Timmons Announces House Passage of the ICAN Act (H.R. 4431)
The U.S. House of Representatives unanimously passed H.R. 4431, the Improving Capital Allocation for Newcomers (ICAN) Act. The ICAN Act is a straightforward fix that updates the Qualifying Venture Capital Fund Exemption under Section 3(c)(1) of the Investment Company Act by raising the cap on permissible fund size from $10 million to $50 million and increasing the allowable number of…