The Small Business Investor Capital Access Act would raise the threshold that determines when investment advisers managing private funds must register with federal regulators. Currently, advisers with more than $150 million in assets under management must register with the Securities and Exchange Commission, but this bill would increase that threshold to $175 million. The legislation primarily affects smaller investment advisory firms that manage private funds, allowing more of them to remain exempt from federal registration requirements and instead be regulated by their home states. Additionally, the bill requires the SEC to adjust this threshold every five years based on inflation as measured by the Consumer Price Index, rounding to the nearest million dollars. The bill does not specify any particular funding requirements or implementation timeline beyond the automatic inflation adjustments.
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