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H. Rept. 114-199 1 (2015-07-14)

handle is hein.congrecreports/crptxray0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-199 SBIC ADVISERS RELIEF ACT OF 2015 JULY 14, 2015.-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. 432] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 432) to amend the Investment Advisers Act of 1940 to prevent duplicative regulation of advisers of small business invest- ment companies, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 432, the SBIC Advisers Relief Act of 2015, amends the In- vestment Advisers Act of 1940 to reduce unnecessary regulatory costs and eliminate duplicative regulation of advisers to Small Business Investment Companies (SBICs). The bill preempts any state registration requirements of those advisers solely advising SBIC funds; allows advisers to venture capital funds to continue to be exempt reporting advisers if they also advise an SBIC fund; and prevents the inclusion of the assets of an SBIC fund in the SEC registration calculation of assets under management for those advisers that advise private funds in addition to SBIC funds. BACKGROUND AND NEED FOR LEGISLATION Private equity funds pool private investors' money and invest it as new equity in an enterprise. Private equity funds typically hire advisers to counsel the fund on where to deploy its resources. The Dodd-Frank Act creates a regulatory regime for advisers of private equity funds, including advisers of private funds. Under this new system, advisers to private funds must register as investment ad- visers with the SEC. However, there are several exemptions from 49-006

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