Section 1 Short title
This Act may be cited as the “Investment Adviser Regulatory Flexibility Improvement Act”.
Investment Adviser Regulatory Flexibility Improvement Act
A BILL
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 Advisers Act of 1940.
Sec. 2 Definition of small business of small organization
Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall revise the definitions of a “small business” and “small organization” under section 275.0–7 of title 17, Code of Federal Regulations, to provide alternative methods under which a business or organization may qualify as a “small business” or “small organization” under such section. In making such revision, the Commission shall consider whether such alternative methods should include a threshold based on the number of nonclerical employees of the business or organization.