#aacth ,,congress  #b;d ,session  ,h4   
,r4 #dbjj  ,,an ,,act  ,to amend the    
,investment ,advisers ,act of #aidj to  
prevent duplicative regulation of       
advisers of small business investment   
companies4  #a4 ,short title ,this ,act 
may be cited as the ,,sbic ,advisers    
,relief ,act of #bjad4  #b4 ,advisers of
 ,s,b,i,cs and venture capital funds    
,section #bjc7l7 of the ,investment     
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#c7l77 is amended--  7#a7 by      
striking ,no investment adviser and     
inserting the following3  7#a7 ,in      
general ,no investment adviser  2 and   
7#b7 by adding at the end the following3
  7#b7 ,advisers of ,s,b,i,cs ,for      
purposes of this subsection1 a venture  
capital fund includes an entity         
described in subparagraph 7,a71 7,b71 or
 7,c7 of subsection 7b77#g7 7other than 
an entity that has elected to be        
regulated or is regulated as a business 
development company pursuant to section 
#ed of the ,investment ,company ,act of 

#aidj74  4  #c4 ,advisers of ,s,b,i,cs  
and private funds ,section #bjc7m7 of   
the ,investment ,advisers ,act of #aidj 
7#ae ,u4,s4,c4 #hj;b-#c7m77 is amended  
by adding at the end the following3     
7#c7 ,advisers of ,s,b,i,cs ,for        
purposes of this subsection1 the assets 
under management of a private fund that 
is an entity described in subparagraph  
7,a71 7,b71 or 7,c7 of subsection       
7b77#g7 7other than an entity that has  
elected to be regulated or is regulated 
as a business development company       
pursuant to section #ed of the          
,investment ,company ,act of #aidj7     
shall be excluded from the limit set    
forth in paragraph 7#a74  4  #d4        
,relationship to ,state law ,section    
#bjc;,a7b77#a7 of the ,investment       
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#c;a7b77#a77 is amended--  7#a7 in
 subparagraph 7,a71 by striking or at   
the end2  7#b7 in subparagraph 7,b71 by 
striking the period at the end and      
inserting 2 or2 and  7#c7 by adding at  

the end the following3  7,c7 that is not
 registered under section #bjc because  
that person is exempt from registration 
as provided in subsection 7b77#g7 of    
such section1 or is a supervised person 
of such person4  4  ,passed the ,house  
of ,representatives ,december #b1       
#bjad4;,clerk4