IB 

Union Calendar No. 197 

113TH CONGRESS 

1ST SESSION H. R. 1105 

[Report No. 113–276] 

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 13, 2013 

Mr. HURT (for himself, Mr. COOPER, Mr. HIMES, and Mr. GARRETT) introduced the following bill; which was referred to the Committee on Financial Services 

NOVEMBER 22, 2013 

Additional sponsors: Mr. LUETKEMEYER, Mr. PETERSON, Mr. MATHESON, 

Mr. BACHUS, Mr. MURPHY of Florida, Mr. STIVERS, Mr. MCINTYRE, Mr. 

HULTGREN, and Mr. DAVID SCOTT of Georgia 

NOVEMBER 22, 2013 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


emcdonald on DSK67QTVN1PROD with BILLS
2 

•HR 1105 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. 


emcdonald on DSK67QTVN1PROD with BILLS
3 

•HR 1105 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, pro19 vided that each such fund has not borrowed and 

20 does not have outstanding a principal amount in ex21 cess of twice its invested capital commitments. 

22 ‘‘(2) MAINTENANCE OF RECORDS AND ACCESS

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

24 date of enactment of this subsection, the Commis25 sion shall issue final rules— 


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•HR 1105 RH

1 ‘‘(A) to require investment advisers de2 scribed in paragraph (1) to maintain such 

3 records and provide to the Commission such an4 nual or other reports as the Commission taking 

5 into account fund size, governance, investment 

6 strategy, risk, and other factors, as the Com7 mission determines necessary and appropriate 

8 in the public interest and for the protection of 

9 investors; and 

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

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


emcdonald on DSK67QTVN1PROD with BILLS

emcdonald on DSK67QTVN1PROD with BILLS
Union Calendar No. 197 

113TH CONGRESS 

1ST SESSION H. R. 1105 

[Report No. 113–276] 

A BILL 

To amend the Investment Advisers Act of 1940 to 

uity fund advisers, and for other purposes. provide a registration exemption for private eqNOVEMBER 22, 2013 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


emcdonald on DSK67QTVN1PROD with BILLS