H.R. 4129

[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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