Summary

1/3/2013--Introduced.Next Steps for Credit Availability Act - Amends the Investment Company Act of 1940 to allow a business development company (BDC) to own or acquire securities or other... Read More

Status

This bill was introduced on Jan 3, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 3, 2013

Bill Text

A BILL

To amend the Investment Company Act of 1940 to change the asset coverage ratio and treatment of preferred stock for business development companies, to allow business development companies to purchase, otherwise acquire, or hold certain securities, and to direct the Securities and Exchange Commission to revise rules under the Securities Act of 1933 relating to business development companies.

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 ``Next Steps for Credit Availability Act''.

SEC. 2. AMENDMENTS TO PERMIT BUSINESS DEVELOPMENT COMPANIES TO OWN INVESTMENT ADVISERS.

Section 60 of the Investment Company Act of 1940 (15 U.S.C. 80a-59) is amended by striking ``except that the Commission shall not'' and inserting the following: ``except that-- ``(1) section 12 shall not apply to the purchasing, otherwise acquiring, or holding by a business development company of any security issued by, or any other interest in the business of, any person who is an investment adviser registered under title II of this Act or who is an investment adviser to an investment company; and ``(2) the Commission shall not''.

SEC. 3. AMENDMENTS TO EXPAND ACCESS TO CAPITAL FOR BUSINESS DEVELOPMENT COMPANIES.

Section 61(a) of the Investment Company Act of 1940 (15 U.S.C. 80a- 60(a)) is amended-- (1) in paragraph (1), by striking ``200'' and inserting ``150''; (2) in paragraph (2), by inserting ``or which is a stock'' after ``indebtedness''; and (3) by inserting after...

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State: CA

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Bill Summary

1/3/2013--Introduced.Next Steps for Credit Availability Act - Amends the Investment Company Act of 1940 to allow a business development company (BDC) to own or acquire securities or other interests in the business of a registered investment adviser or adviser to an investment company. Reduces from 200% to 150% the asset coverage requirements applicable to BDCs. Allows a BDC to issue stock. Directs the Securities and Exchange Commission (SEC) to revise various rules under the Securities Act of 1933 and to revise forms as necessary to allow a BDC to use security offering rules available to other issuers that are required to file security issuance reports under the Securities Exchange Act of 1934.

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54.205.189.1