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Access to Small Business Investor Capital Act
To permit a registered investment company to omit certain fees from the calculation of acquired fund fees and expenses, and for other purposes.
Summary
The Access to Small Business Investor Capital Act modifies securities disclosure rules for registered investment companies by allowing them to exclude certain fees from their disclosure of "acquired fund fees and expenses." Specifically, investment companies may omit fees and expenses incurred indirectly through investments in business development companies (BDCs) when calculating and reporting acquired fund fees and expenses on their SEC registration statements (Forms N-1A, N-2, and N-3). This change allows investment companies to exclude BDC-related fees from the fee table disclosures they must provide to investors.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. McCormick, David [R-PA] (R-PA)
17 cosponsors
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD)
- Sen. Banks, Jim [R-IN] (R-IN)
- Sen. Blunt Rochester, Lisa [D-DE] (D-DE)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Daines, Steve [R-MT] (R-MT)
- Sen. Gallego, Ruben [D-AZ] (D-AZ)
- Sen. Hagerty, Bill [R-TN] (R-TN)
- Sen. Hassan, Margaret Wood [D-NH] (D-NH)
- Sen. Hickenlooper, John W. [D-CO] (D-CO)
- Sen. Husted, Jon [R-OH] (R-OH)
- Sen. Justice, James C. [R-WV] (R-WV)
- Sen. Kennedy, John [R-LA] (R-LA)
- Sen. Kim, Andy [D-NJ] (D-NJ)
- Sen. Moreno, Bernie [R-OH] (R-OH)
- Sen. Rosen, Jacky [D-NV] (D-NV)
- Sen. Shaheen, Jeanne [D-NH] (D-NH)
- Sen. Warner, Mark R. [D-VA] (D-VA)
Actions (2)
- May 20, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- May 20, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
May 20, 2025
Mr. McCormick (for himself and Ms. Alsobrooks) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
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.—In this section:
(1) Acquired fund.—The term “acquired fund” has the meaning given the term in Form N-1A, Form N-2, and Form N-3.
(2) Acquired fund fees and expenses.—The term “acquired fund fees and expenses” means the acquired fund fees and expenses subcaption 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 in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-
3), registered with the Securities and Exchange Commission under that 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 1 or more acquired funds that is a business development company. <all>
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