H.R.1366 – U.S. Territories Investor Protection Act of 2017

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Week ending May 5, 2017

H.R.1366 – U.S. Territories Investor Protection Act of 2017

Brief

The bill aims “To amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.”

The Securities and Exchange Commission, by rule and regulation upon its own motion, or by order upon application, may conditionally or unconditionally… further delay the effective date for a company described above for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

With respect to a company that is exempt under the Investment Company Act of 1940 on the day before the date of the enactment of this Act, the amendment made shall take effect on the date that is 3 years after the date of the enactment of this Act.

 (Full text of H.R. 1366 at congress.gov)

Sponsor:  Rep. Velazquez, Nydia M. [D-NY-7] (Introduced 03/06/2017)

Status: Passed House /

VOTES and FLOOR ACTION

HOUSE

On Passage: On motion to suspend the rules and pass the bill Agreed to by voice vote

House Amendments:

Motion to recommit:

Text of the motion:

SENATE

On Passage:

Procedural Actions:

Senate Amendments:

COST AND IMPACT

Cost to the taxpayers:  Data not available

Pay-as-you-go requirements:  Data not available

Regulatory and Other Impact: Data not available

Dynamic Scoring:   Data not available

Tax Complexity:  Not applicable to this bill.

Earmark Certification:  Data not available

Duplication of programs: Data not available

Direct Rule-Making:  Data not available

Advisory Committee Statement: Data not available

Budget Authority: Data not available

Constitutional Authority:   Assumed.

 

More Bill Information:

 

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