Amendment removes provisions related to brochure delivery and the requirement for annual audits at select private funds.

1. 1

   Change 1: Strikes page 6, line 14 through page 7, line 5

   StrikesPrinted page

   Removes page 6, line 14 through page 7, line 5 of the printed bill. See that page

   Original wording

   Page 6, strike line 14 and all that follows through page 7, line 5.

2. 2

   Change 2: Rewrites page 7, line 18 through “Consistent with” on page 9, line 16

   ReplacesPrinted page

   Removes page 7, line 18 through “Consistent with” on page 9, line 16 of the printed bill. See that page

   Inserted: Regulations, consistent with

   Original wording

   Page 7, strike line 18 and all that follows through “Consistent with” on page 9, line 16, and insert “Regulations, consistent with”.

3. 3

   Change 3: Strikes “the Commission shall,”

   StrikesPage 9, line 20Printed page

   In H.R. 5424 · Reported in House

   (B) An exception that applies if the pooled investment vehicle has been established to hold only the securities of a single issuer in which one or more pooled investment vehicles managed by the investment adviser have acquired a controlling interest.

   (2) Consistent with, and expanding on, IM Guidance Update No. 2013-04, titled "Privately Offered Securities under the Investment Advisers Act Custody Rule", published by the Division of Investment Management of the Commission, [struck: the Commission shall, ]with respect to the exception for certain privately offered securities in paragraph (b)(2) of such section--

   (A) remove the requirement of clause (i)(B) of such paragraph (relating to the uncertificated nature and recordation of ownership of the securities); and

   Original wording

   Page 9, beginning on line 20, strike “the Commission shall,”.

4. 4

   Change 4: Inserts “, so as to” after “such section”

   InsertsPage 9, line 23Printed page

   …such section[inserted: , so as to]…

   Original wording

   Page 9, line 23, insert “, so as to” after “such section”.

Read automatically from the Congressional Record. Check the original before relying on it.

As printed