Sec. 13001. Registration and reporting exemptions relating to private equity funds advisors
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Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3 ) is amended by adding at the end the following: 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. Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules— 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 to define the term private equity fund for purposes of this subsection. .
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- 15 USC 80b–3
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Sec. 13001
Registration and reporting exemptions relating to private equity funds advisors
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