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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 432 Referred in Senate (RFS)]

114th CONGRESS
  1st Session
                                H. R. 432

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 15, 2015

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 prevent duplicative 
     regulation of advisers of small business investment companies.

    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 ``SBIC Advisers Relief Act of 2015''.

SEC. 2. 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--
            (1) by striking ``No investment adviser'' and inserting the 
        following:
            ``(1) In general.--No investment adviser''; and
            (2) by adding at the end the following:
            ``(2) 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).''.

SEC. 3. 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:
            ``(3) 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).''.

SEC. 4. 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 (A), by striking ``or'' at the end;
            (2) in subparagraph (B), by striking the period at the end 
        and inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(C) 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.''.

            Passed the House of Representatives July 14, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
```