Access to Small Business Investor Capital Act
Sponsored By: Senator McCormick, David [R-PA]
Introduced
Summary
Would let registered investment companies exclude certain indirect fees from the "acquired fund fees and expenses" line when those fees come from investments in business development companies (BDCs). It ties that change to the fee-table rules on Form N-1A, Form N-2, Form N-3 and to registration statements filed under section 8(b) of the Investment Company Act.
Show full summary
- Fund managers can omit fees and expenses that were incurred indirectly because their shares are invested in one or more acquired funds that are BDCs. This omission is optional and applies on the applicable SEC registration statements.
- Investors may see lower amounts reported on the acquired fund fees and expenses line in prospectus fee tables, which could change how funds appear when comparing costs.
- The change depends on existing SEC form definitions and applies only to acquired funds that meet the bill's definition of a business development company.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Funds may omit BDC fees
This bill would let a registered investment company that files an 8(b) registration statement omit certain fees from its "acquired fund fees and expenses" calculation. The omitted fees would be those incurred indirectly because the fund invested in business development companies. The change would apply to fee table disclosures on Form N-1A, N-2, or N-3. If enacted, funds and shareholders could see lower reported acquired-fund fee figures. That could make fee reporting less clear for investors. The change would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
McCormick, David [R-PA]
PA • R
Cosponsors
Sen. Alsobrooks, Angela D. [D-MD]
MD • D
Sponsored 5/20/2025
Sen. Daines, Steve [R-MT]
MT • R
Sponsored 6/4/2025
Sen. Gallego, Ruben [D-AZ]
AZ • D
Sponsored 6/4/2025
Bill Hagerty
TN • R
Sponsored 7/21/2025
Sen. Blunt Rochester, Lisa [D-DE]
DE • D
Sponsored 7/21/2025
Sen. Moreno, Bernie [R-OH]
OH • R
Sponsored 9/16/2025
Sen. Kim, Andy [D-NJ]
NJ • D
Sponsored 9/16/2025
Sen. Banks, Jim [R-IN]
IN • R
Sponsored 9/29/2025
Sen. Warner, Mark R. [D-VA]
VA • D
Sponsored 9/29/2025
Katie Britt
AL • R
Sponsored 1/13/2026
John Hickenlooper
CO • D
Sponsored 1/13/2026
Sen. Kennedy, John [R-LA]
LA • R
Sponsored 1/29/2026
Sen. Shaheen, Jeanne [D-NH]
NH • D
Sponsored 1/29/2026
Sen. Justice, James C. [R-WV]
WV • R
Sponsored 1/30/2026
Sen. Rosen, Jacky [D-NV]
NV • D
Sponsored 1/30/2026
Sen. Hassan, Margaret Wood [D-NH]
NH • D
Sponsored 4/21/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov