H.R.1082 - Small Business Capital Access and Job Preservation Act112th Congress (2011-2012)
|Sponsor:||Rep. Hurt, Robert [R-VA-5] (Introduced 03/15/2011)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 112-143|
|Latest Action:||07/12/2011 Placed on the Union Calendar, Calendar No. 91.|
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Summary: H.R.1082 — 112th Congress (2011-2012)All Bill Information (Except Text)
Reported to House amended (07/12/2011)
Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments.
Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term "private equity fund" for purposes of this Act.