#aac? ,,congress  #a/ ,session  ,h4 ,r4 
#aaje  ,,an ,,act  ,to am5d ! ,inve/m5t 
,advis]s ,act ( #aidj to provide a      
regi/ration exemption = private equity  
fund advis]s1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,small ,bus9ess ,capital ,access & ,job 
,pres]vation ,act4  #b4 ,regi/ration &  
report+ exemptions relat+ to private    
equity funds advisors ,section #bjc ( ! 
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#c7 is am5d$ by add+ at 
! end ! foll[+3  7o7 ,exemption ( &     
report+ requirem5ts by private equity   
funds advisors  7#a7 ,9 g5]al ,except z 
provid$ 9 ?is subsection1 no inve/m5t   
advis] %all be subject to ! regi/ration 
or report+ requirem5ts ( ?is title )    
respect to ! provision ( inve/m5t advice
 relat+ to a private equity fund or     
funds1 provid$ t ea* su* fund has n     
borr[$ & does n h out/&+ a pr9cipal     
am\nt 9 excess ( twice its inve/$       
capital commitm5ts4  7#b7 ,ma9t5ance (  
records & access by ,commission ,n lat] 

?an #f mon?s aft] ! date ( enactm5t (   
?is subsection1 ! ,commission %all issue
 f9al rules--  7,a7 to require inve/m5t 
advis]s describ$ 9 p>agraph 7#a7 to     
ma9ta9 su* records & provide to !       
,commission su* annual or o!r reports z 
! ,commission tak+ into acc\nt fund     
size1 gov]nance1 inve/m5t /rategy1 risk1
 & o!r factors1 z ! ,commission det]m9es
 necess>y & appropriate 9 ! public      
int]e/ & = ! protection ( inve/ors2 &   
7,b7 to def9e ! t]m private equity fund 
= purposes ( ?is subsection4  4  ,pass$ 
! ,h\se ( ,repres5tatives ,decemb] #d1  
#bjac4;,cl]k4