; and (ii) if the company is not an issuer of common equity securities that are listed on a national securities exchange, extends, to each person that is a shareholder as of the date of an approval described in subclause (I) or (II) of clause (i), as applicable, the opportunity (which may include a tender offer) to sell the securities held by that shareholder as of that applicable approval date, with 25 percent of those securities to be repurchased in each of the 4 calendar quarters following the calendar quarter in which that applicable approval date takes place. . (b) Conforming amendments (1) Investment Advisers Act of 1940 Section 205(b)(3) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–5(b)(3) ) is amended— (A) by striking section 61(a)(3)(B)(iii) and inserting section 61(a)(4)(B)(iii) ; and (B) by striking section 61(a)(3)(B) and inserting section 61(a)(4)(B) . (2) Investment Company Act of 1940 The Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.) is amended— (A) in section 57 ( 15 U.S.C. 80a–56 )— (i) in subsection (j)(1), by striking section 61(a)(3)(B) and inserting section 61(a)(4)(B) ; and (ii) in subsection (n)(2), by striking section 61(a)(3)(B) and inserting section 61(a)(4)(B) ; and (B) in section 63(3) ( 15 U.S.C. 80a–62(3) ), by striking section 61(a)(3) and inserting section 61(a)(4) . 3. Parity for business development companies regarding offering and proxy rules (a) Definitions In this section— (1) the term business development company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); (2) the term Commission means the Securities and Exchange Commission; (3) the term Form N–2 means the form described in section 239.14 of title 17, Code of Federal Regulations; (4) the term Form S–3 means the form described in section 239.13 of title 17, Code of Federal Regulations