Public Law 115-417. RBIC Advisers Relief Act of 2018

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An Act To amend the Investment Advisers Act of 1940 to exempt investment advisers who solely advise certain rural business investment companies, and for other purposes.Jan. 3, 2019[[S. 2765](/us/bill/115/s/2765)] * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* RBIC Advisers Relief Actof 2018.[15 USC 80b–20 note](/us/usc/t15/s80b–20). ## SECTION 1 SHORT TITLE This Act may be cited as the “RBIC Advisers Relief Act of 2018”. ## SEC. 2 ADVISERS OF RBICS Section 203 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–3(b)](/us/usc/t15/s80b–3/b)) is amended— ####

(1)in subsection (b)— #####

(A)in paragraph (6)(B)— ######

(i)by adjusting the margins accordingly; and ######

(ii)by striking the period at the end and inserting a semicolon; #####

(B)in paragraph (7)(C), by striking the period at the end and inserting “; or”; and #####

(C)by adding at the end the following: > > #### “(8) > > 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](/us/usc/t15/s80a–53)), who solely advises— > > > ##### “(A) > > rural business investment companies (as defined in section 384A of the Consolidated Farm and Rural Development Act ([7 U.S.C. 2009cc](/us/usc/t7/s2009cc))); or > > > ##### “(B) > > 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)](/us/usc/t7/s2009cc–3/b)) that— > > > ###### “(i) > > have received from the Secretary of Agriculture a letter of conditions, which has not been revoked; or > > > ###### “(ii) > > are affiliated with 1 or more rural business investment companies described in subparagraph (A).” > ; ####

(2)in subsection (l), by adding at the end the following: > > #### “(3) Advisers of rbics > > 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](/us/usc/t15/s80a–53))).” > ; and 132 STAT. 5439 ####

(3)in subsection (m), by adding at the end the following: > > #### “(4) Advisers of rbics > > 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](/us/usc/t15/s80a–53))) shall be excluded from the limit set forth in paragraph (1).” > . ## SEC. 3 RELATIONSHIP TO STATE LAW Section 203A(b)(1) of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–3a(b)(1)](/us/usc/t15/s80b–3a/b/1)) is amended— ####

(1)in subparagraph (C), by striking the period at the end and inserting “; or”; and ####

(2)by adding at the end the following: > > ##### “(D) > > that is not registered under section 203 because that person is exempt from registration as provided in subsection (b)(8) of such section, or is a supervised person of such person.” > . Approved January 3, 2019.

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§ 2009cc

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15 USC 80b–20
15 USC 80b–3(b)
15 USC 80a–53
7 USC 2009cc–3(b)
15 USC 80b–3a(b)(1)

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Public Law 115-417

RBIC Advisers Relief Act of 2018

U.S.C.×8

Fed. Reg.×7

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U.S.C.§ 2009cc

Cite15 USC 80b–20

Cite15 USC 80b–3(b)

Cite15 USC 80a–53

Cite7 USC 2009cc–3(b)

Cite15 USC 80b–3a(b)(1)

Cites 6Cited by 18 across 3 sources