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                   113TH CONGRESS                                      REPORT
                      2d Session    HOUSE OF REPRESENTATIVES          113-641





                               SBIC ADVISERS RELIEF ACT OF 2014



                   DECEMBER 2, 2014.-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. 4200]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 4200) 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. 4200 amends the Investment Advisers Act of 1940 to reduce
                   unnecessary regulatory costs and eliminate duplicative regulation
                   of advisers to Small Business Investment Companies (SBICs) by
                   the Securities and Exchange Commission (SEC). Specifically, H.R.
                   4200 preempts the application of any state registration require-
                   ments to those advisers solely advising SBIC funds; allows advisers
                   to venture capital funds to continue to be exempt reporting advis-
                   ers 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 pri-
                   vate funds in addition to SBIC funds.
                               BACKGROUND AND NEED FOR LEGISLATION
                     The Dodd-Frank Wall Street Reform and Consumer Protection
                   Act (P.L. 111-203) creates a new regulatory regime for advisers of
                   private equity funds. Under this new regime, advisers to private
                   equity funds must register as investment advisers with the SEC.
                   However, there are several exemptions from SEC registration for
                   private fund advisers. The main exemption for smaller private
                      49-006

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