IB 
Union Calendar No. 91 
112TH CONGRESS 
1ST SESSION H. R. 1082 
[Report No. 112–143] 
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 15, 2011 
Mr. HURT (for himself and Mr. COOPER) introduced the following bill; which 
was referred to the Committee on Financial Services 
JULY 12, 2011 
Additional sponsors: Mrs. BIGGERT, Mr. STIVERS, Mr. BACHUS, Mr. COFF-
MAN of Colorado, Mr. LATOURETTE, Mr. GARRETT, Mr. MANZULLO, Mr. 
NUNNELEE, and Mr. ROSS of Arkansas 
JULY 12, 2011 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
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A BILL 
To amend the Investment Advisers Act of 1940 to provide 
a registration exemption for private equity fund advisers, 
and for other purposes. 
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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. 
‘‘(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— 
‘‘(A) to require investment advisers de-
scribed in paragraph (1) to maintain such 
records and provide to the Commission such an-
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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.’’. 
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 fol-
lowing: 
‘‘(o) EXEMPTION OF AND REPORTING REQUIREMENTS 
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 advice re-
lating to a private equity fund or funds, provided 
that each such fund has not borrowed and does not 
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