What does Preamble of Tailoring for Main Street’s Investors Act do?

This bill proposes to amend the Investment Advisers Act of 1940. The proposed amendment aims to provide an exemption from registration requirements under the Act. The exemption is intended for certain advisers of private funds.

What does SHORT TITLE. of Tailoring for Main Street’s Investors Act do?

This Act is formally titled the "Tailoring for Main Street's Investors Act".

What does EXEMPTION. of Tailoring for Main Street’s Investors Act do?

This section amends Section 203 of the Investment Advisers Act of 1940 to create an exemption from registration for certain private fund advisers. An investment adviser is eligible for the exemption if they act solely as an adviser to private funds and have less than $5,000,000,000 in assets under management in the United States. Investors in the private funds must be qualified purchasers, accredited investors, or investment professionals licensed by a national securities association. The private funds cannot offer redemption or similar liquidity rights except in extraordinary circumstances. Exempted advisers must maintain records and provide reports to the Commission every two years, with requirements no greater than those under subsection (m)(2).

What does REPORTING FOR SMALLER ADVISERS. of Tailoring for Main Street’s Investors Act do?

This section defines terms related to reporting requirements for investment advisers. Covered entities with less than $1,000,000,000 in assets are required to file Form ADV with the Securities and Exchange Commission no more frequently than once every 2 years, starting on the date of enactment. The Securities and Exchange Commission must develop a short form version of Form ADV within 280 days of the Act's enactment for eligible entities.

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Tailoring for Main Street’s Investors Act

Last updated: 6/25/2025 · Introduced: 6/25/2025

Author: Andrew Garbarino (R-NY)

TL;DR (AI)

The bill creates an exemption from registration for private fund advisers with less than $5 billion in assets under management, provided their clients are qualified purchasers, accredited investors, or licensed investment professionals.
Investment advisers with less than $1 billion in assets must file Form ADV with the Securities and Exchange Commission no more than once every two years.
The Securities and Exchange Commission is required to develop a simplified version of Form ADV for eligible smaller investment advisers within 280 days of the bill's enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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