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) intro-
duced the following bill; which was referred to the Committee on Finan-
cial 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 
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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 ‘‘Small Business Capital 
Access and Job Preservation Act’’. 
SEC. 2. REGISTRATION AND REPORTING EXEMPTIONS RE-
LATING TO PRIVATE EQUITY FUNDS ADVI-
SORS. 
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 REQUIRE-
MENTS 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 ad-
vice relating to a private equity fund or funds, pro-
vided that each such fund has not borrowed and 
does not have outstanding a principal amount in ex-
cess 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 Commis-
sion shall issue final rules— 
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‘‘(A) to require investment advisers de-
scribed in paragraph (1) to maintain such 
records and provide to the Commission such an-
nual or other reports as the Commission taking 
into account fund size, governance, investment 
strategy, risk, and other factors, as the Com-
mission 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.’’. 
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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 
provide a registration exemption for private eq-
uity fund advisers, and for other purposes. 
NOVEMBER 22, 2013 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Mar 15 2010 
21:07 Nov 22, 2013
Jkt 039200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H1105.RH
H1105
emcdonald on DSK67QTVN1PROD with BILLS