I 
118TH CONGRESS 
2D SESSION 
H. R. 9148 
To amend the Investment Advisers Act of 1940 to provide an exemption 
from the registration requirements under that Act to certain advisers 
of private funds, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 25, 2024 
Mr. GARBARINO introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Investment Advisers Act of 1940 to provide 
an exemption from the registration requirements under 
that Act to certain advisers of private funds, and for 
other purposes. 
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 ‘‘Tailoring for Main 
Street’s Investors Act’’. 
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SEC. 2. EXEMPTION. 
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 FROM REGISTRATION FOR CER-
TAIN PRIVATE FUND ADVISERS.— 
‘‘(1) IN GENERAL.—The Commission shall pro-
vide an exemption from the registration require-
ments under this section to any investment adviser 
of private funds, if— 
‘‘(A) the investment adviser acts solely as 
an investment adviser to private funds and has 
assets under management in the United States 
of less than $5,000,000,000; 
‘‘(B) each of the investors in each such 
private fund is— 
‘‘(i) a qualified purchaser, as defined 
in section 2(a) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–2(a)); 
‘‘(ii) an accredited investor, as defined 
in section 230.501(a) of title 17, Code of 
Federal Regulations, or any successor reg-
ulation; or 
‘‘(iii) an investment professional that 
is licensed by a national securities associa-
tion registered pursuant to section 15A(a) 
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of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–3), if the Commission de-
termines that the inclusion of such invest-
ment professionals would be appropriate; 
and 
‘‘(C) none of those private funds offers any 
investor of the private fund redemption or simi-
lar liquidity rights, except in extraordinary cir-
cumstances. 
‘‘(2) REPORTING.—The Commission shall re-
quire investment advisers exempted by reason of this 
subsection to maintain such records and provide to 
the Commission every 2 years such reports as the 
Commission determines necessary or appropriate in 
the public interest or for the protection of investors, 
except that the requirements under this paragraph 
shall be no greater, and no more burdensome, than 
those under subsection (m)(2).’’. 
SEC. 3. REPORTING FOR SMALLER ADVISERS. 
(a) DEFINITIONS.—In this section: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(2) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means an entity that is required to submit 
Form ADV. 
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(3) FORM
ADV.—The term ‘‘Form ADV’’ 
means the form described in section 279.1 of title 
17, Code of Federal Regulations, or any successor 
regulation. 
(b) FREQUENCY OF FILING.—Notwithstanding any 
other provision of law or regulation, beginning on the date 
of enactment of this Act, a covered entity that has less 
than $1,000,000,000 in assets, as of the last day of the 
most recent fiscal year of the entity, shall be required to 
file Form ADV with the Commission not more frequently 
than once every 2 years. 
(c) SHORT FORM.—Not later than 280 days after the 
date of enactment of this Act, the Commission shall de-
velop a short form version of Form ADV that a covered 
entity that has less than $1,000,000,000 in assets, as of 
the last day of the most recent fiscal year of the entity, 
may use to file Form ADV with the Commission. 
Æ 
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