; or (ii) the company obtains, at a special or annual meeting of shareholders or partners at which a quorum is present, the approval of more than 50 percent of the votes cast of the application of this paragraph to the company, which application shall become effective on the date immediately after the date of the approval. . (b) Conforming amendments (1) 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— (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), by striking section 61(a)(3) and inserting section 61(a)(4) . (2) 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) . 3. Parity for business development companies regarding offering and proxy rules (a) Revision to rules Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall revise any rules to the extent necessary to allow a business development company that has filed an election pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 ) to use the securities offering and proxy rules that are available to other issuers that are required to file reports under section 13(a) or section 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) ; 78o(d)). Any action that the Commission takes pursuant to this subsection shall include the following: (1) The Commission shall revise rule 405 under the Securities Act of 1933 (17 C.F.R. 230.405)— (A) to remove the exclusion of a business development company from the definition of a well-known seasoned issuer provided by that rule