110 STAT. 3444 PUBLIC LAW 104-290—OCT. 11, 1996 the Securities Exchange Act of 1934 (as amended by subsection (a) of this section) that occur on or after September 1, 1997. SEC. 406. TIME FOR PAYMENT. Section 4(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(e)) is amended by inserting before the period at the end thereof the following: "and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission". SEC. 407. SENSE OF THE CONGRESS CONCERND^G FEES. It is the sense of the Congress that, in order to maintain the competitiveness of United States securities markets relative to foreign markets, no fee should be assessed on transactions involving portfolios of equity securities taking place at times of day characterized by low volume and during nontraditional trading hours. TITLE V—REDUCING THE COST OF SAVING AND INVESTMENT SEC. 501. EXEMPTION FOR ECONOMIC, BUSINESS, AND INDUSTRIAL DEVELOPMENT COMPANIES. Section 6(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-6(a)) is amended by adding at the end the following new paragraph: "(5)(A) Any company that is not engaged in the business of issuing redeemable securities, the operations of which are subject to regulation by the State in which the company is organized under a statute governing entities that provide finsincial or managerial assistance to enterprises doing business, or proposing to do business, in that State if— "(i) the organizational documents of the company state that the activities of the compsmy are limited to the promotion of economic, business, or industrial development in the State through the provision of financial or managerial assistance to enterprises doing business, or proposing to do business, in that State, and such other activities that are incidental or necessary to carry out that purpose; "(ii) immediately following each sale of the securities of the company by the company or any underwriter for the company, not less than 80 percent of the securities of the company being offered in such sale, on a classby-class basis, are held by persons who reside or who have a substsmtial business presence in that State; "(iii) the securities of the company are sold, or proposed to be sold, by the company or by any underwriter for the company, solely to accredited investors, as that term is defined in section 2(a)(15) of the Securities Act of 1933, or to such other persons that the Commission, as necessary or appropriate in the public interest and consistent with the protection of investors, may permit by rule, regulation, or order; and "(iv) the company does not purchase any security issued by an investment company or by any company that would be an investment company except for the exclusions from
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