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![handle is hein.congrecreports/crptxafvh0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-312
INCREASING INVESTOR OPPORTUNITIES ACT
DECEMBER 12, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 2627]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2627) to amend the Investment Company Act of 1940 to
prohibit limitations on closed-end companies investing in private
funds, and for other purposes, having considered the same, reports
favorably thereon with an amendment and recommends 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 Increasing Investor Opportunities Act.
SEC. 2. CLOSED-END COMPANY AUTHORITY TO INVEST IN PRIVATE FUNDS.
(a) IN GENERAL.-Section 5 of the Investment Company Act of 1940 (15 U.S.C.
80a-5) is amended by adding at the end the following:
(d) CLOSED-END COMPANY AUTHORITY TO INVEST IN PRIVATE FUNDS.-
(1) IN GENERAL.-Except as otherwise prohibited or restricted by this Act (or
any rule issued under this Act), the Commission may not prohibit or otherwise
limit a closed-end company from investing any or all of the assets of the closed-
end company in securities issued by private funds.
(2) OTHER RESTRICTIONS ON COMMISSION AUTHORITY.-
(A) IN GENERAL.-Except as otherwise prohibited or restricted by this
Act (or any rule issued under this Act) or to the extent permitted by sub-
paragraph (B), the Commission may not impose any condition on, restrict,
or otherwise limit-
(i) the offer to sell, or the sale of, securities issued by a closed-end
company that invests, or proposes to invest, in securities issued by pri-
vate funds; or
(ii) the listing of the securities of a closed-end company described in
clause (i) on a national securities exchange.
(B) UNRELATED RESTRICTIONS.-The Commission may impose a condition
on, restrict, or otherwise limit an activity described in clause (i) or (ii) of
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