; and (ii) the term private fund has the meaning given that term under section 2(a) of the Investment Company Act of 1940. . (d) Investment limitation Section 3(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c) ) is amended— (1) in paragraph (1), by striking subparagraphs (A)(i) and (B)(i) and inserting subparagraphs (A)(i), (B)(i), and (C) ; and (2) in paragraph (7)(D), by striking subparagraphs (A)(i) and (B)(i) and inserting subparagraphs (A)(i), (B)(i), and (C) . (e) Effective date The amendments made by this section shall take effect after the end of the 2-year period beginning on the date of enactment of this Act, or such earlier date as the Securities and Exchange Commission may determine is necessary or appropriate in the public interest or for the protection of investors, upon notification of the Congress and the public.