[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3579 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  2d Session
                                S. 3579

    To require the Securities and Exchange Commission to revise the 
  definitions of a ``small business'' and ``small organization'' for 
 purposes of assessing the impact of the rulemakings of the Commission 
               under the Investment Advisers Act of 1940.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 11, 2018

  Mr. Rounds introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To require the Securities and Exchange Commission to revise the 
  definitions of a ``small business'' and ``small organization'' for 
 purposes of assessing the impact of the rulemakings of the Commission 
               under the Investment Advisers Act of 1940.

    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 ``Investment Adviser Regulatory 
Flexibility Improvement Act''.

SEC. 2. DEFINITION OF SMALL BUSINESS OR SMALL ORGANIZATION.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Securities and Exchange Commission shall revise the 
definitions of ``small business'' and ``small organization'' under 
section 275.0-7 of title 17, Code of Federal Regulations, to provide 
alternative methods under which a business or organization may qualify 
as a small business or small organization under that section.
    (b) Considerations.--In making the revision required under 
subsection (a), the Securities and Exchange Commission shall consider 
whether the alternative methods under which a business or organization 
may qualify as a small business or small organization under section 
275.0-7 of title 17, Code of Federal Regulations, should include a 
threshold with respect to the number of non-clerical employees of the 
business or organization.
                                 <all>