,,ii  #aacth ,,congress  #b;d ,session  
,s4 #bgfe  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ca1     
#bjad ,mr4 ,kirk 7for himself and ,mr4  
,manchin7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,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 
#aidj 7#ae ,u4,s4,c4 #hj;a-#ec774  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 #aidj 7#ae ,u4,s4,c4           
#hj;a-#ec77 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