119-hr4129

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4129 Introduced in House

    (IH) ]

<DOC>

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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