166 
priate,’’ after ‘‘Each examination under subparagraph (A) 
shall include’’. 
SEC. 449. REPEALS. 
(a) REPEALS.—The following provisions of title IX 
of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act are repealed, and the provisions of law 
amended or repealed by such sections are restored or re-
vived as if such sections had not been enacted: 
(1) Section 912. 
(2) Section 914. 
(3) Section 917. 
(4) Section 918. 
(5) Section 919A. 
(6) Section 919B. 
(7) Section 919C. 
(8) Section 921. 
(9) Section 929T. 
(10) Section 929X. 
(11) Section 929Y. 
(12) Section 929Z. 
(13) Section 931. 
(14) Section 933. 
(15) Section 937. 
(16) Section 939B. 
(17) Section 939C. 
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(18) Section 939D. 
(19) Section 939E. 
(20) Section 939F. 
(21) Section 939G. 
(22) Section 939H. 
(23) Section 946. 
(24) Subsection (b) of section 953. 
(25) Section 955. 
(26) Section 956. 
(27) Section 964. 
(28) Section 965. 
(29) Section 968. 
(30) Section 971. 
(31) Section 972. 
(32) Section 976. 
(33) Section 977. 
(34) Section 978. 
(35) Section 984. 
(36) Section 989. 
(37) Section 989A. 
(38) Section 989F. 
(39) Subsection (b) of section 989G. 
(40) Section 989I. 
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168 
(b) CONFORMING AMENDMENTS.—The Dodd-Frank 
Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301) is amended— 
(1) in the table of contents in section 1(b), by 
striking the items relating to the sections described 
under paragraphs (1) through (23), (25) through 
(38), and (40) of subsection (a); 
(2) in section 953, by striking ‘‘(a) DISCLO-
SURE OF PAY VERSUS PERFORMANCE.—’’; and 
(3) in section 989G, by striking ‘‘(a) EXEMP-
TION.—’’. 
SEC. 450. EXEMPTION OF AND REPORTING BY PRIVATE EQ-
UITY FUND ADVISERS. 
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 BY PRIVATE 
EQUITY FUND ADVISERS.— 
‘‘(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. 
‘‘(2) MAINTENANCE OF RECORDS AND ACCESS 
BY COMMISSION.—Not later than 6 months after the 
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174 
(1) Section 412. 
(2) Section 415. 
(3) Section 416. 
(4) Section 417. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the items 
relating to sections 412, 415, 416, and 417. 
SEC. 454. TECHNICAL CORRECTION. 
Section 224 of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–18c) is amended by striking ‘‘COMMOD-
ITIES’’ and inserting ‘‘COMMODITY’’. 
SEC. 455. REPEAL. 
(a) REPEAL.—The following sections of title XV of 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act are repealed, and the provisions of law amend-
ed or repealed by such sections are restored or revived as 
if such sections had not been enacted: 
(1) Section 1502. 
(2) Section 1503. 
(3) Section 1504. 
(4) Section 1505. 
(5) Section 1506. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
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238 
to amend the provision of law under which the rule is 
issued. 
(2)(A) The Comptroller General shall provide a re-
port on each major rule to the committees of jurisdiction 
by the end of 15 calendar days after the submission or 
publication date. The report of the Comptroller General 
shall include an assessment of the Federal financial agen-
cy’s compliance with procedural steps required by para-
graph (1)(B) and an assessment of whether the major rule 
imposes any new limits or mandates on private-sector ac-
tivity. 
(B) Federal financial agencies shall cooperate with 
the Comptroller General by providing information relevant 
to the Comptroller General’s report under subparagraph 
(A). 
(3) A major rule relating to a report submitted under 
paragraph (1) shall take effect upon enactment of a joint 
resolution of approval described in section 632 or as pro-
vided for in the rule following enactment of a joint resolu-
tion of approval described in section 632, whichever is 
later. 
(4) A nonmajor rule shall take effect as provided by 
section 633 after submission to Congress under paragraph 
(1). 
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