Sec. 2. Advisers of RBICs
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Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(b) ) is amended— in subsection (b)— in paragraph (6)(B)— by adjusting the margins accordingly; and by striking the period at the end and inserting a semicolon; in paragraph (7)(C), by striking the period at the end and inserting ; or ; and by adding at the end the following: any investment adviser, other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 ), who solely advises— rural business investment companies (as defined in section 384A of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2009cc )); or companies that have submitted to the Secretary of Agriculture an application in accordance with section 384D(b) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2009cc–3(b) ) that— have received from the Secretary of Agriculture a letter of conditions, which has not been revoked; or are affiliated with 1 or more rural business investment companies described in subparagraph (A). ; in subsection (l), by adding at the end the following:
For purposes of this subsection, a venture capital fund includes an entity described in subparagraph
(A)or
(B)of subsection (b)(8) (other than an entity that has elected to be regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 )). ; and in subsection (m), by adding at the end the following: For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph
(A)or
(B)of subsection (b)(8) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 )) shall be excluded from the limit set forth in paragraph (1). .
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U.S. Code
3 references not yet in our index
- 15 USC 80b–3(b)
- 15 USC 80a–53
- 7 USC 2009cc–3(b)
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