PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 01 · Reported to Senate with amendment(s) · Oct 26, 1993
Small Business Incentive Act of 1993 - Amends the Securities Act of 1933 to increase from $5 million to $10 million the size of small business offerings that are exempt from the registration requirements of the Act. Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any issuer all of whose securities are held by certain investors whom the Securities and Exchange Commission (SEC) has determined are "qualified purchasers" who possess such financial sophistication, net worth, and other specified factors as not to need the protections of such Act. Empowers the SEC to define such "qualified purchasers." Sets forth conditions under which certain economic, business, and industrial development companies that are already subject to regulation by the State in which they are organized are exempt from the regulatory constraints of such Act. Increases to $10 million the maximum aggregate amount of proceeds that certain interstate closed-end investment companies may receive from the sale of their outstanding securities and still retain their exempt status under such Act. Expands the definition of "eligible portfolio company" to include any company which does not have total assets in excess of $4 million and capital and surpluses in excess of $2 million. Declares that a "business development company" is not required to make available significant managerial assistance with respect to any eligible portfolio company or any other company that meets certain SEC criteria. Permits a business development company to: (1) acquire the securities of an eligible portfolio company from persons other than such portfolio company itself; (2) issue multiple classes of debt without restriction; and (3) issue warrants, options, or rights to subscribe or convert to or purchase voting securities either alone or accompanied by debt or equity securities. Provides conditions under which a business development company may: (1) have a minimum asset coverage of 110 percent; and (2) issue or sell any class of senior security representing indebtedness. Requires a business development company to file with the SEC a written evaluation of the risk factors involved in investment due to the nature of the company's capital structure.
People & committees
Sen. Dodd, Christopher J. [D-CT] · D–CT
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Subcommittee Hearings Held.
Referred to the Subcommittee on Telecommunications and Finance.
Referred to the House Committee on Energy and Commerce.
Message on Senate action sent to the House.
Received in the House.
Passed Senate with an amendment by Voice Vote.
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
The committee substitute agreed to by Voice Vote.
Measure laid before Senate by unanimous consent. (consideration: CR S14863-14864)
Placed on Senate Legislative Calendar under General Orders. Calendar No. 249.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-166.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-166.
Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Banking. Hearings held. Hearings printed: S.Hrg. 103-294.
Subcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 103-77.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S2227-2230)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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