SBIC Advisers Relief Act of 2015

Bill: 114-hr-432
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2015-01-21
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: 2015-07-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-01-21
action_desc: Introduced in House
text: <p><b>SBIC Advisers Relief Act of 2015</b></p> <p>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: 2015-07-14
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>SBIC Advisers Relief Act of 2015</b></p> <p>(Sec. 2) 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>(Sec. 4) 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 114th CONGRESS 1st Session H. R. 432 IN THE HOUSE OF REPRESENTATIVES January 21, 2015 Mr. Luetkemeyer (for himself, Mrs. Carolyn B. Maloney of New York , Mr. Rothfus , Mr. Mulvaney , Mr. Murphy of Florida , Mr. Foster , and Mr. Guinta ) 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 2015 . 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: IIB 114th CONGRESS 1st Session H. R. 432 IN THE SENATE OF THE UNITED STATES July 15, 2015 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 2015 . 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 July 14, 2015. Karen L. Haas, Clerk

tv_txt: I 114th CONGRESS 1st Session H. R. 432 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 2015 . 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 July 14, 2015. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 148 114th CONGRESS 1st Session H. R. 432 [Report No. 114–199] IN THE HOUSE OF REPRESENTATIVES January 21, 2015 Mr. Luetkemeyer (for himself, Mrs. Carolyn B. Maloney of New York , Mr. Rothfus , Mr. Mulvaney , Mr. Murphy of Florida , Mr. Foster , and Mr. Guinta ) introduced the following bill; which was referred to the Committee on Financial Services July 14, 2015 Additional sponsors: Ms. Moore , Ms. Sinema , and Mr. Dold July 14, 2015 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 2015 . 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. .

July 14, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed