Bill > S2765

This bill, the SBIC Advisers Relief Act of 2014, aims to prevent overlapping regulations for advisers of Small Business Investment Companies (SBICs) by amending the Investment Advisers Act of 1940. Specifically, it clarifies that certain entities described in the law, such as those that are part of an SBIC structure and are not regulated as business development companies, are considered venture capital funds for regulatory purposes. It also allows for the exclusion of assets managed by these SBIC-related private funds from the calculation of "assets under management," which is a threshold used to determine if an investment adviser needs to register with federal authorities. Furthermore, the bill clarifies that advisers to SBICs that are exempt from registration under certain provisions of the Investment Advisers Act are not subject to state-level registration requirements, thereby streamlining regulation for these entities.