#aad? ,,congress  #b;d ,session  ,h4 ,r4
 #edbd  ,,an ,,act  ,to am5d ! ,inve/m5t
 ,advis]s ,act ( #aidj & to direct !    
,securities & ,ex*ange ,commission to   
am5d its rules to mod]nize c]ta9        
requirem5ts relat+ to inve/m5t advis]s1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,inve/m5t ,advis]s 
,mod]nization ,act ( #bjaf4  #b4        
,mod]niz+ c]ta9 requirem5ts relat+ to   
inve/m5t advis]s  7a7 ,inve/m5t advisory
 contracts  7#a7 ,assignm5t  7,a7       
,assignm5t def9$ ,section #bjb7;a77#a7 (
 ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;b-#b7;a77#a77 is am5d$ by 
/rik+ 2 b & all t foll[s & ins]t+ 2 b no
 assignm5t ( an inve/m5t advisory       
contract %all be deem$ to result f !    
dea? or )drawal1 or ! sale or transf] ( 
! int]e/s1 ( a m9ority ( ! memb]s1      
p>tn]s1 %>ehold]s1 or o!r equity own]s (
 ! inve/m5t advis] hav+ only a m9ority  
int]e/ 9 ! bus9ess ( ! inve/m5t advis]1 
or f ! admission to ! inve/m5t advis] ( 
"o or m memb]s1 p>tn]s1 %>ehold]s1 or   

o!r equity own]s :o1 aft] su* admission1
 %all be only a m9ority ( ! memb]s1     
p>tn]s1 %>ehold]s1 or o!r equity own]s &
 %all h only a m9ority int]e/ 9 !       
bus9ess44  7,b7 ,cons5t to assignm5t by 
qualifi$ cli5ts ,section #bje7;a77#b7 ( 
! ,inve/m5t ,advis]s ,act ( #aidj 7#ae  
,u4,s4,c4 #hj;b-#e7;a77#b77 is am5d$ by 
ins]t+ be=e ! semicolon ! foll[+3 1     
except t if su* o!r p>ty is a qualifi$  
cli5t 7z def9$ 9 section #bge4bje-c (   
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor !reto71 su* o!r p>ty   
may provide su* cons5t at ! "t ! p>ties 
ent] into1 ext5d1 or r5ew su* contract4 
7#b7 ,n requir$ to provide =            
notification ( *ange 9 memb]%ip (       
p>tn]%ip ,section #bje ( ! ,inve/m5t    
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#e7 is am5d$--  7,a7 9 subsection 
7a7-- 7i7 9 p>agraph 7#a71 by /rik+ !   
semicolon & ins]t+ 2 or2  7ii7 9        
p>agraph 7#b71 by /rik+ 2 or & ins]t+ a 
p]iod2 &  7iii7 by /rik+ p>agraph 7#c72 
&  7,b7 9 subsection 7d71 by /rik+      

p>agraphs 7#b7 & 7#c7 ( subsection 7a7 &
 ins]t+ subsection 7a77#b74  7b7        
,adv]tis+ rule  7#a7 ,9 g5]al ,n lat]   
?an #ij days aft] ! date ( ! enactm5t ( 
?is ,act1 ! ,commission %all am5d       
section #bge4bjf7d7-a ( title #ag1 ,code
 ( ,f$]al ,regulations1 to provide t    
p>agraphs 7a77#a7 & 7a77#b7 ( su*       
section d n apply to an adv]tisem5t t an
 inve/m5t advis] publi%es1 circulates1  
or di/ributes solely to p]sons describ$ 
9 p>agraph 7#b7 ( ?is subsection4  7#b7 
,p]sons describ$ ,a p]son is describ$ 9 
?is p>agraph if su* p]son is1 or !      
inve/m5t advis] reasonably believes su* 
p]son is-- 7,a7 a qualifi$ cli5t 7z     
def9$ 9 section #bge4bje-c ( title #ag1 
,code ( ,f$]al ,regulations71 det]m9$ z 
( ! "t ( ! publication1 circulation1 or 
di/ribution ( ! adv]tisem5t r ?an       
imm$iately prior to or aft] ent]+ into !
 inve/m5t advisory contract ref]r$ to 9 
su* section2  7,b7 a kn[l$geable        
employee 7z def9$ 9 section #bgj4c;c-#e 
( title #ag1 ,code ( ,f$]al             

,regulations7 ( any private fund to :i* 
! inve/m5t advis] acts z an inve/m5t    
advis]2  7,c7 a qualifi$ pur*as] 7z     
def9$ 9 section #b7;a7 ( ! ,inve/m5t    
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#b7;a7772 or  7,d7 an accr$it$    
inve/or 7z def9$ 9 section #bcj4eja (   
title #ag1 ,code ( ,f$]al ,regulations71
 det]m9$ z if ! inve/m5t advis] 7 !     
issu] ( securities ref]r$ to 9 su*      
section & ! "t ( ! publication1         
circulation1 or di/ribution ( !         
adv]tisem5t 7 ! sale ( su* securities4  
#c4 ,remov+ duplicative burd5s &        
appropriately tailor+ c]ta9 requirem5ts 
7a7 ,=m ,,pf ,n lat] ?an #ij days aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,commission %all am5d section           
#bge4bjd7;b7-#a ( title #ag1 ,code (    
,f$]al ,regulations1 to provide t an    
inve/m5t advis] to a private fund is n  
requir$ to report any in=mation beyond t
 :i* is requir$ by sections #a;a & #a;b 
( ,=m ,,pf1 unless su* inve/m5t advis]  
is a l>ge h$ge fund advis] or a l>ge    

liquidity fund advis] 7z su* t]ms are   
def9$ 9 su* ,=m74  7b7 ,cu/ody rule ,n  
lat] ?an #ij days aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,commission %all 
am5d section #bge4bjf7d7-b ( title #ag1 
,code ( ,f$]al ,regulations1 consi/5t )1
 & exp&+ on1 ,,im ,guidance ,update ,no4
 #bjac-jd1 titl$ ,privately ,(f]$       
,securities "u ! ,inve/m5t ,advis]s ,act
 ,cu/ody ,rule1 publi%$ by ! ,division (
 ,inve/m5t ,managem5t ( ! ,commission1 )
 respect to ! exception = c]ta9         
privately (f]$ securities 9 p>agraph    
7b77#b7 ( su* section1 s z to-- 7#a7    
remove ! requirem5t ( clause 7i77,b7 (  
su* p>agraph 7relat+ to ! unc]tificat$  
nature & recordation ( own]%ip ( !      
securities72 &  7#b7 remove ! requirem5t
 ( clause 7ii7 ( su* p>agraph 7relat+ to
 audit & f9ancial /atem5t di/ribution   
requirem5ts ) respect to securities (   
pool$ inve/m5t vehicles74  7c7 ,proxy   
vot+ rule ,n lat] ?an #ij days aft] !   
date ( ! enactm5t ( ?is ,act1 !         
,commission %all am5d section           

#bge4bjf7d7-f ( title #ag1 ,code (      
,f$]al ,regulations1 to provide t su*   
section does n apply to any vot+        
au?ority ) respect to cli5t securities t
 are n public securities4  #d4          
,facilitat+ robu/ capital =mation by    
prev5t+ regulatory mismat* ,!           
,commission may n-- 7#a7 am5d section   
#bcj4aef ( title #ag1 ,code ( ,f$]al    
,regulations1 to ext5d ! provisions (   
su* section to (f]+s ( securities issu$ 
by private funds2 or  7#b7 adopt rules  
applicable to (f]+s ( securities issu$  
by private funds t are sub/antially !   
same z ! provisions ( su* section4  #e4 
,exclusion ( advisory s]vices to regi/]$
 inve/m5t companies ,?is ,act %all n    
apply ) respect to advisory s]vices     
provid$1 or propos$ to be provid$1 to an
 inve/m5t company regi/]$ "u ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#a et seq474  #f4 ,ref]5ces to    
regulations ,9 ?is ,act1 any ref]5ce to 
a regulation %all be con/ru$ to ref] to 
su* regulation or any successor !reto4  

#g4 ,def9itions ,9 ?is ,act3  7#a7      
,public security ,! t]m public security 
means a security issu$ by an issu] t--  
7,a7 is requir$ to submit reports "u    
section #ac7;a7 or #ae7;d7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm7a72 #gho7d772 or  7,b7   
has a security t is li/$ or trad$ on any
 ex*ange or organiz$ m>ket op]at+ 9 a   
=eign jurisdiction4  7#b7 ,t]ms def9$ 9 
,inve/m5t ,advis]s ,act ( #aidj ,! t]ms 
def9$ 9 section #bjb7;a7 ( ! ,inve/m5t  
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#b7;a77 h ! mean+s giv5 su* t]ms 9
 su* section4  ,pass$ ! ,h\se (         
,repres5tatives ,septemb] #i1           
#bjaf4;,cl]k4