Bill
Bill > HR6732
US HR6732
US HR6732To direct the Secretary of the Treasury to modify certain regulations relating to insurance-dedicated exchange-traded funds.
summary
Introduced
05/05/2020
05/05/2020
In Committee
05/05/2020
05/05/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To direct the Secretary of the Treasury to modify certain regulations relating to insurance-dedicated exchange-traded funds. This bill directs the Department of the Treasury to modify certain regulations relating to insurance-dedicated exchange-traded funds. An exchange-traded fund is a regulated investment company, partnership, or trust (1) that is registered with the Securities and Exchange Commission as an open-end investment company or a unit investment trust, (2) the shares of which can be purchased or redeemed directly from the fund only by an authorized participant (i.e., a financial institution that is a member or participant of a registered clearing agency), and (3) the shares of which are traded throughout the day on a national stock exchange at market prices that may or may not be the same as the net asset value of the shares.
AI Summary
This bill directs the Department of the Treasury to modify certain regulations relating to insurance-dedicated exchange-traded funds (ETFs). It requires the Treasury Secretary to amend regulations to (1) allow authorized participants and market makers to hold beneficial interests in insurance-dedicated ETFs, and (2) confirm that the similarity of an insurance-dedicated ETF to other funds is irrelevant for federal income tax purposes. The bill provides definitions for key terms, including "exchange-traded fund," "authorized participant," and "market maker." The provisions related to authorized participants and market makers apply to segregated asset account investments made on or after the date of enactment, while the provision on fund similarity applies to taxable years beginning after December 31, 1983.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 05/05/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6732/all-info |
| BillText | https://www.congress.gov/116/bills/hr6732/BILLS-116hr6732ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6732/BILLS-116hr6732ih.pdf.pdf |
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