Definition of Eligible Portfolio Company Under the Investment Company Act of 1940

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The Commission is proposing for comments two new rules under the Investment Company Act of 1940 ("Investment Company Act" or "Act"). The proposed new rules are designed to realign the definition of eligible portfolio company set forth under the Investment Company Act, and the investment activities of business development companies ("BDCs"), with the purpose of the Small Business Investment Incentive Act of 1980 ("SBIIA"). These rules are intended to expand the definition of eligible portfolio company in a manner that would promote the flow of capital to small, developing and financially troubled companies.