Small Business Capital Access and Job Preservation Act

Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments.

Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term "private equity fund" for purposes of this Act.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1082 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1082

To amend the Investment Advisers Act of 1940 to provide a registration 
  exemption for private equity fund advisers, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2011

 Mr. Hurt (for himself and Mr. Cooper) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Investment Advisers Act of 1940 to provide a registration 
  exemption for private equity fund advisers, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
            ``(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.''.
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