    [United States Statutes at Large, Volume 132, 115th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 115-417
    115th Congress

    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    been revoked; or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

    [[Page 5439]]

    (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.''.

    Approved January 3, 2019.

    LEGISLATIVE HISTORY--S. 2765:
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    CONGRESSIONAL RECORD, Vol. 164 (2018):
    Oct. 11, considered and passed Senate.
    Dec. 20, considered and passed House.