#aaeth ,,congress  #b;d ,session  ,s4   
#bgfe  ,,an ,,act  ,to amend the        
,investment ,advisers ,act of #aidj to  
exempt investment advisers who solely   
advise certain rural business investment
 companies1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,,rbic ,advisers ,relief ,act of   
#bjah4  #b4 ,advisers of ,r,b,i,cs      
,section #bjc of the ,investment        
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#c7;b77 is amended-- 7#a7 in      
subsection 7b7-- 7,a7 in paragraph      
7#f77;,b7-- 7i7 by adjusting the margins
 accordingly2 and  7ii7 by striking the 
period at the end and inserting a       
semicolon2  7,b7 in paragraph 7#g77;,c71
 by striking the period at the end and  
inserting 2 or2 and  7,c7 by adding at  
the end the following3  7#h7 any        
investment adviser1 other 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-#ec71 who solely        
advises-- 7,a7 rural business investment
 companies 7as defined in section       
#chd;,a of the ,consolidated ,farm and  
,rural ,development ,act 7#g ,u4,s4,c4  
#bjji;cc772 or  7,b7 companies that have
 submitted to the ,secretary of         
,agriculture an application in          
accordance with section #chd;,d7b7 of   
the ,consolidated ,farm and ,rural      
,development ,act 7#g ,u4,s4,c4         
#bjji;cc-#c7;b77 that-- 7i7 have        
received from the ,secretary of         
,agriculture a letter of conditions1    
which has not been revoked2 or  7ii7 are
 affiliated with #a or more rural       
business investment companies described 
in subparagraph 7,a74  2  7#b7 in       
subsection 7l71 by adding at the end the
 following3  7#c7 ,advisers of ,r,b,i,cs
 ,for purposes of this subsection1 a    
venture capital fund includes an entity 
described in subparagraph 7,a7 or 7,b7  
of subsection 7b77#h7 7other than an    
entity that has elected to be 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  2 and  7#c7 in  
subsection 7m71 by adding at the end the
 following3  7#d7 ,advisers of ,r,b,i,cs
 ,for purposes of this subsection1 the  
assets under management of a private    
fund that is an entity described in     
subparagraph 7,a7 or 7,b7 of subsection 
7b77#h7 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  #c4 ,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,c71 by 
striking the period at the end and      
inserting 2 or2 and  7#b7 by adding at  
the end the following3  7,d7 that is not

 registered under section #bjc because  
that person is exempt from registration 
as provided in subsection 7b77#h7 of    
such section1 or is a supervised person 
of such person4  4  ,passed the ,senate 
,october #aa1 #bjah4,secretary