15 U.S.C. 80a-1added 66by H.R. 10595 Sec. 101
66 Joint and several liability for controlling private funds and holders of active interests in controlling private funds.—(a) Definitions.— In this section, the terms affiliate, control person, controlling private fund, holder of an active interest, and target firm have the meanings given those terms in section 3 of the Stop Wall Street Looting Act.(b) Joint and several liability.— Notwithstanding any other provision of law, or the terms of any contract or agreement, a controlling private fund, and any holder of an active interest with respect to a controlling private fund, shall be jointly and severally liable for all liabilities of each target firm for which the controlling private fund is a control person, and for all liabilities of any affiliate of each such target firm, including—(1) any debt incurred by the target firm or an affiliate of the target firm, including as part of the acquisition of the target firm by the controlling private fund;(2) any Federal or State civil monetary penalty, or obligation under a settlement or consent order with a Federal or State governmental agency or instrumentality, including a consumer restitution obligation, for which the target firm, or an affiliate of the target firm, is liable;(3) any liability resulting from a violation of section 3 of the Worker Adjustment and Retraining Notification Act (29 U.S.C. 2102) by the target firm or an affiliate of the target firm;(4) any withdrawal liability determined under part 1 of subtitle E of title IV of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1381 et seq.) that is incurred by the target firm or an affiliate of the target firm; and(5) any claim for unfunded benefit liabilities owed to the Pension Benefit Guaranty Corporation under subtitle D of title IV of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1361 et seq.) with respect to the termination of a pension plan sponsored by the target firm or an affiliate of the target firm.(c) Rule of construction.— Nothing in this section may be construed to diminish existing, as of the date of enactment of this section, controlled group liability under the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.).
The bill says: The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is amended by adding at the end the following:
Bill text · Current law (15 U.S.C. 80a-1)
15 U.S.C. 80a-1added 67by H.R. 10595 Sec. 102
67 Indemnification void as against public policy.—(a) Definitions.— In this section, the terms affiliate, controlling private fund, holder of an active interest, and target firm have the meanings given those terms in section 3 of the Stop Wall Street Looting Act.(b) Void as against public policy.— It shall be void as against public policy for a target firm, or an affiliate of a target firm, to indemnify a controlling private fund with respect to—(1) the target firm;(2) any affiliate of the target firm; or(3) any person that is the holder of an active interest in the controlling private fund with respect to the liabilities of that person under section 66.
The bill says: The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), as amended by this Act, is amended by adding at the end the following:
Bill text · Current law (15 U.S.C. 80a-1)
11 U.S.C. 546(e)addedby H.R. 10595 Sec. 202(a)
The bill says: Section 546(e) of title 11, United States Code, is amended by inserting after "548(b) of this title," the following: "and except in the case of a transfer made in connection with a change in control transaction, as defined in section 3 of the Stop Wall Street Looting Act, or during the protected period, as defined in section 548(f) of this title,".
Bill text · Current law (11 U.S.C. 546)
11 U.S.C. 548added (f)by H.R. 10595 Sec. 202(b)
(f)(1) In this subsection—(A) the terms change in control transaction, control person, and target firm have the meanings given those terms in section 3 of the Stop Wall Street Looting Act; and(B) the term protected period means the shorter of—(i) the 15-year period beginning on the date on which a change in control transaction closed; or(ii) the period beginning on the date on which a change in control transaction closed and ending on the earliest subsequent date on which a public offering of a controlling share of the common equity securities of the target firm occurs.(2) For purposes of this section, if the debtor is a target firm, the debtor is presumed to have made a transfer or incurred an obligation described in subparagraphs (A) and (B) of subsection (a)(1) if—(A) the transfer was made to or obligation was incurred by the debtor or an affiliate in connection with a change in control transaction; or(B) during a protected period—(i) the transfer was made by the debtor or an affiliate to a control person, an affiliate, or an insider; or(ii) the obligation was incurred by the debtor or an affiliate from a control person, an affiliate, or an insider.(3) For the purposes of this section, a court shall, in analyzing related transactions, link together as a single transaction any interrelated yet formally distinct steps in an integrated transaction (commonly known as the "step transaction doctrine").
The bill says: Section 548 of title 11, United States Code, is amended by adding at the end the following:
Bill text · Current law (11 U.S.C. 548)
11 U.S.C. 548(a)(1)changedby H.R. 10595 Sec. 202(c)
The bill says: in subsection (a)(1), by striking paragraph "that was made or incurred on or within 15 years before the date of the filing of the petition" and inserting "that was made or incurred during the period described in subsection (g)"; and
Bill text · Current law (11 U.S.C. 548)
28 U.S.C. 3306(b)(2)changedby H.R. 10595 Sec. 202(c)
(2) under subsection (a)(1) or (b)(1)(B) of section 3304 within 6 years after the transfer was made or the obligation was incurred; or
The bill says: in paragraph (2), by striking "or" at the end;
Bill text · Current law (28 U.S.C. 3306)
28 U.S.C. 3306(b)(3)changedby H.R. 10595 Sec. 202(c)
(3) under section 3304(a)(2) within 2 years after the transfer was made or the obligation was incurred.; or
The bill says: in paragraph (3), by striking the period at the end and inserting "; or"; and
Bill text · Current law (28 U.S.C. 3306)
28 U.S.C. 3306(b)added (4)by H.R. 10595 Sec. 202(c)
(4) within 15 years after the transfer was made or the obligation was incurred, if the transfer was made or the obligation was incurred—(A) in connection with a change in control transaction, as defined in section 3 of the Stop Wall Street Looting Act; or(B) during a protected period, as defined in section 548(f) of title 11.
The bill says: by adding at the end the following:
Bill text · Current law (28 U.S.C. 3306)
11 U.S.C. 1103(c)renumberedby H.R. 10595 Sec. 202(d)
The bill says: by redesignating paragraphs (3) through (5) as paragraphs (4) through (6), respectively; and
Bill text · Current law (11 U.S.C. 1103)
11 U.S.C. 1103(c)added (3)by H.R. 10595 Sec. 202(d)
(3) upon motion, undertake an examination of a director, officer, general partner, or person in control of the debtor regarding potential conflicts of interest;
The bill says: by inserting after paragraph (2) the following:
Bill text · Current law (11 U.S.C. 1103)
11 U.S.C. 1107(a)changedby H.R. 10595 Sec. 202(e)
(a) Subject to any limitations on a trustee serving in a case under this chapter, and to such limitations or conditions as the court prescribes, a debtor in possession shall have all the rights, other than the right to compensation under section 330 of this title, and powers, and shall perform all the functions and duties, except the duties specified in sections 1106(a)(2), (3), and (4) of this title, of a trustee serving in a case under this chapter.
The bill says: in subsection (a), by striking "Subject to" and inserting, "Except as provided in subsection (c), subject to"; and
Bill text · Current law (11 U.S.C. 1107)
11 U.S.C. 1107added (c)by H.R. 10595 Sec. 202(e)
(c) Notwithstanding subsection (a), if a debtor in possession is serving in a case under this title, a committee of creditors appointed under section 1102 of this title shall have the exclusive right of a trustee serving in a case under this chapter to bring or settle on behalf of the estate—(1) an action under section 544, 547, 548, or 553 to avoid a transfer made or obligation incurred by the debtor in connection with a change of control transaction, as defined in section 3 of the Stop Wall Street Looting Act; or(2) an action against an insider, a former insider, or an agent or aider and abettor of an insider or former insider.
The bill says: by adding at the end the following:
Bill text · Current law (11 U.S.C. 1107)
26 U.S.C. 26(b)(2)changedby H.R. 10595 Sec. 203(b)
…For purposes of paragraph (1), any tax imposed by any of the following provisions shall not be treated as tax imposed by this chapter: (A) section 55 (relating to minimum tax), (B) section 59A (relating to base erosion and anti-abuse tax) or section 59B (relating to surtax on certain amounts received by investment firms from controlled target firms), (C) subsection (m)(5)(B), (q), (t), or (v) of section 72 (relating to additional taxes on certain distributions), (D) section 143(m) (relating to recapture of proration of Federal subsidy from use of mortgage bonds and mortgage credit…
The bill says: Subparagraph (B) of section 26(b)(2) of the Internal Revenue Code of 1986 is amended by inserting "or section 59B (relating to surtax on certain amounts received by investment firms from controlled target firms)" after "anti-abuse tax)".
Bill text · Current law (26 U.S.C. 26)
26 U.S.C. 163(j)renumberedby H.R. 10595 Sec. 204(a)
(11) Modification of limitation for certain businesses owned by private firms.—(A) In general.— In the case of a taxpayer which is an applicable entity controlled by an applicable controlling entity (or any person related within the meaning of section 267(b) or 707(b) to such entity) at any time during the taxable year—(i) if the ratio of debt to equity of the taxpayer as of the close of the taxable year (or on any other day during the taxable year as the Secretary may prescribe in regulations) exceeds 1, then paragraph (1) shall be applied by substituting a percentage that the Secretary determines appropriate (and which shall be not less than 30 percent) for "30 percent", and(ii) in the case of the election under paragraph (7)(B) to treat any trade or business of the taxpayer as an electing real property trade or business—(I) the taxpayer may not make any such election during such taxable year, and(II) any such election of the taxpayer in effect as of the close of the taxable year preceding such taxable year with respect to a trade or business shall be revoked, effective for such taxable year and all succeeding taxable years.(B) Ratio of debt to equity.— For purposes of this paragraph, the term ratio of debt to equity means, with respect to any taxpayer, the ratio which the total indebtedness of the taxpayer bears to the sum of the taxpayer's money and all other assets reduced (but not below zero) by such total indebtedness. For purposes of the preceding sentence—(i) the amount taken into account with respect to any asset shall be the adjusted basis thereof for purposes of determining gain,(ii) the amount taken into account with respect to any indebtedness with original issue discount shall be its issue price plus the portion of the original issue discount previously accrued as determined under the rules of section 1272 (determined without regard to subsection (a)(7) or (b)(4) thereof), and(iii) there shall be such other adjustments as the Secretary may by regulations prescribe.(C) Coordination with depreciation rules.— If the alternative depreciation system under section 168(g) applies to property by reason of an election under paragraph (7)(B) which is revoked under subparagraph (A)(ii)(II), then the depreciation deduction under section 167(a) with respect to such property for the taxable year of revocation and all succeeding taxable years shall be determined under section 168 in the same manner as if such revocation were a change in use of the property under section 168(i)(5) and the regulations thereunder.(D) Definitions and rules.— For purposes of this paragraph—(i) any term used in this paragraph which is also used in section 59B shall have the same meaning as when used in such section, and(ii) the constructive ownership rules of section 318 shall apply in the same manner as such rules apply for purposes of section 59B.
The bill says: Section 163(j) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (11) as paragraph (12) and by inserting after paragraph (10) the following new paragraph:
Bill text · Current law (26 U.S.C. 163)
15 U.S.C. 80a-1added 68by H.R. 10595 Sec. 205
68 Disclosures.— Any person described in paragraph (1) or (7) of section 3(c) that receives funds from a Federal or State agency—(1) shall publicly disclose—(A) the total funds received from the agency;(B) the workforce demographics of the person;(C) the amount of loans, grants, or other benefits provided;(D) the use of the proceeds;(E) how many jobs were saved or wages preserved;(F) any loans forgiven or discharged;(G) the beneficial owners of the person;(H) the pay ratio between the chief executive officer and the median pay of employees; and(2) may not, during the 2-year period beginning on the date on which the person receives the funds—(A) acquire any company; or(B) make any distribution to a shareholder of the person.
The bill says: The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), as amended by this Act, is amended by adding at the end the following:
Bill text · Current law (15 U.S.C. 80a-1)
42 U.S.C. 1320a-7(a)a new sectionadded (5)by H.R. 10595 Sec. 206
(5) Selling assets to or using assets as collateral for a loan with a real estate investment trust.—(A) In general.— Any individual or entity that, on or after the date of enactment of this paragraph, sells any assets to, or newly pledges any assets as collateral for a loan with, a real estate investment trust (as defined in section 856(a) of the Internal Revenue Code of 1986).(B) Clarification.— Subparagraph (A) shall not apply in the case where an individual or entity agreed to pledge an asset as collateral for a loan with a real estate investment trust prior to the date of enactment of this paragraph, including with respect to any future agreement between the individual or entity and the real estate investment trust regarding that same asset.
The bill says: Section 1128(a) of the Social Security Act (42 U.S.C. 1320a–7(a)) is amended by adding at the end the following new paragraph:
Bill text
26 U.S.C. 856(d)(8)(B)changedby H.R. 10595 Sec. 207(a)
The bill says: by striking "or a qualified health care property (as defined in subsection (e)(6)(D)(i))", and
Bill text · Current law (26 U.S.C. 856)
26 U.S.C. 856(d)(8)(B)changedby H.R. 10595 Sec. 207(a)
The bill says: by striking "qualified health care property or".
Bill text · Current law (26 U.S.C. 856)
26 U.S.C. 199A(b)(1)changedby H.R. 10595 Sec. 208(a)
(1) In general. The term "combined qualified business income amount" means, with respect to any taxable year, an amount equal to— (A) the sum of the amounts determined under paragraph (2) for each qualified trade or business carried on by the taxpayer, plus (B) 20 percent of the aggregate amount of the qualified REIT dividends and qualified publicly traded partnership income of the taxpayer for the taxable year.
The bill says: Subparagraph (B) of section 199A(b)(1) of the Internal Revenue Code of 1986 is amended by striking "qualified REIT dividends and".
Bill text · Current law (26 U.S.C. 199A)
29 U.S.C. 158(a)(5)changedby H.R. 10595 Sec. 209(a)
The bill says: in paragraph (5), by striking the period and inserting ";"; and
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(a)added (6)by H.R. 10595 Sec. 209(a)
(6) to promise, threaten, or take any action—(A) to permanently replace an employee who participates in a strike as defined by section 501(2) of the Labor Management Relations Act, 1947 (29 U.S.C. 142(2));(B) to discriminate against an employee who is working or has unconditionally offered to return to work for the employer because the employee supported or participated in such a strike; or(C) to lockout, suspend, or otherwise withhold employment from employees in order to influence the position of such employees or the representative of such employees in collective bargaining prior to a strike; and(7) to communicate or misrepresent to an employee under section 2(3) that such employee is excluded from the definition of employee under section 2(3).
The bill says: by adding at the end the following:
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(b)removedby H.R. 10595 Sec. 209(a)
The bill says: by striking paragraphs (4) and (7);
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(b)renumberedby H.R. 10595 Sec. 209(a)
The bill says: by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively;
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(b)(4)changedby H.R. 10595 Sec. 209(a)
The bill says: in paragraph (4), as so redesignated, by striking "affected;" and inserting "affected; and"; and
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(b)(5)changedby H.R. 10595 Sec. 209(a)
The bill says: in paragraph (5), as so redesignated, by striking "; and" and inserting a period;
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(c)changedby H.R. 10595 Sec. 209(a)
…in written, printed, graphic, or visual form, shall not constitute or be evidence of an unfair labor practice under any of the provisions of this subchapter, if such expression contains no threat of reprisal or force or promise of benefit.: Provided, That it shall be an unfair labor practice under subsection (a)(1) for any employer to require or coerce an employee to attend or participate in such employer’s campaign activities unrelated to the employee’s job duties, including activities that are subject to the requirements under section 203(b) of the Labor-Management Reporting and Disclosure Act of 1959 (29 U.S.C. 433(b)).
The bill says: in subsection (c), by striking the period at the end and inserting the following: ": Provided, That it shall be an unfair labor practice under subsection (a)(1) for any employer to require or coerce an employee to attend or participate in such employer’s campaign activities unrelated to the employee’s job duties, including activities that are subject to the requirements under section 203(b) of the Labor-Management Reporting and Disclosure Act of 1959 (29 U.S.C. 433(b))."; and
Bill text · Current law (29 U.S.C. 158)
29 U.S.C. 158(d)changedby H.R. 10595 Sec. 209(a)
…the representative of the employees to meet at reasonable times and confer in good faith with respect to wages, hours, and other terms and conditions of employment, or the negotiation of an agreement, or any question arising thereunder and to maintain current wages, hours, and terms and conditions of employment pending an agreement, and the execution of a written contract incorporating any agreement reached if requested by either party, but such obligation does not compel either party to agree to a proposal or require the making of a concession: Provided, That where…
The bill says: in subsection (d), in the matter preceding paragraph (1), by inserting "and to maintain current wages, hours, and terms and conditions of employment pending an agreement" after "arising thereunder".
Bill text · Current law (29 U.S.C. 158)
11 U.S.C. 507(a)(4)renumberedby H.R. 10595 Sec. 301(1)
The bill says: by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(4)changedby H.R. 10595 Sec. 301(1)
(4) (A) Fourth, allowed unsecured claims, but only to the extent of $10,000 2 for each individual or corporation, as the case may be, earned within 180 days before the date of the filing of the petition or the date of the cessation of the debtor's…
The bill says: in the matter preceding clause (i), as so redesignated, by inserting "(A)" before "Fourth";
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(4)(A)changedby H.R. 10595 Sec. 301(1)
The bill says: by striking "$10,000" and inserting "$20,000";
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(4)(A)changedby H.R. 10595 Sec. 301(1)
The bill says: by striking "within 180 days"; and
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(4)(A)changedby H.R. 10595 Sec. 301(1)
The bill says: by striking "or the date of the cessation of the debtor’s business, whichever occurs first"; and
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(4)added (B)by H.R. 10595 Sec. 301(1)
(B) Severance pay described in subparagraph (A)(i) shall be deemed earned in full upon the layoff or termination of employment of the individual to whom the severance pay is owed.
The bill says: by adding at the end the following:
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(5)(A)changedby H.R. 10595 Sec. 301(2)
(A) arising from services rendered within 180 days before the date of the filing of the petition or the date of the cessation of the debtor's business, whichever occurs first; but only
The bill says: by striking "within 180 days"; and
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(5)(A)changedby H.R. 10595 Sec. 301(2)
(A) arising from services rendered within 180 days before the date of the filing of the petition or the date of the cessation of the debtor's business, whichever occurs first; but only
The bill says: by striking "or the date of the cessation of the debtor’s business, whichever occurs first"; and
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 507(a)(5)changedby H.R. 10595 Sec. 301(2)
The bill says: by striking subparagraph (B) and inserting the following:
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 503(b)(8)(B)changedby H.R. 10595 Sec. 302(1)
(B) in connection with transferring patients from the health care business that is in the process of being closed to another health care business; and
The bill says: in paragraph (8)(B), by striking "and" at the end;
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(b)(9)changedby H.R. 10595 Sec. 302(2)
The bill says: in paragraph (9), by striking the period and inserting a semicolon; and
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(b)added (10)by H.R. 10595 Sec. 302(3)
(10) severance pay owed to employees of the debtor (other than to an insider of the debtor or a senior executive officer of the debtor), under a plan, program, or policy generally applicable to employees of the debtor (but not under an individual contract of employment), or owed pursuant to a collective bargaining agreement, for layoff or termination on or after the date of the filing of the petition, which pay shall be deemed earned in full upon such layoff or termination of employment; and(11) any contribution due on or after the date of the filing of the petition under an employee welfare benefit plan, as defined in section 3 of the Stop Wall Street Looting Act.
The bill says: by adding at the end the following:
Bill text · Current law (11 U.S.C. 503)
29 U.S.C. 2101(b)(1)(A)(ii)addedby H.R. 10595 Sec. 303(a)
The bill says: Section 503(b)(1)(A)(ii) of title 11, United States Code, is amended by inserting after "(ii)" the following: "any back pay, civil penalty, or damages for a violation of any Federal or State labor and employment law, including the Worker Adjustment and Retraining Notification Act (29 U.S.C. 2101 et seq.) and any comparable State law, and".
Bill text · Current law (29 U.S.C. 2101)
29 U.S.C. 2104(a)(1)changedby H.R. 10595 Sec. 303(b)
The bill says: by inserting "which for purposes of this sentence shall consist of the days, in the notification period, that are or that follow the date of the prohibited closing or layoff under this Act," after "period of the violation,"; and
Bill text · Current law (29 U.S.C. 2104)
29 U.S.C. 2104(a)(1)changedby H.R. 10595 Sec. 303(b)
The bill says: by inserting "calendar" after "60".
Bill text · Current law (29 U.S.C. 2104)
11 U.S.C. 503(c)changedby H.R. 10595 Sec. 304(1)
(c) Notwithstanding subsection (b), and subject to section 363(b)(3), there shall neither be allowed, nor paid— (1) a transfer made to, or an obligation incurred for the benefit of, an insider of the debtor for the purpose of inducing such person to remain with the debtor's business, absent a finding by the…
The bill says: in the matter preceding paragraph (1), by inserting "and subject to section 363(b)(3)," after "Notwithstanding subsection (b),";
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(c)(1)changedby H.R. 10595 Sec. 304(2)
(1) a transfer made to, or an obligation incurred for the benefit of, an insider of the debtor , a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider) for the purpose of inducing such person to remain with the debtor's business, absent a finding by the court based on evidence in the record that— (A) the transfer or obligation is essential to retention of the person because the…
The bill says: by inserting ", a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider)" after "insider of the debtor";
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(c)(1)changedby H.R. 10595 Sec. 304(2)
(1) a transfer made to, or an obligation incurred for the benefit of, an insider of the debtor for the purpose of inducing such person to remain with the debtor's business, or for the payment of performance or incentive compensation, a bonus of any kind, or any other financial return designed to replace or enhance incentive, stock, or other compensation in effect before the date of the commencement of the case, absent a finding by the court based on evidence in the record that— (A) the transfer or obligation is essential to retention of the person because the individual has a bona fide job offer from another business at the same or greater rate…
The bill says: by inserting "or for the payment of performance or incentive compensation, a bonus of any kind, or any other financial return designed to replace or enhance incentive, stock, or other compensation in effect before the date of the commencement of the case," after "remain with the debtor’s business,"; and
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(c)(1)changedby H.R. 10595 Sec. 304(2)
(1) a transfer made to, or an obligation incurred for the benefit of, an insider of the debtor for the purpose of inducing such person to remain with the debtor's business, absent a finding by the court based on clear and convincing evidence in the record that— (A) the transfer or obligation is essential to retention of the person because the individual has a bona fide job offer from another business at the same or greater rate of compensation; (B) the services…
The bill says: by inserting "clear and convincing" before "evidence in the record";
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(c)(2)changedby H.R. 10595 Sec. 304(3)
(2) a severance payment to an insider of the debtor , a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider), unless— (A) the payment is part of a program that is generally applicable to all full-time employees; and (B) the amount of the payment is not greater than 10 times the amount of the mean severance pay given to nonmanagement employees during the calendar year in which the payment is made; or
The bill says: in paragraph (2), in the matter preceding subparagraph (A), by inserting ", a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider)" after "an insider of the debtor"; and
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 503(c)changedby H.R. 10595 Sec. 304(4)
(3) any other transfer or obligation to or for the benefit of an insider of the debtor, a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider), absent a finding by the court, based upon clear and convincing evidence in the record, and without deference to a request by the debtor for such payment, that—(A) because of the essential and particularized nature of the services provided by the insider, executive officer, employee, manager, or consultant, the transfer or obligation is essential to—(i) the survival of the business of the debtor; or(ii) in a case in which some or all of the assets of the debtor are liquidated, the orderly liquidation of the assets;(B) in the case of a transfer or obligation under an incentive program, the transfer or obligation is part of a workforce incentive program generally applicable to the nonmanagement workforce of the debtor; and(C) the cost of the transfer or obligation—(i) is reasonable;(ii) is not excessive in the context of the financial circumstances of the debtor; and(iii) is not disproportionate in light of any economic loss incurred by the nonmanagement workforce of the debtor during the case.
The bill says: by striking paragraph (3) and inserting the following:
Bill text · Current law (11 U.S.C. 503)
11 U.S.C. 363(b)added (3)by H.R. 10595 Sec. 305(1)
(3) No plan, program, or other transfer or obligation to or for the benefit of an insider of the debtor, a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider) shall be approved if the debtor has, on or after the date that is 1 year before the date of the filing of the petition—(A) discontinued any plan, program, policy or practice of paying severance pay to the nonmanagement workforce of the debtor; or(B) modified any plan, program, policy, or practice described in subparagraph (A) in order to reduce benefits under the plan, program, policy or practice.
The bill says: in subsection (b), by adding at the end the following:
Bill text · Current law (11 U.S.C. 363)
11 U.S.C. 363(c)(1)addedby H.R. 10595 Sec. 305(2)
The bill says: in subsection (c)(1), by inserting before the period at the end the following: ", except that, for any transaction that constitutes a transfer or obligation subject to section 503(c), the trustee shall be required to obtain the prior approval of the court after notice and an opportunity for a hearing".
Bill text · Current law (11 U.S.C. 363)
11 U.S.C. 1129(a)(4)addedby H.R. 10595 Sec. 306(1)
The bill says: in paragraph (4), by adding at the end the following: "Except for compensation subject to review under paragraph (5), any payment or other distribution under the plan to or for the benefit of an insider of the debtor, a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider), shall not be approved by the court except as part of a program of payments or distributions generally applicable to employees of the debtor, and only to the extent that the court determines that the payment or other distribution is not excessive or disproportionate in comparison to payments or other distributions to the nonmanagement workforce of the debtor."; and
Bill text · Current law (11 U.S.C. 1129)
11 U.S.C. 1129(a)(5)(A)(ii)changedby H.R. 10595 Sec. 306(2)
The bill says: in subparagraph (A)(ii), by striking "and" at the end;
Bill text · Current law (11 U.S.C. 1129)
11 U.S.C. 1129(a)(5)(B)changedby H.R. 10595 Sec. 306(2)
The bill says: in subparagraph (B), by striking the period at the end and inserting "; and"; and
Bill text · Current law (11 U.S.C. 1129)
11 U.S.C. 1129(a)(5)added (C)by H.R. 10595 Sec. 306(2)
(C) the compensation disclosed pursuant to subparagraph (B) has been approved by, or is subject to the approval of, the court as—(i) reasonable in comparison to compensation paid to individuals holding comparable positions at comparable companies in the same industry; and(ii) not disproportionate in light of any economic concession made by the nonmanagement workforce of the debtor during the case.
The bill says: by adding at the end the following:
Bill text · Current law (11 U.S.C. 1129)
11 U.S.C. 506(c)changedby H.R. 10595 Sec. 307(1)
The bill says: by inserting "(1)" before "The trustee"; and
Bill text · Current law (11 U.S.C. 506)
11 U.S.C. 506(c)added (2)by H.R. 10595 Sec. 307(2)
(2) If one or more employees of the debtor have not received wages, accrued vacation, severance, or any other compensation owed under a plan, program, policy, or practice of the debtor, or pursuant to the terms of a collective bargaining agreement, for services rendered on or after the date of the commencement of the case, or the debtor has not made a contribution due under an employee welfare benefit plan, as defined in section 3 of the Stop Wall Street Looting Act, on or after the date of the commencement of the case, such unpaid obligations shall be—(A) deemed—(i) reasonable, necessary costs and expenses of preserving, or disposing of, property securing an allowed secured claim; and(ii) benefiting the holder of the allowed secured claim; and(B) recovered by the trustee for payment to the employees or the employee welfare benefit plan, as defined in section 3 of the Stop Wall Street Looting Act, as applicable, even if the trustee, or a predecessor or successor in interest, has otherwise waived the provisions of this subsection under an agreement with the holder of the allowed secured claim or a successor or predecessor in interest of the holder of the allowed secured claim.
The bill says: by adding at the end the following:
Bill text · Current law (11 U.S.C. 506)
11 U.S.C. 547added (j)by H.R. 10595 Sec. 308
(j)(1) The trustee may avoid a transfer to or for the benefit of an insider of the debtor, a senior executive officer of the debtor, or any of the 20 next most highly compensated employees of the debtor, department or division managers of the debtor, or consultants providing services to the debtor (regardless of whether the executive officer, employee, manager, or consultant is an insider), that—(A) is made or incurred under a retention, bonus, or incentive plan devised before the date of the filing of the petition; and(B) does not meet the requirements under section 363(b)(3) or 503(c).(2) Subsection (c) shall not constitute a defense against the recovery of a transfer under paragraph (1) of this subsection.(3)(A) The trustee, or a committee appointed under section 1102, may commence an action to recover a transfer under paragraph (1) of this subsection.(B) If neither the trustee nor a committee commences an action to recover a transfer under subparagraph (A) before the date of the commencement of a hearing on the confirmation of a plan, any party in interest may apply to the court for authority to recover the transfer for the benefit of the estate, in which case the costs of recovery shall be borne by the estate.
The bill says: Section 547 of title 11, United States Code, is amended by adding at the end the following:
Bill text · Current law (11 U.S.C. 547)
11 U.S.C. 363added (q)by H.R. 10595 Sec. 309(a)
(q)(1) In approving a sale or lease of property of the estate under this section, or under a plan under chapter 11, the court shall give substantial weight to the extent to which a prospective purchaser or lessee, respectively, of the property will—(A) preserve the jobs of the workforce of the debtor; and(B) maintain the terms and conditions of employment of the workforce of the debtor.(2) If there are two or more offers to purchase or lease property of the estate under this section, or under a plan under chapter 11, that qualify under the procedures for the sale or lease, respectively, approved by the court, the court shall approve the offer that best—(A) preserves the jobs of the workforce of the debtor; and(B) maintains the terms and conditions of employment of the workforce of the debtor.(r)(1) Any party seeking to purchase or lease property of the estate under this section, or under a plan under chapter 11, shall represent to the court the effect of such a transaction with respect to—(A) the preservation of the jobs of the workforce of the debtor; and(B) the maintenance of the terms and conditions of employment of the workforce of the debtor.(2) The court shall expressly include in an order approving a purchase or lease of property of the estate under this section, or under a plan under chapter 11, any representation made by a purchaser or lessee of the property under paragraph (1).(3) With respect to a purchase or lease of property of the estate under this section, or under a plan under chapter 11—(A) the court shall have jurisdiction over the purchaser or lessee of the property in order to enforce the terms of the order approving the purchase or lease;(B) the purchaser or lessee shall promptly disclose to the court any material noncompliance with the terms of the order described in subparagraph (A) and explain the basis for such noncompliance; and(C) with respect to material noncompliance described in subparagraph (B), the court may impose any appropriate remedy, including injunctive relief, to address the noncompliance.
The bill says: Section 363 of title 11, United States Code, is amended by adding at the end the following:
Bill text · Current law (11 U.S.C. 363)
11 U.S.C. 1123(b)(4)changedby H.R. 10595 Sec. 309(b)
The bill says: Section 1123(b)(4) of title 11, United States Code, is amended by inserting ", which sale shall be subject to the requirements under subsections (q) and (r) of section 363 of this title," after "property of the estate".
Bill text · Current law (11 U.S.C. 1123)
11 U.S.C. 1129(a)added (17)by H.R. 10595 Sec. 309(b)
(17) If the plan provides for the sale of all or substantially all of the property of the estate, the sale meets the requirements under subsections (q) and (r) of section 363 of this title.
The bill says: Section 1129(a) of title 11, United States Code, is amended by adding at the end the following:
Bill text · Current law (11 U.S.C. 1129)
11 U.S.C. 101(a)added (26A)by H.R. 10595 Sec. 310(a)
(26A) The term gift card means a paper or electronic promise, plastic card, or other payment code or device that is—(A) redeemable at—(i) a single merchant; or(ii) an affiliated group of merchants that share the same name, mark, or logo;(B) issued in a specified amount, regardless of whether that amount may be increased in value or reloaded at the request of the holder;(C) purchased on a prepaid basis in exchange for payment; and(D) honored by the single merchant or affiliated group of merchants described in subparagraph (A) upon presentation for goods or services.
The bill says: Section 101(a) of title 11, United States Code, is amended by inserting after paragraph (26) the following:
Bill text · Current law (11 U.S.C. 101)
11 U.S.C. 507(a)changedby H.R. 10595 Sec. 310(b)
(7) Seventh, allowed unsecured claims of individuals, to the extent of $1,800 for each such individual, arising from the deposit, before the commencement of the case, of money in connection with—(A) the purchase, lease, or rental of property;(B) the purchase of services, for the personal, family, or household use of such individuals, that were not delivered or provided; or(C) the purchase of a gift card with respect to which funds exist that have not been redeemed.
The bill says: Section 507(a) of title 11, United States Code, is amended by striking paragraph (7) and inserting the following:
Bill text · Current law (11 U.S.C. 507)
11 U.S.C. 365(d)removedby H.R. 10595 Sec. 311(1)
The bill says: by striking paragraph (4); and
Bill text · Current law (11 U.S.C. 365)
11 U.S.C. 365(d)renumberedby H.R. 10595 Sec. 311(2)
The bill says: by redesignating paragraph (5) as paragraph (4).
Bill text · Current law (11 U.S.C. 365)
26 U.S.C. 83renumberedby H.R. 10595 Sec. 402(a)
(4) Partnership interests.— Except as provided by the Secretary—(A) In general.— In the case of any transfer of an interest in a partnership in connection with the provision of services to (or for the benefit of) such partnership—(i) the fair market value of such interest shall be treated for purposes of this section as being equal to the amount of the distribution which the partner would receive if the partnership sold (at the time of the transfer) all of its assets at fair market value and distributed the proceeds of such sale (reduced by the liabilities of the partnership) to its partners in liquidation of the partnership, and(ii) the person receiving such interest shall be treated as having made the election under subsection (b)(1) unless such person makes an election under this paragraph to have such subsection not apply.(B) Election.— The election under subparagraph (A)(ii) shall be made under rules similar to the rules of subsection (b)(2).
The bill says: Subsection (c) of section 83 is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:
Bill text · Current law (26 U.S.C. 83)
26 U.S.C. 751added (3)by H.R. 10595 Sec. 403(b)
(3) investment services partnership interests held by the partnership,
The bill says: Subsection (a) of section 751 is amended by striking "or" at the end of paragraph (1), by inserting "or" at the end of paragraph (2), and by inserting after paragraph (2) the following new paragraph:
Bill text · Current law (26 U.S.C. 751)
26 U.S.C. 751(b)(1)added (iii)by H.R. 10595 Sec. 403(b)
(iii) investment services partnership interests held by the partnership,
The bill says: Subparagraph (A) of section 751(b)(1) is amended by striking "or" at the end of clause (i), by inserting "or" at the end of clause (ii), and by inserting after clause (ii) the following new clause:
Bill text · Current law (26 U.S.C. 751)
26 U.S.C. 751added (3)by H.R. 10595 Sec. 403(b)
(3) an investment services partnership interest held by the partnership,
The bill says: by striking "or" at the end of paragraph (1), by inserting "or" at the end of paragraph (2), and by inserting after paragraph (2) the following new paragraph:
Bill text · Current law (26 U.S.C. 751)
26 U.S.C. 751changedby H.R. 10595 Sec. 403(b)
The bill says: by striking "partner." and inserting "partner (other than a partnership in which it holds an investment services partnership interest).".
Bill text · Current law (26 U.S.C. 751)
26 U.S.C. 751added (g)by H.R. 10595 Sec. 403(b)
(g) Investment services partnership interests.— For purposes of this section—(1) In general.— The term investment services partnership interest has the meaning given such term by section 710(c).(2) Adjustments for qualified capital interests.— The amount to which subsection (a) applies by reason of paragraph (3) thereof shall not include so much of such amount as is attributable to any portion of the investment services partnership interest which is a qualified capital interest (determined under rules similar to the rules of section 710(d)).(3) Exception for publicly traded partnerships.— Except as otherwise provided by the Secretary, in the case of an exchange of an interest in a publicly traded partnership (as defined in section 7704) to which subsection (a) applies—(A) this section shall be applied without regard to subsections (a)(3), (b)(1)(A)(iii), and (f)(3), and(B) such partnership shall be treated as owning its proportionate share of the property of any other partnership in which it is a partner.(4) Recognition of gains.— Any gain with respect to which subsection (a) applies by reason of paragraph (3) thereof shall be recognized notwithstanding any other provision of this title.(5) Coordination with inventory items.— An investment services partnership interest held by the partnership shall not be treated as an inventory item of the partnership.(6) Prevention of double counting.— Under regulations or other guidance prescribed by the Secretary, subsection (a)(3) shall not apply with respect to any amount to which section 710 applies.(7) Valuation methods.— The Secretary shall prescribe regulations or other guidance which provide the acceptable methods for valuing investment services partnership interests for purposes of this section.
The bill says: Section 751 is amended by adding at the end the following new subsection:
Bill text · Current law (26 U.S.C. 751)
26 U.S.C. 7704added (6)by H.R. 10595 Sec. 403(c)
(6) Income from certain carried interests not qualified.—(A) In general.— Specified carried interest income shall not be treated as qualifying income.(B) Specified carried interest income.— For purposes of this paragraph—(i) In general.— The term specified carried interest income means—(I) any item of income or gain allocated to an investment services partnership interest (as defined in section 710(c)) held by the partnership,(II) any gain on the disposition of an investment services partnership interest (as so defined) or a partnership interest to which (in the hands of the partnership) section 751 applies, and(III) any income or gain taken into account by the partnership under subsection (b)(4) or (e) of section 710.(ii) Exception for qualified capital interests.— A rule similar to the rule of section 710(d) shall apply for purposes of clause (i).(C) Coordination with other provisions.— Subparagraph (A) shall not apply to any item described in paragraph (1)(E) (or so much of paragraph (1)(F) as relates to paragraph (1)(E)).(D) Special rules for certain partnerships.—(i) Certain partnerships owned by real estate investment trusts.— Subparagraph (A) shall not apply in the case of a partnership which meets each of the following requirements:(I) Such partnership is treated as publicly traded under this section solely by reason of interests in such partnership being convertible into interests in a real estate investment trust which is publicly traded.(II) Fifty percent or more of the capital and profits interests of such partnership are owned, directly or indirectly, at all times during the taxable year by such real estate investment trust (determined with the application of section 267(c)).(III) Such partnership meets the requirements of paragraphs (2), (3), and (4) of section 856(c).(ii) Certain partnerships owning other publicly traded partnerships.— Subparagraph (A) shall not apply in the case of a partnership which meets each of the following requirements:(I) Substantially all of the assets of such partnership consist of interests in one or more publicly traded partnerships (determined without regard to subsection (b)(2)).(II) Substantially all of the income of such partnership is ordinary income or section 1231 gain (as defined in section 1231(a)(3)).(E) Transitional rule.— Subparagraph (A) shall not apply to any taxable year of the partnership beginning before the date which is 10 years after the date of enactment of this paragraph.
The bill says: Subsection (d) of section 7704 is amended by adding at the end the following new paragraph:
Bill text · Current law (26 U.S.C. 7704)
26 U.S.C. 6662added (11)by H.R. 10595 Sec. 403(d)
(11) The application of section 710(e) or the regulations or other guidance prescribed under section 710(g) to prevent the avoidance of the purposes of section 710.
The bill says: Subsection (b) of section 6662 is amended by inserting after paragraph (10) the following new paragraph:
Bill text · Current law (26 U.S.C. 6662)
26 U.S.C. 6662added (n)by H.R. 10595 Sec. 403(d)
(n) Increase in penalty in case of property transferred for investment management services.— In the case of any portion of an underpayment to which this section applies by reason of subsection (b)(11), subsection (a) shall be applied with respect to such portion by substituting "40 percent" for "20 percent".
The bill says: Section 6662 is amended by adding at the end the following new subsection:
Bill text · Current law (26 U.S.C. 6662)
26 U.S.C. 6662A(e)(2)changedby H.R. 10595 Sec. 403(d)
The bill says: Subparagraph (B) of section 6662A(e)(2) is amended by striking "or (i)" and inserting ", (i), or (n)".
Bill text · Current law (26 U.S.C. 6662A)
26 U.S.C. 6664renumberedby H.R. 10595 Sec. 403(d)
The bill says: by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively;
Bill text · Current law (26 U.S.C. 6664)
26 U.S.C. 6664changedby H.R. 10595 Sec. 403(d)
The bill says: by striking "paragraph (3)" in paragraph (5)(A), as so redesignated, and inserting "paragraph (4)"; and
Bill text · Current law (26 U.S.C. 6664)
26 U.S.C. 6664added (3)by H.R. 10595 Sec. 403(d)
(3) Special rule for underpayments attributable to investment management services.—(A) In general.— Paragraph (1) shall not apply to any portion of an underpayment to which section 6662 applies by reason of subsection (b)(11) unless—(i) the relevant facts affecting the tax treatment of the item are adequately disclosed,(ii) there is or was substantial authority for such treatment, and(iii) the taxpayer reasonably believed that such treatment was more likely than not the proper treatment.(B) Rules relating to reasonable belief.— Rules similar to the rules of subsection (d)(4) shall apply for purposes of subparagraph (A)(iii).
The bill says: by inserting after paragraph (2) the following new paragraph:
Bill text · Current law (26 U.S.C. 6664)
26 U.S.C. 1402(a)added (18)by H.R. 10595 Sec. 403(e)
(18) notwithstanding the preceding provisions of this subsection, in the case of any individual engaged in the trade or business of providing services described in section 710(c)(2) with respect to any entity, investment services partnership income or loss (as defined in subsection (m)) of such individual with respect to such entity shall be taken into account in determining the net earnings from self-employment of such individual.
The bill says: Section 1402(a) is amended by striking "and" at the end of paragraph (16), by striking the period at the end of paragraph (17) and inserting "; and", and by inserting after paragraph (17) the following new paragraph:
Bill text · Current law (26 U.S.C. 1402)
26 U.S.C. 1402added (m)by H.R. 10595 Sec. 403(e)
(m) Investment services partnership income or loss.— For purposes of subsection (a)—(1) In general.— The term investment services partnership income or loss means, with respect to any investment services partnership interest (as defined in section 710(c)) or disqualified interest (as defined in section 710(e)), the net of—(A) the amounts treated as ordinary income or ordinary loss under subsections (b) and (e) of section 710 with respect to such interest,(B) all items of income, gain, loss, and deduction allocated to such interest, and(C) the amounts treated as realized from the sale or exchange of property other than a capital asset under section 751 with respect to such interest.(2) Exception for qualified capital interests.— A rule similar to the rule of section 710(d) shall apply for purposes of applying paragraph (1)(B).
The bill says: Section 1402 is amended by adding at the end the following new subsection:
Bill text · Current law (26 U.S.C. 1402)
26 U.S.C. 702(a)added (9)by H.R. 10595 Sec. 403(f)
(9) any amount treated as ordinary income or loss under subsection (a), (b), or (e) of section 710.
The bill says: Section 702(a) is amended by striking "and" at the end of paragraph (7), by striking the period at the end of paragraph (8) and inserting ", and", and by inserting after paragraph (8) the following:
Bill text · Current law (26 U.S.C. 702)
26 U.S.C. 731changedby H.R. 10595 Sec. 403(g)
The bill says: Subsection (d) of section 731 is amended by inserting "section 710(b)(4) (relating to distributions of partnership property)," after "to the extent otherwise provided by".
Bill text · Current law (26 U.S.C. 731)
26 U.S.C. 741changedby H.R. 10595 Sec. 403(g)
The bill says: Section 741 is amended by inserting "or section 710 (relating to special rules for partners providing investment management services to partnerships)" before the period at the end.
Bill text · Current law (26 U.S.C. 741)
15 U.S.C. 80a-1added 69by H.R. 10595 Sec. 501
69 Disclosure of fees and returns.—(a) Definitions.— In this section—(1) the terms controlling private fund, private fund, and target firm have the meanings given the terms in section 3 of the Stop Wall Street Looting Act; and(2) the term expenditure for political activities—(A) means—(i) an independent expenditure, as that term is defined in section 301(17) of the Federal Election Campaign Act of 1971 (52 U.S.C. 30101(17));(ii) a disbursement for an electioneering communication, as that term is defined in section 304(f)(3) of the Federal Election Campaign Act of 1971 (52 U.S.C. 30104(f)(3)) or any other public communication, as defined in section 301(22) of that Act (52 U.S.C. 30101(22)), that would be an electioneering communication if it were a broadcast, cable, or satellite communication; or(iii) dues or other payments to trade associations or organizations described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of that Code that are, or could reasonably be anticipated to be, used or transferred to another association or organization for the purposes described in clause (i) or (ii); and(B) does not include an expenditure for—(i) direct lobbying efforts through registered lobbyists employed or hired by a controlling private fund;(ii) communications by a controlling private fund to—(I) a partner of the fund or executive or administrative personnel with respect to the fund; or(II) a family member of any individual described in subclause (I); or(iii) the establishment and administration of contributions to a separate segregated private fund to be utilized for political purposes by a controlling private fund.(b) Rules.— Not later than 1 year after the date of enactment of this section, the Commission shall issue final rules that require a controlling private fund to, using generally accepted accounting principles, annually report the following information with respect to that controlling private fund:(1) The name, address, and vintage year of the fund.(2) The name of each general partner of the fund.(3) The name of each limited partner of the fund.(4) A list of each entity with respect to which the fund owns an equity interest.(5) In dollars, the total amount of regulatory assets under management by the fund.(6) In dollars, the total amount of net assets under management by the fund.(7) The percentage of fund equity contributed by the general partners of the fund and the percentage of fund equity contributed by the limited partners of the fund.(8) Information on the debt owed by the fund, including—(A) the dollar amount of total debt;(B) the percentage of debt for which the creditor is a financial institution in the United States;(C) the percentage of debt for which the creditor is a financial institution outside of the United States;(D) the percentage of debt for which the creditor is an entity that is located in the United States and is not a financial institution; and(E) the percentage of debt for which the creditor is an entity that is located outside of the United States and is not a financial institution.(9) The gross performance of the fund during the year covered by the report.(10) For the year covered by the report, the difference obtained by subtracting the financial gains of the fund by the fees that the general partners of the fund charged to the limited partners of the fund (commonly referred to as the "performance net of fees").(11) For the year covered by the report, an annual financial statement, which shall include income statements, a balance sheet, and cash flow statements.(12) The average debt-to-equity ratio of each target firm with respect to the fund and the debt-to-equity ratio of each such target firm.(13) The total gross asset value of each target firm with respect to the fund and the gross asset value of each such target firm.(14) The total amount of debt held by each target firm with respect to the fund and the total amount of debt held by each such target firm.(15) The total amount of debt held by each target firm with respect to the fund that, as of the date on which the report is submitted, are categorized as liabilities, long-term liabilities, and payment in kind or zero coupon debt.(16) The total number of target firms with respect to the fund that experienced default during the period covered by the report, including the name of any such target firm.(17) The total number of the target firms with respect to the fund with respect to which a case was commenced under title 11, United States Code, during the period covered by the report, including the name of any such target firm.(18) The percentage of the equity of the fund that is owned by—(A) citizens of the United States;(B) individuals who are not citizens of the United States;(C) brokers or dealers;(D) insurance companies;(E) investment companies that are registered with the Commission under this Act;(F) private funds and other investment companies not required to be registered with the Commission;(G) nonprofit organizations;(H) pension plans maintained by State or local governments (or an agency or instrumentality of either);(I) pension plans maintained by nongovernmental employers;(J) State or municipal government entities;(K) banking or thrift institutions;(L) sovereign wealth funds; and(M) other investors.(19) The total dollar amount of aggregate fees and expenses collected by the fund, the manager of the fund, or related parties from target firms for which the fund is a controlling private fund, which shall—(A) be categorized by the type of fee; and(B) include a description of the purpose of the fees.(20) The total dollar amount of aggregate fees and expenses collected by the fund, the manager of the fund, or related parties from the limited partners of the fund, which shall—(A) be categorized by the type of fee; and(B) include a description of the purpose of the fees.(21) The total carried int
The bill says: The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), as amended by this Act, is amended by adding at the end the following:
Bill text · Current law (15 U.S.C. 80a-1)
29 U.S.C. 1101(b)(1)changedby H.R. 10595 Sec. 502(a)
The bill says: by inserting "or a private fund (as defined in section 3 of the Stop Wall Street Looting Act)" before ", the assets"; and
Bill text · Current law (29 U.S.C. 1101)
29 U.S.C. 1101(b)(1)changedby H.R. 10595 Sec. 502(a)
The bill says: by inserting "or such private fund, as applicable" before the period at the end.
Bill text · Current law (29 U.S.C. 1101)
29 U.S.C. 1002(21)changedby H.R. 10595 Sec. 502(a)
The bill says: Section 3(21)(A) of such Act (29 U.S.C. 1002(21)) is amended by inserting ", and, in the case of a plan which invests in a security issued by a private fund (as such term is defined in section 3 of the Stop Wall Street Looting Act), includes the manager of such private fund" before the period at the end.
Bill text · Current law (29 U.S.C. 1002)
15 U.S.C. 80b-11(h)(1)changedby H.R. 10595 Sec. 502(b)
The bill says: in paragraph (1), by striking "and" at the end;
Bill text · Current law (15 U.S.C. 80b-11)
15 U.S.C. 80b-11(h)(2)changedby H.R. 10595 Sec. 502(b)
The bill says: in paragraph (2), by striking the period at the end and inserting "; and"; and
Bill text · Current law (15 U.S.C. 80b-11)
15 U.S.C. 80b-11(h)added (3)by H.R. 10595 Sec. 502(b)
(3) promulgate rules that prohibit an investment adviser from requiring any person to which the investment adviser provides investment advice, including a pension plan (as defined in section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002)) that is subject to title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.), to, as a condition of the investment adviser providing that advice, sign a contract or other agreement in which that person waives a fiduciary duty owed by that person to another person.
The bill says: by adding at the end the following:
Bill text · Current law (15 U.S.C. 80b-11)
15 U.S.C. 78o-11(a)(3)(A)changedby H.R. 10595 Sec. 601(1)
The bill says: in subparagraph (A), by striking "or" at the end;
Bill text · Current law (15 U.S.C. 78o-11)
15 U.S.C. 78o-11(a)(3)(B)changedby H.R. 10595 Sec. 601(1)
The bill says: in subparagraph (B), by striking "and" at the end and inserting "or"; and
Bill text · Current law (15 U.S.C. 78o-11)
15 U.S.C. 78o-11(a)(3)added (C)by H.R. 10595 Sec. 601(1)
(C) a manager of a collateralized debt obligation; and
The bill says: by adding at the end the following:
Bill text · Current law (15 U.S.C. 78o-11)
15 U.S.C. 78o-11renumberedby H.R. 10595 Sec. 601(2)
The bill says: by redesignating subsection (i) as subsection (j); and
Bill text · Current law (15 U.S.C. 78o-11)
15 U.S.C. 78o-11added (i)by H.R. 10595 Sec. 601(3)
(i) Rules of construction.— With respect to a securitizer described in subsection (a)(3)(C)—(1) any provision of this section that requires that securitizer to retain a portion of the credit risk for an asset that such securitizer does not hold, or has never held, shall be construed as requiring that securitizer to—(A) obtain that portion of the credit risk for that asset; and(B) retain that portion of the credit risk, either directly by the securitizer or through a wholly owned affiliate of the securitizer; and(2) any reference in this section to an asset transferred by the securitizer shall be construed to include any transfer caused by the securitizer.
The bill says: by inserting after subsection (h) the following:
Bill text · Current law (15 U.S.C. 78o-11)