IB 

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] 


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•HR 1082 RH

A BILL 

To amend the Investment Advisers Act of 1940 to provide 

a registration exemption for private equity fund advisers, 

and for other purposes. 


srobinson on DSK4SPTVN1PROD with BILLS
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•HR 1082 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Small Business Capital 

5 Access and Job Preservation Act’’. 

6 SEC. 2. REGISTRATION AND REPORTING EXEMPTIONS RE7 LATING TO PRIVATE EQUITY FUNDS ADVI8 SORS. 

9 Section 203 of the Investment Advisers Act of 1940 

10 (15 U.S.C. 80b–3) is amended by adding at the end the 

11 following: 

12 ‘‘(o) EXEMPTION OF AND REPORTING REQUIRE13 MENTS BY PRIVATE EQUITY FUNDS ADVISORS.— 

14 ‘‘(1) IN GENERAL.—Except as provided in this 

15 subsection, no investment adviser shall be subject to 

16 the registration or reporting requirements of this 

17 title with respect to the provision of investment ad18 vice relating to a private equity fund or funds. 

19 ‘‘(2) MAINTENANCE OF RECORDS AND ACCESS

20 BY COMMISSION.—Not later than 6 months after the 

21 date of enactment of this subsection, the Commis22 sion shall issue final rules— 

23 ‘‘(A) to require investment advisers de24 scribed in paragraph (1) to maintain such 

25 records and provide to the Commission such anVerDate Mar 15 2010 23:20 Jul 12, 2011 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6401 E:\BILLS\H1082.RH H1082

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•HR 1082 RH

1 nual or other reports as the Commission taking 

2 into account fund size, governance, investment 

3 strategy, risk, and other factors, as the Com4 mission determines necessary and appropriate 

5 in the public interest and for the protection of 

6 investors; and 

7 ‘‘(B) to define the term ‘private equity 

8 fund’ for purposes of this subsection.’’. 

9 SECTION 1. SHORT TITLE. 

10 This Act may be cited as the ‘‘Small Business Capital 

11 Access and Job Preservation Act’’. 

12 SEC. 2. REGISTRATION AND REPORTING EXEMPTIONS RE13 LATING TO PRIVATE EQUITY FUNDS ADVI14 SORS. 

15 Section 203 of the Investment Advisers Act of 1940 (15 

16 U.S.C. 80b–3) is amended by adding at the end the fol17 lowing: 

18 ‘‘(o) EXEMPTION OF AND REPORTING REQUIREMENTS

19 BY PRIVATE EQUITY FUNDS ADVISORS.— 

20 ‘‘(1) IN GENERAL.—Except as provided in this 

21 subsection, no investment adviser shall be subject to 

22 the registration or reporting requirements of this title 

23 with respect to the provision of investment advice re24 lating to a private equity fund or funds, provided 

25 that each such fund has not borrowed and does not 


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•HR 1082 RH

1 have outstanding a principal amount in excess of 

2 twice its invested capital commitments. 

3 ‘‘(2) MAINTENANCE OF RECORDS AND ACCESS BY

4 COMMISSION.—Not later than 6 months after the date 

5 of enactment of this subsection, the Commission shall 

6 issue final rules— 

7 ‘‘(A) to require investment advisers de8 scribed in paragraph (1) to maintain such 

9 records and provide to the Commission such an10 nual or other reports as the Commission taking 

11 into account fund size, governance, investment 

12 strategy, risk, and other factors, as the Commis13 sion determines necessary and appropriate in the 

14 public interest and for the protection of inves15 tors; and 

16 ‘‘(B) to define the term ‘private equity fund’ 

17 for purposes of this subsection.’’. 


srobinson on DSK4SPTVN1PROD with BILLS
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 

uity fund advisers, and for other purposes. provide a registration exemption for private eqJULY 12, 2011 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


srobinson on DSK4SPTVN1PROD with BILLS