Bill > S1978

This bill, known as the SBIC Advisers Relief Act of 2015, aims to prevent overlapping regulations for investment advisers who manage Small Business Investment Companies (SBICs) and venture capital funds. Specifically, it amends the Investment Advisers Act of 1940 to clarify that certain entities, including SBICs and venture capital funds that are not regulated as business development companies, are considered venture capital funds for regulatory purposes. It also stipulates that the assets managed by these types of private funds will be excluded when determining if an adviser has reached a threshold that requires registration. Furthermore, the bill clarifies that advisers to SBICs and their supervised persons, who are exempt from registration under certain provisions, will not be subject to state-level regulation, thereby streamlining the regulatory process and avoiding duplication.