1、CRS INSIGHT Prepared for Members and Committees of Congress Venture Capital Funds: Proposals to Expand Investor Thresholds Required for Registration (Section 504 of S. 2155, Section 471 of H.R. 10, H.R. 1219, S. 444, and Section 914 of H.R. 3280) Gary Shorter Specialist in Financial Economics Update
2、d March 30, 2018 Introduction To help restore confidence in the securities markets after the stock market crash of 1929, Congress passed the Securities Exchange Act of 1934, which authorized the creation of the Securities and Exchange Commission (SEC). The SEC is an independent, nonpartisan regulato
3、ry agency responsible for administering federal securities laws. It has broad regulatory authority over significant parts of the securities industry, including stock exchanges, mutual funds, investment advisers, and brokerage firms. Among the major federal securities statutes that the SEC enforces i
4、s the Investment Company Act of 1940 (ICA; P.L. 76-768). According to the SEC, the ICA applies to investment companies, and investment vehicles (such as mutual funds) that are “engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or
