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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1082 Reported in House (RH)]

                                                  Union Calendar No. 91
112th CONGRESS
  1st Session
                                H. R. 1082

                          [Report No. 112-143]

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

_______________________________________________________________________

                    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

                             July 12, 2011

Additional sponsors: Mrs. Biggert, Mr. Stivers, Mr. Bachus, Mr. Coffman 
 of Colorado, Mr. LaTourette, Mr. Garrett, Mr. Manzullo, Mr. Nunnelee, 
                        and Mr. Ross of Arkansas

                             July 12, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL

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

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Small Business Capital 
Access and Job Preservation Act''.</DELETED>

<DELETED>SEC. 2. REGISTRATION AND REPORTING EXEMPTIONS RELATING TO 
              PRIVATE EQUITY FUNDS ADVISORS.</DELETED>

<DELETED>    Section 203 of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-3) is amended by adding at the end the following:</DELETED>
<DELETED>    ``(o) Exemption of and Reporting Requirements by Private 
Equity Funds Advisors.--</DELETED>
        <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(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--</DELETED>
                <DELETED>    ``(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</DELETED>
                <DELETED>    ``(B) to define the term `private equity 
                fund' for purposes of this subsection.''.</DELETED>

SECTION 1. SHORT TITLE.

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

SEC. 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.''.
                                                  Union Calendar No. 91

112th CONGRESS

  1st Session

                               H. R. 1082

                          [Report No. 112-143]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             July 12, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```