[Congressional Record Volume 164, Number 169 (Thursday, October 11, 2018)]
[Senate]
[Pages S6881-S6882]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    RBIC ADVISERS RELIEF ACT OF 2018

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the 
Committee on Banking, Housing, and Urban Affairs be discharged from 
further consideration of S. 2765 and the Senate proceed to its 
immediate consideration.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 2765) to amend the Investment Advisers Act of 
     1940 to exempt investment advisers who solely advise certain 
     rural business investment companies, and for other purposes.


[[Page S6882]]


  There being no objection, the committee was discharged and the Senate 
proceeded to consider the bill.
  Mr. McCONNELL. I ask unanimous consent that the bill be considered 
read a third time and passed and the motion to reconsider be considered 
made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 2765) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 2765

       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.''.

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