June 24, 2025
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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
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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.