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.’’. TITLE IV—REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS SEC. 401. SHORT TITLE. 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ness development company pursuant to section 54 of the Investment Company Act of 1940 (15 U.S.C. 80a–53), and has not withdrawn its election.’’. (b) OTHER DEFINITIONS.—As used in this title, the terms ‘‘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. 15 USC 80b–2 note. 15 USC 80b–20 note. Private Fund Investment Advisers Registration Act of 2010.
