RBIC Advisers Relief Act of 2018
Public Law 115–417
RBIC Advisers Relief Act of 2018
417
115–417
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
text/xml
EN
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2021-10-15
RBIC Advisers Relief Act of 2018
15199
115
2019-01-03
RBIC Advisers Relief Act of 2018
[(Public Law 115–417)]
[This law has not been amended]
[Currency: This publication is a compilation of the text of Public Law 115-417. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]

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.
[15 U.S.C. 80b-20 note]

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.”
.