; and (B) by adding at the end the following: (32) The term crowdfunding vehicle has the meaning given the term in section 3(c)(15)(B) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(15)(B) ). (33) (A) The term crowdfunding vehicle adviser means an investment adviser that acts as an investment adviser solely with respect to crowdfunding vehicles. (B) A determination, for the purposes of subparagraph (A), regarding whether an investment adviser acts as an investment adviser solely with respect to crowdfunding vehicles shall not include any consideration of the activity of any affiliate of the investment adviser. ; (2) in section 203 ( 15 U.S.C. 80b–3 ), by adding at the end the following: (o) Crowdfunding vehicle advisers (1) In general A crowdfunding vehicle adviser shall be required to register under this section. (2) Tailored requirements As necessary or appropriate in the public interest and for the protection of investors, and to promote efficiency, competition, and capital formation, the Commission may tailor the requirements under section 275.206(4)–2 of title 17, Code of Federal Regulations, with respect to the application of those requirements to a crowdfunding vehicle adviser. ; and (3) in section 203A(a) (15 U.S.C. 80b–3a(a))— (A) in paragraph (1)— (i) in subparagraph (A), by striking or at the end; (ii) in subparagraph (B), by striking the period at the end and inserting ; or ; and (iii) by adding at the end the following: (C) is a crowdfunding vehicle adviser. ; and (B) in paragraph (2)— (i) in subparagraph (A), by inserting a crowdfunding vehicle adviser, after unless the investment adviser is ; and (ii) in subparagraph (B)(ii), in the matter preceding subclause (I), by inserting except with respect to a crowdfunding vehicle adviser, before has assets . 3. Crowdfunding exemption from registration Section 12(g)(6) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(6) ) is amended— (1) by striking The Commission and inserting the following: (A) In general The Commission