,,ib  ,union ,calendar ,no4 #dha  #aacth
 ,,congress  #b;d ,session  ,h4 ,r4     
#dbjj  ,report ,no4 #aac-fda  ,,in ,,the
 ,,house ,,of ,,representatives  ,march 
#aa1 #bjad ,mr4 ,luetkemeyer introduced 
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,december #b1 #bjad          
,additional sponsors3 ,mr4 ,paulsen1    
,mrs4 ,carolyn ,b4 ,maloney of ,new     
,york1 ,mr4 ,mc,henry1 ,mr4 ,himes1 ,ms4
 ,moore1 ,mr4 ,murphy of ,florida1 ,mr4 
,rothfus1 ,mr4 ,foster1 and ,mr4        
,schneider  ,december #b1 #bjad         
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed  ,a    
,,bill  ,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  ,december #b1 #bjad         
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed