Small Business Capital Access and Job Preservation Act

Bill: 113-hr-1105
Sponsor: full_name: Rep. Hurt, Robert [R-VA-5]
Introduced: 2013-03-13
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Business records

Financial services and investments

Government information and archives

Securities and Exchange Commission (SEC)
Latest action: action_date: 2013-12-09
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2013-03-13
action_desc: Introduced in House
text: <p>Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments.</p> <p>Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term &quot;private equity fund&quot; for purposes of this Act.</p>

action_date: 2013-11-22
action_desc: Reported to 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>Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments.</p> <p>Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term &quot;private equity fund&quot; for purposes of this Act.</p>

action_date: 2013-12-04
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>Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments.</p> <p>Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term &quot;private equity fund&quot; for purposes of this Act.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1105 IN THE HOUSE OF REPRESENTATIVES March 13, 2013 Mr. Hurt (for himself, Mr. Cooper , Mr. Himes , and Mr. Garrett ) 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 a registration exemption for private equity fund advisers, and for other purposes.

1. Short title This Act may be cited as the Small Business Capital Access and Job Preservation Act . 2. Registration and reporting exemptions relating to private equity funds advisors 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 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 relating to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess 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 Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission 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. .

tv_txt: IB Union Calendar No. 197 113th CONGRESS 1st Session H. R. 1105 [Report No. 113–276] IN THE HOUSE OF REPRESENTATIVES March 13, 2013 Mr. Hurt (for himself, Mr. Cooper , Mr. Himes , and Mr. Garrett ) introduced the following bill; which was referred to the Committee on Financial 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 A BILL To amend the Investment Advisers Act of 1940 to provide a registration exemption for private equity fund advisers, and for other purposes.

1. Short title This Act may be cited as the Small Business Capital Access and Job Preservation Act . 2. Registration and reporting exemptions relating to private equity funds advisors 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 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 relating to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess 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 Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission 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. .

November 22, 2013 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 113th CONGRESS 1st Session H. R. 1105 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Investment Advisers Act of 1940 to provide a registration exemption for private equity fund advisers, and for other purposes.

1. Short title This Act may be cited as the Small Business Capital Access and Job Preservation Act . 2. Registration and reporting exemptions relating to private equity funds advisors 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 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 relating to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess 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 Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission 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. .

Passed the House of Representatives December 4, 2013. Karen L. Haas, Clerk.

tv_txt: IIB 113th CONGRESS 1st Session H. R. 1105 IN THE SENATE OF THE UNITED STATES December 9, 2013 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 provide a registration exemption for private equity fund advisers, and for other purposes.

1. Short title This Act may be cited as the Small Business Capital Access and Job Preservation Act . 2. Registration and reporting exemptions relating to private equity funds advisors 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 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 relating to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess 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 Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission 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. .

Passed the House of Representatives December 4, 2013. Karen L. Haas, Clerk