[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 432 Reported in House (RH)]

                                                 Union Calendar No. 148
114th CONGRESS
  1st Session
                                H. R. 432

                          [Report No. 114-199]

  To amend the Investment Advisers Act of 1940 to prevent duplicative 
     regulation of advisers of small business investment companies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 21, 2015

Mr. Luetkemeyer (for himself, Mrs. Carolyn B. Maloney of New York, Mr. 
   Rothfus, Mr. Mulvaney, Mr. Murphy of Florida, Mr. Foster, and Mr. 
   Guinta) introduced the following bill; which was referred to the 
                    Committee on Financial Services

                             July 14, 2015

        Additional sponsors: Ms. Moore, Ms. Sinema, and Mr. Dold

                             July 14, 2015

Committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed

_______________________________________________________________________

                                 A BILL


 
  To amend the Investment Advisers Act of 1940 to prevent duplicative 
     regulation of advisers of small business investment companies.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``SBIC Advisers Relief Act of 2015''.

SEC. 2. ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS.

    Section 203(l) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b-3(l)) is amended--
            (1) by striking ``No investment adviser'' and inserting the 
        following:
            ``(1) In general.--No investment adviser''; and
            (2) by adding at the end the following:
            ``(2) Advisers of sbics.--For purposes of this subsection, 
        a venture capital fund includes an entity described in 
        subparagraph (A), (B), or (C) of subsection (b)(7) (other than 
        an entity that has elected to be regulated or is regulated as a 
        business development company pursuant to section 54 of the 
        Investment Company Act of 1940).''.

SEC. 3. ADVISERS OF SBICS AND PRIVATE FUNDS.

    Section 203(m) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b-3(m)) is amended by adding at the end the following:
            ``(3) Advisers of sbics.--For purposes of this subsection, 
        the assets under management of a private fund that is an entity 
        described in subparagraph (A), (B), or (C) of subsection (b)(7) 
        (other than an entity that has elected to be regulated or is 
        regulated as a business development company pursuant to section 
        54 of the Investment Company Act of 1940) shall be excluded 
        from the limit set forth in paragraph (1).''.

SEC. 4. RELATIONSHIP TO STATE LAW.

    Section 203A(b)(1) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-3a(b)(1)) is amended--
            (1) in subparagraph (A), by striking ``or'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(C) that is not registered under section 203 
                because that person is exempt from registration as 
                provided in subsection (b)(7) of such section, or is a 
                supervised person of such person.''.
                                                 Union Calendar No. 148

114th CONGRESS

  1st Session

                               H. R. 432

                          [Report No. 114-199]

_______________________________________________________________________

                                 A BILL

  To amend the Investment Advisers Act of 1940 to prevent duplicative 
     regulation of advisers of small business investment companies.

_______________________________________________________________________

                             July 14, 2015

Committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed