[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2765 Engrossed in Senate (ES)]
<DOC>
115th CONGRESS
2d Session
S. 2765
_______________________________________________________________________
AN ACT
To amend the Investment Advisers Act of 1940 to exempt investment
advisers who solely advise certain rural business investment companies,
and for other purposes.
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 ``RBIC Advisers Relief Act of 2018''.
SEC. 2. ADVISERS OF RBICS.
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
3(b)) is amended--
(1) in subsection (b)--
(A) in paragraph (6)(B)--
(i) by adjusting the margins accordingly;
and
(ii) by striking the period at the end and
inserting a semicolon;
(B) in paragraph (7)(C), by striking the period at
the end and inserting ``; or''; and
(C) by adding at the end the following:
``(8) any investment adviser, 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 (15 U.S.C. 80a-53), who solely advises--
``(A) rural business investment companies (as
defined in section 384A of the Consolidated Farm and
Rural Development Act (7 U.S.C. 2009cc)); or
``(B) companies that have submitted to the
Secretary of Agriculture an application in accordance
with section 384D(b) of the Consolidated Farm and Rural
Development Act (7 U.S.C. 2009cc-3(b)) that--
``(i) have received from the Secretary of
Agriculture a letter of conditions, which has
not been revoked; or
``(ii) are affiliated with 1 or more rural
business investment companies described in
subparagraph (A).'';
(2) in subsection (l), by adding at the end the following:
``(3) Advisers of rbics.--For purposes of this subsection,
a venture capital fund includes an entity described in
subparagraph (A) or (B) of subsection (b)(8) (other than an
entity that has elected to be regulated as a business
development company pursuant to section 54 of the Investment
Company Act of 1940 (15 U.S.C. 80a-53)).''; and
(3) in subsection (m), by adding at the end the following:
``(4) Advisers of rbics.--For purposes of this subsection,
the assets under management of a private fund that is an entity
described in subparagraph (A) or (B) of subsection (b)(8)
(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 (15 U.S.C. 80a-53))
shall be excluded from the limit set forth in paragraph (1).''.
SEC. 3. 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 (C), by striking the period at the end
and inserting ``; or''; and
(2) by adding at the end the following:
``(D) that is not registered under section 203
because that person is exempt from registration as
provided in subsection (b)(8) of such section, or is a
supervised person of such person.''.
Passed the Senate October 11, 2018.
Attest:
Secretary.
115th CONGRESS
2d Session
S. 2765
_______________________________________________________________________
AN ACT
To amend the Investment Advisers Act of 1940 to exempt investment
advisers who solely advise certain rural business investment companies,
and for other purposes.