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[115th Congress Public Law 417]
[From the U.S. Government Publishing Office]

[[Page 132 STAT. 5438]]

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. <<NOTE: Jan. 3, 2019 -  [S. 2765]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: RBIC Advisers 
Relief Act of 2018. 15 USC 80b-20 note.>> 
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                      been revoked; or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 132 STAT. 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:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 164 (2018):
            Oct. 11, considered and passed Senate.
            Dec. 20, considered and passed House.

                                  <all>
```