Small Business Capital Access and Job Preservation Act

To amend the Investment Advisers Act of 1940 to provide a registration exemption for private equity fund advisers, and for other purposes.

Subjects

Finance and Financial Sector

Summary

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.

Full Text

Legislative Actions

2011-03-15
Introduced in House
2011-03-15
Introduced in House
2011-03-15
Referred to the House Committee on Financial Services.
2011-03-16
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2011-04-04
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-05-03
Subcommittee Consideration and Mark-up Session Held.
2011-05-04
Subcommittee Consideration and Mark-up Session Held.
2011-05-04
Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 19 - 13 .
2011-06-22
Committee Consideration and Mark-up Session Held.
2011-06-22
Ordered to be Reported (Amended) by Voice Vote.
2011-07-12
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-143.
2011-07-12
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-143.
2011-07-12
Placed on the Union Calendar, Calendar No. 91.

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