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H. Rept. 114-660 1 (2016-07-05)

handle is hein.congrecreports/crptxrrq0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-660 SUPPORTING AMERICA'S INNOVATORS ACT OF 2016 JULY 5, 2016.-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. 4854] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 4854) to amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company, 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 Supporting America's Innovators Act of 2016. SEC. 2. INVESTOR LIMITATION FOR QUALIFYING VENTURE CAPITAL FUNDS. Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(1)) is amended- (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 250 persons); and (2) by adding at the end the following: (C) The term 'qualifying venture capital fund' means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(l)(1)) with no more than $10,000,000 in in- vested capital, as such dollar amount is annually adjusted by the Commis- sion to reflect the change in the Consumer Price Index for All Urban Con- sumers published by the Bureau of Labor Statistics of the Department of Labor.. PURPOSE AND SUMMARY Introduced by Representative McHenry on March 23, 2016, H.R. 4854, the Supporting America's Innovators Act of 2016, increases the limit on the number of individuals who can invest in certain venture capital funds before those funds must register as invest- 59-006

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