An act to amend the Investment Advisers Act of 1940 to exempt investment advisers who solely advise certain rural business investment companies, and for other purposes
PL 115-417 (S.2765), enacted 01/03/2019

132 STAT. 5438 
PUBLIC LAW 115–417—JAN. 3, 2019 
Public Law 115–417 
115th Congress 
An Act 
To amend the Investment Advisers Act of 1940 to exempt investment advisers 
who solely advise certain rural business investment companies, and for other 
purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘RBIC Advisers Relief Act of 
2018’’. 
SEC. 2. ADVISERS OF RBICS. 
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–3(b)) is amended— 
(1) in subsection (b)— 
(A) in paragraph (6)(B)— 
(i) by adjusting the margins accordingly; and 
(ii) by striking the period at the end and inserting 
a semicolon; 
(B) in paragraph (7)(C), by striking the period at the 
end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(8) any investment adviser, other than an entity that 
has elected to be regulated or is regulated as a business develop-
ment company pursuant to section 54 of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–53), who solely advises— 
‘‘(A) rural business investment companies (as defined 
in section 384A of the Consolidated Farm and Rural 
Development Act (7 U.S.C. 2009cc)); or 
‘‘(B) companies that have submitted to the Secretary 
of Agriculture an application in accordance with section 
384D(b) of the Consolidated Farm and Rural Development 
Act (7 U.S.C. 2009cc–3(b)) that— 
‘‘(i) have received from the Secretary of Agriculture 
a letter of conditions, which has not been revoked; 
or 
‘‘(ii) are affiliated with 1 or more rural business 
investment companies described in subparagraph (A).’’; 
(2) in subsection (l), by adding at the end the following: 
‘‘(3) ADVISERS OF RBICS.—For purposes of this subsection, 
a venture capital fund includes an entity described in subpara-
graph (A) or (B) of subsection (b)(8) (other than an entity 
that has elected to be regulated as a business development 
company pursuant to section 54 of the Investment Company 
Act of 1940 (15 U.S.C. 80a–53)).’’; and 
RBIC Advisers 
Relief Act 
of 2018. 
15 USC 80b–20 
note. 
Jan. 3, 2019 
[S. 2765] 
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132 STAT. 5439 
PUBLIC LAW 115–417—JAN. 3, 2019 
LEGISLATIVE HISTORY—S. 2765: 
CONGRESSIONAL RECORD, Vol. 164 (2018): 
Oct. 11, considered and passed Senate. 
Dec. 20, considered and passed House. 
(3) in subsection (m), by adding at the end the following: 
‘‘(4) ADVISERS OF RBICS.—For purposes of this subsection, 
the assets under management of a private fund that is an 
entity described in subparagraph (A) or (B) of subsection (b)(8) 
(other than an entity that has elected to be regulated or is 
regulated as a business development company pursuant to sec-
tion 54 of the Investment Company Act of 1940 (15 U.S.C. 
80a–53)) shall be excluded from the limit set forth in paragraph 
(1).’’. 
SEC. 3. 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 (C), by striking the period at the 
end and inserting ‘‘; or’’; and 
(2) by adding at the end the following: 
‘‘(D) that is not registered under section 203 because 
that person is exempt from registration as provided in 
subsection (b)(8) of such section, or is a supervised person 
of such person.’’. 
Approved January 3, 2019. 
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