US SB3671

Prohibits the SEC from restricting closed-end investment companies from investing any or all of their assets in securities issued by private funds (such as hedge funds and private equity funds)

Bars the SEC from imposing conditions on the sale or exchange listing of securities from closed-end companies that invest in private funds, unless restrictions are unrelated to private fund characteristics

Requires national securities exchanges to allow listing and trading of closed-end company securities that invest in private funds, consistent with the new Investment Company Act provisions

Extends these provisions to business development companies (BDCs) that elect treatment under Section 54 of the Investment Company Act

Preserves existing fiduciary duties owed to closed-end companies and their investment advisers, as well as valuation, liquidity, and redemption requirements under current law