Section 1 Short title
This Act may be cited as the “Supporting America’s Innovators Act of 2017”.
Supporting America’s Innovators Act of 2017
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—
in the matter preceding subparagraph (A), by inserting “(or, in the case of a qualifying venture capital fund, 250 persons)” after “one hundred persons”; and
by adding at the end the following:
“(C)
“(i) The term qualifying venture capital fund means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000.
“(ii) The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation.”