Page 196

124 STAT. 1570 PUBLIC LAW 111–203—JULY 21, 2010

SEC. 378. TITLE 31, UNITED STATES CODE.
Title 31, United States Code, is amended—
(1) in section 321—
(A) in subsection (c)—
(i) in paragraph (1), by adding ‘‘and’’ at the end;
(ii) in paragraph (2), by striking ‘‘; and’’ and
inserting a period; and
(iii) by striking paragraph (3); and
(B) by striking subsection (e); and
(2) in section 714(a), by striking ‘‘the Office of the Comp-
troller of the Currency, and the Office of Thrift Supervision.’’
and inserting ‘‘and the Office of the Comptroller of the Cur-
rency.’’.

Private Fund TITLE IV—REGULATION OF ADVISERS
Investment
Advisers TO HEDGE FUNDS AND OTHERS
Registration Act
of 2010.
15 USC 80b–20 SEC. 401. SHORT TITLE.
note. This title may be cited as the ‘‘Private Fund Investment
Advisers Registration Act of 2010’’.

SEC. 402. DEFINITIONS.
(a) INVESTMENT ADVISERS ACT OF 1940 DEFINITIONS.—Section
202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–
2(a)) is amended by adding at the end the following:
‘‘(29) The term ‘private fund’ means an issuer that would
be an investment company, as defined in section 3 of the
Investment Company Act of 1940 (15 U.S.C. 80a–3), but for
section 3(c)(1) or 3(c)(7) of that Act.
‘‘(30) The term ‘foreign private adviser’ means any invest-
ment adviser who—
‘‘(A) has no place of business in the United States;
‘‘(B) has, in total, fewer than 15 clients and investors
in the United States in private funds advised by the invest-
ment adviser;
‘‘(C) has aggregate assets under management attrib-
utable to clients in the United States and investors in
the United States in private funds advised by the invest-
ment adviser of less than $25,000,000, or such higher
amount as the Commission may, by rule, deem appropriate
in accordance with the purposes of this title; and
‘‘(D) neither—
‘‘(i) holds itself out generally to the public in the
United States as an investment adviser; nor
‘‘(ii) acts as—
‘‘(I) an investment adviser to any investment
company registered under the Investment Com-
pany Act of 1940; or
‘‘(II) a company that has elected to be a busi-
ness development company pursuant to section 54
of the Investment Company Act of 1940 (15 U.S.C.
80a–53), and has not withdrawn its election.’’.
15 USC 80b–2 (b) OTHER DEFINITIONS.—As used in this title, the terms

LAWS note. ‘‘investment adviser’’ and ‘‘private fund’’ have the same meanings as in section 202 of the Investment Advisers Act of 1940, as amended by this title.PUBLIC with on anorris VerDate Nov 24 2008 21:17 Aug 02, 2010 Jkt 089139 PO 00203 Frm 00196 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203