IB 
Union Calendar No. 148 
114TH CONGRESS 
1ST SESSION 
H. R. 432 
[Report No. 114–199] 
To amend the Investment Advisers Act of 1940 to prevent duplicative 
regulation of advisers of small business investment companies. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 21, 2015 
Mr. LUETKEMEYER (for himself, Mrs. CAROLYN B. MALONEY of New York, 
Mr. ROTHFUS, Mr. MULVANEY, Mr. MURPHY of Florida, Mr. FOSTER, 
and Mr. GUINTA) introduced the following bill; which was referred to the 
Committee on Financial Services 
JULY 14, 2015 
Additional sponsors: Ms. MOORE, Ms. SINEMA, and Mr. DOLD 
JULY 14, 2015 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘SBIC Advisers Relief 
Act of 2015’’. 
SEC. 2. ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS. 
Section 203(l) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–3(l)) is amended— 
(1) by striking ‘‘No investment adviser’’ and in-
serting the following: 
‘‘(1) IN
GENERAL.—No investment adviser’’; 
and 
(2) by adding at the end the following: 
‘‘(2) ADVISERS OF SBICS.—For purposes of this 
subsection, a venture capital fund includes an entity 
described in subparagraph (A), (B), or (C) of sub-
section (b)(7) (other than an entity that has elected 
to be regulated or is regulated as a business develop-
ment company pursuant to section 54 of the Invest-
ment Company Act of 1940).’’. 
SEC. 3. ADVISERS OF SBICS AND PRIVATE FUNDS. 
Section 203(m) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–3(m)) is amended by adding at the 
end the following: 
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‘‘(3) ADVISERS OF SBICS.—For purposes of this 
subsection, the assets under management of a pri-
vate fund that is an entity described in subpara-
graph (A), (B), or (C) of subsection (b)(7) (other 
than an entity that has elected to be regulated or is 
regulated as a business development company pursu-
ant to section 54 of the Investment Company Act of 
1940) shall be excluded from the limit set forth in 
paragraph (1).’’. 
SEC. 4. 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 (A), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) that is not registered under section 
203 because that person is exempt from reg-
istration as provided in subsection (b)(7) of 
such section, or is a supervised person of such 
person.’’. 
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Union Calendar No. 148 
114TH CONGRESS 
1ST SESSION 
H. R. 432 
[Report No. 114–199] 
A BILL 
To amend the Investment Advisers Act of 1940 to 
prevent duplicative regulation of advisers of small 
business investment companies. 
JULY 14, 2015 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
22:01 Jul 14, 2015
Jkt 049200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H432.RH
H432
srobinson on DSK5SPTVN1PROD with BILLS