Investment Adviser Regulatory Flexibility Improvement Act

I 116TH CONGRESS 1ST SESSION H. R. 2436 To require the Securities and Exchange Commission to revise the definitions of a ‘‘small business’’ and ‘‘small organization’’ for purposes of assessing the impact of the Commission’s rulemakings under the Investment Advis- ers Act of 1940. IN THE HOUSE OF REPRESENTATIVES MAY 1, 2019 Mr. SAN NICOLAS (for himself and Mr. HUIZENGA) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Securities and Exchange Commission to revise the definitions of a ‘‘small business’’ and ‘‘small organi- zation’’ for purposes of assessing the impact of the Com- mission’s rulemakings under the Investment Advisers Act of 1940. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Investment Adviser 4 Regulatory Flexibility Improvement Act’’. 5 VerDate Sep 11 2014 01:39 May 04, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2436.IH H2436 kjohnson on DSK79L0C42 with BILLS 2 •HR 2436 IH SEC. 2. DEFINITION OF SMALL BUSINESS OF SMALL ORGA- 1 NIZATION. 2 Not later than the end of the 1-year period beginning 3 on the date of the enactment of this Act, the Securities 4 and Exchange Commission shall revise the definitions of 5 a ‘‘small business’’ and ‘‘small organization’’ under section 6 275.0–7 of title 17, Code of Federal Regulations, to pro- 7 vide alternative methods under which a business or organi- 8 zation may qualify as a ‘‘small business’’ or ‘‘small organi- 9 zation’’ under such section. In making such revision, the 10 Commission shall consider whether such alternative meth- 11 ods should include a threshold based on the number of 12 nonclerical employees of the business or organization. 13 Æ VerDate Sep 11 2014 01:39 May 04, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2436.IH H2436 kjohnson on DSK79L0C42 with BILLS