#aac? ,,congress  #b;d ,session  ,h4 ,r4
 #dbjj  ,,an ,,act  ,to am5d ! ,inve/m5t
 ,advis]s ,act ( #aidj to prev5t        
duplicative regulation ( advis]s ( small
 bus9ess inve/m5t companies4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,,sbic  
,advis]s ,relief ,act ( #bjad4  #b4     
,advis]s ( ,s,b,i,cs & v5ture capital   
funds ,section #bjc7l7 ( ! ,inve/m5t    
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#c7l77 is am5d$--  7#a7 by /rik+  
,no inve/m5t advis] & ins]t+ ! foll[+3  
7#a7 ,9 g5]al ,no inve/m5t advis]  2 &  
7#b7 by add+ at ! end ! foll[+3  7#b7   
,advis]s ( ,s,b,i,cs ,= purposes ( ?is  
subsection1 a v5ture capital fund       
includes an entity describ$ 9           
subp>agraph 7,a71 7,b71 or 7,c7 (       
subsection 7b77#g7 7o!r ?an an entity t 
has elect$ to be regulat$ or is regulat$
 z a bus9ess developm5t company pursuant
 to section #ed ( ! ,inve/m5t ,company  
,act ( #aidj74  4  #c4 ,advis]s (       
,s,b,i,cs & private funds ,section      
#bjc7m7 ( ! ,inve/m5t ,advis]s ,act (   

#aidj 7#ae ,u4,s4,c4 #hj;b-#c7m77 is    
am5d$ by add+ at ! end ! foll[+3  7#c7  
,advis]s ( ,s,b,i,cs ,= purposes ( ?is  
subsection1 ! assets "u managem5t ( a   
private fund t is an entity describ$ 9  
subp>agraph 7,a71 7,b71 or 7,c7 (       
subsection 7b77#g7 7o!r ?an an entity t 
has elect$ to be regulat$ or is regulat$
 z a bus9ess developm5t company pursuant
 to section #ed ( ! ,inve/m5t ,company  
,act ( #aidj7 %all be exclud$ f ! limit 
set =? 9 p>agraph 7#a74  4  #d4         
,relation%ip to ,/ate law ,section      
#bjc;,a7b77#a7 ( ! ,inve/m5t ,advis]s   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#c;a7b77#a77 is am5d$--  7#a7 9   
subp>agraph 7,a71 by /rik+ or at ! end2 
7#b7 9 subp>agraph 7,b71 by /rik+ !     
p]iod at ! end & ins]t+ 2 or2 &  7#c7 by
 add+ at ! end ! foll[+3  7,c7 t is n   
regi/]$ "u section #bjc because t p]son 
is exempt f regi/ration z provid$ 9     
subsection 7b77#g7 ( su* section1 or is 
a sup]vis$ p]son ( su* p]son4  4  ,pass$
 ! ,h\se ( ,repres5tatives ,decemb] #b1 

#bjad4;,cl]k4