H.R. 3383
Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025
Sponsor: Ann Wagner
4 cosponsors
Official summary
Written by the Congressional Research Service.
Increasing Investor Opportunities Act
This bill allows a closed-end fund—a portfolio of pooled assets with a limited number of shares traded on an exchange—to increase its investment in private investment funds. Specifically, the Securities and Exchange Commission is prohibited from limiting the sale or listing of securities of a closed-end fund that invests in private investment funds. This bill also apples to a closed-end company treated as a business development company.
Text of the bill
I Expanding Access to Capital for Small Businesses
II Increasing Opportunities for Investors
III Strengthening Public Markets
Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b)) is amended—
(1) in paragraph (1)(K), by striking years, and inserting years (or, in the case of an emerging growth company, not more than the two preceding years),; and
(2) by adding at the end the following:
Any issuer may confidentially submit to the Commission a draft registration statement for confidential nonpublic review by the staff of the Commission prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed with the Commission not later than 10 days before listing on a national securities exchange. Notwithstanding any other provision of this title, the Commission shall not be compelled to disclose any information provided to or obtained by the Commission pursuant to this subsection. For purposes of section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. Information described in or obtained pursuant to this subsection shall be deemed to constitute confidential information for purposes of section 24.