regula-
tions, to use the securities offering and proxy rules, subject to conditions the Com-
mission determines appropriate, that are available to other issuers that are required
to file reports under section 13 or section 15(d) of the Securities Exchange Act of
1934 (15 U.S.C. 78m; 780(d)). Any action that the Commission takes pursuant to
this subsection shall consider the availability of information to investors, including
what disclosures constitute adequate information to be designated as a well-known
seasoned issuer.
(b) TREATMENT IF REVISIONS NOT COMPLETED IN A TIMELY MANNER.-If the Com-
mission fails to complete the revisions required by subsection (a) by the time re-
quired by such subsection, any registered closed-end company that is listed on a na-
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