; and (3) in subsection (m), by adding at the end the following: (4) Advisers of RBICs For purposes of this subsection, the assets under management of a private fund that is an entity described in subparagraph (A) or (B) of subsection (b)(8) (other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 )) shall be excluded from the limit set forth in paragraph (1). . 3. Relationship to State law Section 203A(b)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3a(b)(1)) is amended— (1) in subparagraph (C), by striking the period at the end and inserting ; or ; and (2) by adding at the end the following: (D) that is not registered under section 203 because that person is exempt from registration as provided in subsection (b)(8) of such section, or is a supervised person of such person. .