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![handle is hein.congrecreports/crptxabpw0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-884
INVESTMENT ADVISER REGULATORY FLEXIBILITY
IMPROVEMENT ACT
AUGUST 3, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 6321]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 6321) to require the Securities and Exchange Commission
to revise the definitions of a small business and small organiza-
tion for purposes of assessing the impact of the Commission's
rulemakings under the Investment Advisers Act of 1940, having
considered the same, report favorably thereon without amendment
and recommend that the bill do pass.
PURPOSE AND SUMMARY
On July 10, 2018, Representative Gwen Moore introduced H.R.
6321, the Investment Adviser Regulatory Flexibility Improvement
Act, requires the U.S. Securities and Exchange Commission (SEC
or Commission) to better examine the regulatory burdens faced by
small entities that are subject to the SEC's jurisdiction. H.R. 6321
requires the SEC to revise the definitions of a small business and
small organization for purposes of assessing the impact of the
SEC's rulemakings under section 275.0-7 of title 17, Code of Fed-
eral Regulations, and to provide alternative methods under which
a business or organization may qualify as a small business or small
organization.
BACKGROUND AND NEED FOR LEGISLATION
The Regulatory Flexibility Act requires all federal agencies to
analyze the economic impact of regulations when there is likely to
be a significant economic impact on a substantial number of small
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