Section 1 Short title
This Act may be cited as the “Supporting America’s Innovators Act of 2016”.
Supporting America’s Innovators Act of 2016
AN ACT
To amend the Investment Company Act of 1940 to expand the investor limitation for qualifying venture capital funds under an exemption from the definition of an investment company.
Sec. 2 Investor limitation for qualifying venture capital funds
Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c)(1)) is amended—
by inserting after “one hundred persons” the following: “(or, with respect to a qualifying venture capital fund, 250 persons)”; and
by adding at the end the following:
“(C) The term “qualifying venture capital fund” means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(l)(1)) with no more than $10,000,000 in invested capital, as such dollar amount is annually adjusted by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.”