,,ib ,union ,cal5d> ,no4 #aig #aac?     
,,congress  #a/ ,session  ,h4 ,r4 #aaje 
,report ,no4 #aac-bgf ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,m>* #ac1 #bjac,mr4  
,hurt 7= himself1 ,mr4 ,coop]1 ,mr4     
,himes1 & ,mr4 ,g>rett7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices        
,novemb] #bb1 #bjac;,additional         
sponsors3 ,mr4 ,luetkemey]1 ,mr4        
,pet]son1 ,mr4 ,ma!son1 ,mr4 ,ba*us1    
,mr4 ,murphy ( ,florida1 ,mr4 ,/iv]s1   
,mr4 ,mc,intyre1 ,mr4 ,hultgr51 & ,mr4  
,david ,scott ( ,georgia  ,novemb] #bb1 
#bjac;,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$  ,a ,,bill  ,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  ,novemb] #bb1       
#bjac;,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$