SBIC Advisers Relief Act of 2014

Bill: 113-hr-4200
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2014-03-11
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Financial services and investments

Licensing and registrations

Small business

State and local government operations
Latest action: action_date: 2014-12-03
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2014-03-11
action_desc: Introduced in House
text: <p>SBIC Advisers Relief Act of 2014 - Amends the Investment Advisers Act of 1940 to exempt specified advisers of small business investment companies (SBICs) from certain: (1) Securities and Exchange Commission (SEC) registration requirements with respect to the provision of investment advice relating to venture capital funds, and (2) SEC registration and reporting requirements with respect to assets under management of private funds.</p> <p>Provides the same exemption with respect to any state or local law requiring the registration, licensing, or qualifications of investment advisers.</p>

action_date: 2014-12-02
action_desc: Passed House without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>SBIC Advisers Relief Act of 2014 - Amends the Investment Advisers Act of 1940 to exempt specified advisers of small business investment companies (SBICs) from certain: (1) Securities and Exchange Commission (SEC) registration requirements with respect to the provision of investment advice relating to venture capital funds, and (2) SEC registration and reporting requirements with respect to assets under management of private funds.</p> <p>Provides the same exemption with respect to any state or local law requiring the registration, licensing, or qualifications of investment advisers.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4200 IN THE HOUSE OF REPRESENTATIVES March 11, 2014 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business investment companies.

1. Short title This Act may be cited as the SBIC Advisers Relief Act of 2014 . 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 inserting 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 subsection (b)(7) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940). . 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: (3) Advisers of SBICs For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (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 pursuant to section 54 of the Investment Company Act of 1940) shall be excluded from the limit set forth in paragraph (1). . 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 registration as provided in subsection (b)(7) of such section, or is a supervised person of such person. .

tv_txt: I 113th CONGRESS 2d Session H. R. 4200 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business investment companies.

1. Short title This Act may be cited as the SBIC Advisers Relief Act of 2014 . 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 inserting 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 subsection (b)(7) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940). . 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: (3) Advisers of SBICs For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (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 pursuant to section 54 of the Investment Company Act of 1940) shall be excluded from the limit set forth in paragraph (1). . 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 registration as provided in subsection (b)(7) of such section, or is a supervised person of such person. .

Passed the House of Representatives December 2, 2014. Karen L. Haas, Clerk.

tv_txt: IIB 113th CONGRESS 2d Session H. R. 4200 IN THE SENATE OF THE UNITED STATES December 3, 2014 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business investment companies.

1. Short title This Act may be cited as the SBIC Advisers Relief Act of 2014 . 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 inserting 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 subsection (b)(7) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940). . 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: (3) Advisers of SBICs For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (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 pursuant to section 54 of the Investment Company Act of 1940) shall be excluded from the limit set forth in paragraph (1). . 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 registration as provided in subsection (b)(7) of such section, or is a supervised person of such person. .

Passed the House of Representatives December 2, 2014. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 481 113th CONGRESS 2d Session H. R. 4200 [Report No. 113–641] IN THE HOUSE OF REPRESENTATIVES March 11, 2014 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services December 2, 2014 Additional sponsors: Mr. Paulsen , Mrs. Carolyn B. Maloney of New York , Mr. McHenry , Mr. Himes , Ms. Moore , Mr. Murphy of Florida , Mr. Rothfus , Mr. Foster , and Mr. Schneider December 2, 2014 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business investment companies.

1. Short title This Act may be cited as the SBIC Advisers Relief Act of 2014 . 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 inserting 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 subsection (b)(7) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940). . 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: (3) Advisers of SBICs For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (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 pursuant to section 54 of the Investment Company Act of 1940) shall be excluded from the limit set forth in paragraph (1). . 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 registration as provided in subsection (b)(7) of such section, or is a supervised person of such person. .

December 2, 2014 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed