L:\XML\CPRT-113-HPRT-RU00-HR1105.XML XML mchinn 11/22/2013 14:57 mchinn 11/22/2013 14:53 L:\vr\112213\R112213.004.xml 11/22/2013 14:57:51 mchinn [Discussion Draft] [Discussion Draft] November 22, 2013 113th CONGRESS 1st Session Rules Committee Print 113-29 Text of H.R. 1105, Small Business Capital Access and Job Preservation Act [Showing the text of the bill as reported by the Committee on Financial Services.]

1.

Short title

This Act may be cited as the Small Business Capital Access and Job Preservation Act.

2.

Registration and reporting exemptions relating to private equity funds advisors

Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3) is amended by adding at the end the following: (o)

Exemption of and reporting requirements by private equity funds advisors

(1)

In general

Except as provided in this subsection, no investment adviser shall be subject to the registration or reporting requirements of this title with respect to the provision of investment advice relating to a private equity fund or funds, provided that each such fund has not borrowed and does not have outstanding a principal amount in excess of twice its invested capital commitments. (2)

Maintenance of records and access by Commission

Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission taking into account fund size, governance, investment strategy, risk, and other factors, as the Commission determines necessary and appropriate in the public interest and for the protection of investors; and (B) to define the term private equity fund for purposes of this subsection. .