H. R. 1082
IN THE HOUSE OF REPRESENTATIVES
March 15, 2011
Mr. Hurt (for himself and Mr. Cooper) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Investment Advisers Act of 1940 to provide a registration exemption for private equity fund advisers, and for other purposes.
This Act may be cited as the
Small Business Capital Access and Job
Registration and reporting exemptions relating to private equity funds advisors
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3) is amended by adding at the end the following:
Exemption of and reporting requirements by private equity funds advisors
Except as provided in this subsection, no investment adviser shall be subject to the registration or reporting requirements of this title with respect to the provision of investment advice relating to a private equity fund or funds.
Maintenance of records and access by Commission
Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules—
to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission determines necessary and appropriate in the public interest and for the protection of investors; and
to define the term private equity fund for purposes of this subsection.