< Back to H.R. 1105 (113th Congress, 2013–2015)

Text of the Small Business Capital Access and Job Preservation Act

This bill was introduced in a previous session of Congress and was passed by the House on December 4, 2013 but was never passed by the Senate. The text of the bill below is as of Dec 9, 2013 (Referred to Senate Committee).

Source: GPO

IIB

113th CONGRESS

1st Session

H. R. 1105

IN THE SENATE OF THE UNITED STATES

December 9, 2013

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Investment Advisers Act of 1940 to provide a registration exemption for private equity fund advisers, and for other purposes.

1.

Short title

This Act may be cited as the Small Business Capital Access and Job Preservation Act.

2.

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:

(o)

Exemption of and reporting requirements by private equity funds advisors

(1)

In general

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, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess of twice its invested capital commitments.

(2)

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—

(A)

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

(B)

to define the term private equity fund for purposes of this subsection.

.

Passed the House of Representatives December 4, 2013.

Karen L. Haas,

Clerk