; (2) in section 953, by striking (a) Disclosure of pay versus performance.— ; and (3) in section 989G, by striking (a) Exemption .— . 858. Exemption of and reporting by private equity fund advisers Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3 ) is amended by adding at the end the following: (o) Exemption of and reporting by private equity fund advisers (1) In general Except as provided in this subsection, no investment adviser shall be subject to the registration or reporting requirements of this title with respect to the provision of investment advice relating to a private equity fund. (2) Maintenance of records and access by Commission Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules— (A) to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission, taking into account fund size, governance, investment strategy, risk, and other factors, determines necessary and appropriate in the public interest and for the protection of investors; and (B) to define the term private equity fund for purposes of this subsection. . 859. Records and reports of private funds The Investment Advisers Act of 1940 ( 15 U.S.C. 80b–1 et seq.) is amended— (1) in section 204(b)— (A) in paragraph (1)— (i) in subparagraph (A), by striking investors, and all that follows and inserting investors. ; (ii) by striking subparagraph (B); and (iii) by striking this title— and all that follows through to maintain and inserting this title to maintain ; (B) in paragraph (3)(H)— (i) by striking , in consultation with the Council, ; and (ii) by striking or for the assessment of systemic risk ; (C) in paragraph (4), by striking , or for the assessment of systemic risk ; (D) in paragraph (5), by striking or for the assessment of systemic risk ; (E) in paragraph (6)(A)(ii), by striking , or for the assessment of systemic risk