summary
Introduced
11/03/2017
11/03/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
01/18/2018
01/18/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Expanding Investment Opportunities Act (Sec. 2) This bill directs the Securities and Exchange Commission to revise registration rules to allow a closed-end company to use offering and proxy rules currently available to other issuers of securities, thereby reducing filing requirements and restrictions on communications with investors in certain circumstances. (A closed-end company is a publicly traded investment management company that sells a limited number of shares to investors in an initial public offering.)
AI Summary
This bill directs the Securities and Exchange Commission (SEC) to revise its registration rules to allow closed-end investment companies (which are publicly traded investment management companies that sell a limited number of shares to investors in an initial public offering) to use the same securities offering and proxy rules that are available to other issuers of securities. This would reduce filing requirements and restrictions on communications with investors for these closed-end companies in certain circumstances. The bill also provides that if the SEC fails to complete the required revisions within the specified timeframe, the closed-end companies will be deemed eligible issuers under the SEC's existing Securities Offering Reform rules.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 01/18/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
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