Sec. 2. ADVISERS OF RBICS
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## SEC. 2 ADVISERS OF RBICS Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-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), 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)); 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)) 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 have received from the Secretary of Agriculture a letter of conditions, which has not been revoked; or 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)).” > ; and ####
(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)) shall be excluded from the limit set forth in paragraph (1).” > .
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