S.Amdt. 1890

1. Adds SEC. __. REGISTRATION AND REPORTING EXEMPTIONS RELATING TO PRIVATE EQUITY FUNDS ADVISORS wherever appropriate

   Adds a section

   Inserted: SEC. __. REGISTRATION AND REPORTING EXEMPTIONS RELATING TO PRIVATE EQUITY FUNDS ADVISORS.

   Inserted: Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b 3) is amended by adding at the end the following:

   Inserted: "(o) Exemption of and Reporting Requirements by Private Equity Funds Advisors.--

   Inserted: "(1) In general.--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.

   Inserted: "(2) Maintenance of records and access by commission.--Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules--

   Inserted: "(A) 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

   Inserted: "(B) to define the term private equity fund for purposes of this subsection.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed