[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4129 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 4129
To amend the Investment Advisers Act of 1940 to provide an exemption
from the registration requirements under that Act to certain advisers
of private funds, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 25, 2025
Mr. Garbarino introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Investment Advisers Act of 1940 to provide an exemption
from the registration requirements under that Act to certain advisers
of private funds, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Tailoring for Main Street's
Investors Act''.
SEC. 2. EXEMPTION.
Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-
3) is amended by adding at the end the following:
``(o) Exemption From Registration for Certain Private Fund
Advisers.--
``(1) In general.--The Commission shall provide an
exemption from the registration requirements under this section
to any investment adviser of private funds, if--
``(A) the investment adviser acts solely as an
investment adviser to private funds and has assets
under management in the United States of less than
$5,000,000,000;
``(B) each of the investors in each such private
fund is--
``(i) a qualified purchaser, as defined in
section 2(a) of the Investment Company Act of
1940 (15 U.S.C. 80a-2(a));
``(ii) an accredited investor, as defined
in section 230.501(a) of title 17, Code of
Federal Regulations, or any successor
regulation; or
``(iii) an investment professional that is
licensed by a national securities association
registered pursuant to section 15A(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-
3), if the Commission determines that the
inclusion of such investment professionals
would be appropriate; and
``(C) none of those private funds offers any
investor of the private fund redemption or similar
liquidity rights, except in extraordinary
circumstances.
``(2) Reporting.--The Commission shall require investment
advisers exempted by reason of this subsection to maintain such
records and provide to the Commission every 2 years such
reports as the Commission determines necessary or appropriate
in the public interest or for the protection of investors,
except that the requirements under this paragraph shall be no
greater, and no more burdensome, than those under subsection
(m)(2).''.
SEC. 3. REPORTING FOR SMALLER ADVISERS.
(a) Definitions.--In this section:
(1) Commission.--The term ``Commission'' means the
Securities and Exchange Commission.
(2) Covered entity.--The term ``covered entity'' means an
entity that is required to submit Form ADV.
(3) Form adv.--The term ``Form ADV'' means the form
described in section 279.1 of title 17, Code of Federal
Regulations, or any successor regulation.
(b) Frequency of Filing.--Notwithstanding any other provision of
law or regulation, beginning on the date of enactment of this Act, a
covered entity that has less than $1,000,000,000 in assets, as of the
last day of the most recent fiscal year of the entity, shall be
required to file Form ADV with the Commission not more frequently than
once every 2 years.
(c) Short Form.--Not later than 280 days after the date of
enactment of this Act, the Commission shall develop a short form
version of Form ADV that a covered entity that has less than
$1,000,000,000 in assets, as of the last day of the most recent fiscal
year of the entity, may use to file Form ADV with the Commission.
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