Access to Small Business Investor Capital Act

The "Access to Small Business Investor Capital Act" introduces a change in how registered investment companies report their fees and expenses. This legislation specifically permits these companies to omit certain fees from the calculation of their Acquired Fund Fees and Expenses (AFFE) when filing registration statements. Under this Act, the fees and expenses that can be excluded are those incurred indirectly as a result of investing in shares of one or more business development companies . By allowing the exclusion of these specific fees, the bill aims to adjust the reported expense ratios for investment companies that allocate capital to business development companies, potentially affecting how these funds are presented to investors.