← Back to Bills
S. 484Senate115th Congress (2017-2019)Passed Senate

U.S. Territories Investor Protection Act of 2017

Sponsored by Robert MenendezSen. Robert Menendez (D-NJ)
Introduced March 1, 2017

AI-Generated Summary

Updated April 15, 2026 at 1:21 PM UTC

The U.S. Territories Investor Protection Act of 2017 would end a special exemption in the Investment Company Act of 1940 that currently lets investment companies located in Puerto Rico, the Virgin Islands, and other U.S. possessions avoid certain regulatory requirements. By removing that exemption, those companies would be subject to the same rules as mainland investment firms, affecting the firms themselves and the investors they serve.

Key Provisions

  • Amends Section 6(a) of the Investment Company Act by striking the paragraph that provides the exemption for companies in U.S. territories and renumbering the remaining paragraphs.
  • Sets the amendment to take effect on the date the law is enacted, but gives companies that were exempt on the day before enactment a three‑year safe‑harbor period before the new rules apply.
  • Allows the SEC, through rulemaking or order, to extend the safe‑harbor period for up to an additional three years if it determines that doing so serves the public interest and protects investors.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

8 earlier actions
HouseFloor Latest Action

Held at the desk.

September 12, 2017 • 7:59 PM

View full timeline
SenateIntro Referral

Introduced in Senate

March 1, 2017

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

March 1, 2017

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

Banking, Housing, and Urban Affairs Committee

March 9, 2017

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with amendments. Without written report.

Banking, Housing, and Urban Affairs Committee

March 13, 2017

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 14.

March 13, 2017

SenateFloor

Passed Senate with amendments by Unanimous Consent. (consideration: CR S5169; text: CR S5169)

September 11, 2017

HouseFloor

Received in the House.

September 12, 2017 • 5:06 PM

SenateFloor

Message on Senate action sent to the House.

September 12, 2017

HouseFloor

Held at the desk.

September 12, 2017 • 7:59 PM

Floor Debate

1 member

What members said about S. 484 on the floor

1 Republican
Mitch McConnell
Sen. Mitch McConnellR-KY · Sep 11, 2017

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 14, S. 484. Mr. President, I ask unanimous consent that the committee-reported amendments…

Record

Bill Text

3 versions available

Reading Mode
Latest
Raw Text PDF XML
Engrossed in SenateIssued September 11, 2017

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.

1.

Short title

This Act may be cited as the U.S. Territories Investor Protection Act of 2017.

2.

Termination of exemption

(a)

In general

Section 6(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(a)) is amended—

(1)

by striking paragraph (1); and

(2)

by redesignating paragraphs (2) through (5) as paragraphs (1) through (4), respectively.

(b)

Effective date and safe harbor

(1)

Effective date

Except as provided in paragraph (2), the amendment made by subsection (a) shall take effect on the date of enactment of this Act.

(2)

Safe harbor

With respect to a company that is exempt under section 6(a)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(a)(1)) on the day before the date of enactment of this Act, the amendment made by subsection (a) shall take effect on the date that is 3 years after the date of enactment of this Act.

(3)

Extension of safe harbor

The Securities and Exchange Commission, by rule or regulation upon its own motion, or by order upon application, may conditionally or unconditionally, under section 6(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–6(c)), further delay the effective date for a company described in paragraph (2) for a maximum of 3 years following the initial 3-year period if, before the end of the initial 3-year period, the Commission determines that such a rule, regulation, motion, or order is necessary or appropriate in the public interest and for the protection of investors.

Passed the Senate September 11, 2017.

Secretary