,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #dabi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #be1 #bjbe,mr4  
,g>b>9o introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,inve/m5t ,advis]s ,act ( #aidj to      
provide an exemption f ! regi/ration    
requirem5ts "u t ,act to c]ta9 advis]s (
 private funds1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,tailor+ = ,ma9 ,/reet's ,inve/ors ,act4
  #b4 ,exemption ,section #bjc ( !      
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#c7 is am5d$ by add+ at 
! end ! foll[+3  7o7 ,exemption f       
regi/ration = c]ta9 private fund advis]s
  7#a7 ,9 g5]al ,! ,commission %all     
provide an exemption f ! regi/ration    
requirem5ts "u ?is section to any       
inve/m5t advis] ( private funds1 if--   
7,a7 ! inve/m5t advis] acts solely z an 
inve/m5t advis] to private funds & has  
assets "u managem5t 9 ! ,unit$ ,/ates ( 
less ?an #e1jjj1jjj1jjj2  7,b7 ea* ( !  

inve/ors 9 ea* su* private fund is-- 7i7
 a qualifi$ pur*as]1 z def9$ 9 section  
#b7;a7 ( ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a772     
7ii7 an accr$it$ inve/or1 z def9$ 9     
section #bcj4eja7;a7 ( title #ag1 ,code 
( ,f$]al ,regulations1 or any successor 
regulation2 or  7iii7 an inve/m5t       
pr(essional t is lic5s$ by a national   
securities association regi/]$ pursuant 
to section #ae;,a7a7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#c71 if ! ,commission det]m9es t ! 
inclusion ( su* inve/m5t pr(essionals   
w\ld be appropriate2 &  7,c7 none ( ^?  
private funds (f]s any inve/or ( !      
private fund r$emption or simil>        
liquidity rights1 except 9 extraord9>y  
circum/ances4  7#b7 ,report+ ,!         
,commission %all require inve/m5t       
advis]s exempt$ by reason ( ?is         
subsection to ma9ta9 su* records &      
provide to ! ,commission e #b ye>s su*  
reports z ! ,commission det]m9es        
necess>y or appropriate 9 ! public      

int]e/ or = ! protection ( inve/ors1    
except t ! requirem5ts "u ?is p>agraph  
%all be no great]1 & no m burd5some1 ?an
 ^? "u subsection 7m77#b74  4  #c4      
,report+ = small] advis]s  7a7          
,def9itions ,9 ?is section3 7#a7        
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,cov]$ entity ,! t]m cov]$ entity  
means an entity t is requir$ to submit  
,=m ,,adv4  7#c7 ,=m ,,adv ,! t]m ,=m   
,,adv means ! =m describ$ 9 section     
#bgi4a ( title #ag1 ,code ( ,f$]al      
,regulations1 or any successor          
regulation4  7b7 ,frequ5cy ( fil+       
,not)/&+ any o!r provision ( law or     
regulation1 beg9n+ on ! date ( enactm5t 
( ?is ,act1 a cov]$ entity t has less   
?an #a1jjj1jjj1jjj 9 assets1 z ( ! la/  
day ( ! mo/ rec5t fiscal ye> ( ! entity1
 %all be requir$ to file ,=m ,,adv ) !  
,commission n m frequ5tly ?an once e #b 
ye>s4  7c7 ,%ort =m ,n lat] ?an #bhj    
days aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all develop a %ort =m    

v]sion ( ,=m ,,adv t a cov]$ entity t   
has less ?an #a1jjj1jjj1jjj 9 assets1 z 
( ! la/ day ( ! mo/ rec5t fiscal ye> ( !
 entity1 may use to file ,=m ,,adv ) !  
,commission4