[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been revoked; or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.