H.R.4129

Tailoring for Main Street’s Investors Act exempts certain private fund advisers from registration requirements.

The Tailoring for Main Street’s Investors Act amends the Investment Advisers Act of 1940 to exempt certain investment advisers of private funds from registration requirements. This exemption applies to advisers managing less than $1 billion in assets, advising solely on private funds, and whose investors are qualified purchasers or accredited investors. The bill also requires these advisers to file Form ADV with the Securities and Exchange Commission every two years. The Commission must develop a short form version of Form ADV for these smaller advisers.