IB 

Union Calendar No. 481 

113TH CONGRESS 

2D SESSION H. R. 4200 

[Report No. 113–641] 

To amend the Investment Advisers Act of 1940 to prevent duplicative 

regulation of advisers of small business investment companies. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 11, 2014 

Mr. LUETKEMEYER introduced the following bill; which was referred to the 

Committee on Financial Services 

DECEMBER 2, 2014 

Additional sponsors: Mr. PAULSEN, Mrs. CAROLYN B. MALONEY of New York, 

Mr. MCHENRY, Mr. HIMES, Ms. MOORE, Mr. MURPHY of Florida, Mr. 

ROTHFUS, Mr. FOSTER, and Mr. SCHNEIDER

DECEMBER 2, 2014 

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

and ordered to be printed 


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•HR 4200 RH

A BILL 

To amend the Investment Advisers Act of 1940 to prevent 

duplicative regulation of advisers of small business investment companies. 


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•HR 4200 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 ‘‘SBIC Advisers Relief 

5 Act of 2014’’. 

6 SEC. 2. ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS. 

7 Section 203(l) of the Investment Advisers Act of 

8 1940 (15 U.S.C. 80b–3(l)) is amended— 

9 (1) by striking ‘‘No investment adviser’’ and in10 serting the following: 

11 ‘‘(1) IN GENERAL.—No investment adviser’’; 

12 and 

13 (2) by adding at the end the following: 

14 ‘‘(2) ADVISERS OF SBICS.—For purposes of this 

15 subsection, a venture capital fund includes an entity 

16 described in subparagraph (A), (B), or (C) of sub17 section (b)(7) (other than an entity that has elected 

18 to be regulated or is regulated as a business develop19 ment company pursuant to section 54 of the Invest20 ment Company Act of 1940).’’. 

21 SEC. 3. ADVISERS OF SBICS AND PRIVATE FUNDS. 

22 Section 203(m) of the Investment Advisers Act of 

23 1940 (15 U.S.C. 80b–3(m)) is amended by adding at the 

24 end the following: 


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•HR 4200 RH

1 ‘‘(3) ADVISERS OF SBICS.—For purposes of this 

2 subsection, the assets under management of a pri3 vate fund that is an entity described in subpara4 graph (A), (B), or (C) of subsection (b)(7) (other 

5 than an entity that has elected to be regulated or is 

6 regulated as a business development company pursu7 ant to section 54 of the Investment Company Act of 

8 1940) shall be excluded from the limit set forth in 

9 paragraph (1).’’. 

10 SEC. 4. RELATIONSHIP TO STATE LAW. 

11 Section 203A(b)(1) of the Investment Advisers Act 

12 of 1940 (15 U.S.C. 80b–3a(b)(1)) is amended— 

13 (1) in subparagraph (A), by striking ‘‘or’’ at 

14 the end; 

15 (2) in subparagraph (B), by striking the period 

16 at the end and inserting ‘‘; or’’; and 

17 (3) by adding at the end the following: 

18 ‘‘(C) that is not registered under section 

19 203 because that person is exempt from reg20 istration as provided in subsection (b)(7) of 

21 such section, or is a supervised person of such 

22 person.’’. 


tkelley on DSK3SPTVN1PROD with BILLS

tkelley on DSK3SPTVN1PROD with BILLS
Union Calendar No. 481 

113TH CONGRESS 

2D SESSION H. R. 4200 

[Report No. 113–641] 

A BILL 

To amend the Investment Advisers Act of 1940 to 

business investment companies. prevent duplicative regulation of advisers of small 

DECEMBER 2, 2014 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


tkelley on DSK3SPTVN1PROD with BILLS