II 
Calendar No. 14 
115TH CONGRESS 
1ST SESSION 
S. 484 
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. 
IN THE SENATE OF THE UNITED STATES 
MARCH 1, 2017 
Mr. MENENDEZ (for himself, Mr. HATCH, Ms. CORTEZ MASTO, and Mr. 
RUBIO) introduced the following bill; which was read twice and referred 
to the Committee on Banking, Housing, and Urban Affairs 
MARCH 13, 2017 
Reported by Mr. CRAPO, with amendments 
[Omit the part struck through and insert the part printed in italic] 
A BILL 
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. 
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled, 
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•S 484 RS
SECTION 1. SHORT TITLE. 
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This Act may be cited as the ‘‘U.S. Territories Inves-
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tor Protection Act of 2017’’. 
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SEC. 2. TERMINATION OF EXEMPTION. 
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(a) IN GENERAL.—Section 6(a) of the Investment 
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Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended 
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by striking paragraph (1). — 
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(1) by striking paragraph (1); and 
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(2) by redesignating paragraphs (2) through (5) 
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as paragraphs (1) through (4), respectively. 
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(b) EFFECTIVE DATE AND SAFE HARBOR.— 
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(1) EFFECTIVE DATE.—Except as provided in 
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paragraph (2), the amendment made by subsection 
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(a) shall take effect on the date of the enactment of 
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this Act. 
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(2) SAFE HARBOR.—With respect to a company 
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that is exempt under section 6(a)(1) of the Invest-
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ment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) 
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on the day before the date of the enactment of this 
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Act, the amendment made by subsection (a) shall 
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take effect on the date that is 3 years after the date 
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of the enactment of this Act. 
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(3) EXTENSION OF SAFE HARBOR.—The Secu-
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rities and Exchange Commission, by rule andor reg-
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ulation upon its own motion, or by order upon appli-
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cation, may conditionally or unconditionally, under 
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•S 484 RS
section 6(c) of the Investment Company Act of 1940 
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(15 U.S.C. 80a–6(c)), further delay the effective 
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date for a company described in paragraph (2) for 
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a maximum of 3 years following the initial 3-year 
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period if, before the end of the initial 3-year period, 
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the Commission determines that such a rule, regula-
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tion, motion, or order is necessary or appropriate in 
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the public interest and for the protection of inves-
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tors. 
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S484
asabaliauskas on DSK3SPTVN1PROD with BILLS
Calendar No. 14 
115TH CONGRESS 
1ST SESSION 
S. 484 
A BILL 
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. 
MARCH 13, 2017 
Reported with amendments 
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22:11 Mar 13, 2017
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PO 00000
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