115TH CONGRESS 
1ST SESSION 
S. 484 
AN ACT 
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 ES
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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(1) by striking paragraph (1); and 
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(2) by redesignating paragraphs (2) through 
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(5) 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 enactment of this 
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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 enactment of this Act, 
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the amendment made by subsection (a) shall take ef-
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fect on the date that is 3 years after the date of en-
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actment of this Act. 
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(3) EXTENSION OF SAFE HARBOR.—The Secu-
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rities and Exchange Commission, by rule or regula-
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tion upon its own motion, or by order upon applica-
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tion, may conditionally or unconditionally, under sec-
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tion 6(c) of the Investment Company Act of 1940 
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† S 484 ES
(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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Passed the Senate September 11, 2017. 
Attest: 
Secretary. 
115TH CONGRESS 
1ST SESSION 
S. 484 
AN ACT 
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.