IB
Union Calendar No. 481
113th CONGRESS
2d Session
H. R. 4200
[Report No. 113–641]
IN THE HOUSE OF REPRESENTATIVES
March 11, 2014
Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services
December 2, 2014
Additional sponsors: Mr. Paulsen, Mrs. Carolyn B. Maloney of New York, Mr. McHenry, Mr. Himes, Ms. Moore, Mr. Murphy of Florida, Mr. Rothfus, Mr. Foster, and Mr. Schneider
December 2, 2014
Committed to the Committee of the Whole House on the State of the Union and ordered to be printed
A BILL
To amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business investment companies.
Short title
This Act may be cited as the
SBIC Advisers Relief Act of 2014
.
Advisers of SBICs and venture capital funds
Section 203(l) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l) ) is amended—
by striking No investment adviser
and inserting the following:
In general
No investment adviser
; and
by adding at the end the following:
Advisers of SBICs
For purposes of this subsection, a venture capital fund includes an entity described in subparagraph (A), (B), or (C) of subsection (b)(7) (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).
.
Advisers of SBICs and private funds
Section 203(m) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(m) ) is amended by adding at the end the following:
Advisers of SBICs
For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (A), (B), or (C) of subsection (b)(7) (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) shall be excluded from the limit set forth in paragraph (1).
.
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—
in subparagraph (A), by striking or
at the end;
in subparagraph (B), by striking the period at the end and inserting ; or
; and
by adding at the end the following:
that is not registered under section 203 because that person is exempt from registration as provided in subsection (b)(7) of such section, or is a supervised person of such person.
.
December 2, 2014
Committed to the Committee of the Whole House on the State of the Union and ordered to be printed
