,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #bgfe  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bf1    
#bjah ,mr4 ,kennedy 7for himself and    
,mr4 ,jones7 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 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