119-hr2225

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2225 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 2225

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 June 24, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

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. ===
-For purposes of 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.

 Passed the House of Representatives June 23, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.