Proposed Legislation Would Increase Investment Opportunities For Business Development Companies

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The Next Steps for Credit Availability Act (H.R. 5929), introduced by Rep. Michael G. Grimm and Rep. Nydia Velázquez in June 2012, would allow BDCs to invest more of their assets in start-up companies and small-to mid-sized businesses.

Among other things, the bill would:

• Amend the Investment Company Act of 1940 (the “1940 Act”) to permit BDCs to own investment adviser subsidiaries. Currently, the 1940 Act prohibits BDCs from investing in wholly owned subsidiaries that are registered investment advisers.

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