1. Short title This Act may be cited as the RBIC Advisers Relief Act of 2018 . 2. Advisers of RBICs Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(b) ) is amended— (1) in subsection (b)— (A) in paragraph (6)(B)— (i) by adjusting the margins accordingly; and (ii) by striking the period at the end and inserting a semicolon; (B) in paragraph (7)(C), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following: (8) any investment adviser, 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 ), who solely advises— (A) rural business investment companies (as defined in section 384A of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2009cc )); or (B) companies that have submitted to the Secretary of Agriculture an application in accordance with section 384D(b) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2009cc–3(b) ) that— (i) have received from the Secretary of Agriculture a letter of conditions, which has not been revoked; or (ii) are affiliated with 1 or more rural business investment companies described in subparagraph (A). ; (2) in subsection (l), by adding at the end the following: (3) Advisers of RBICs For purposes of this subsection, a venture capital fund includes an entity described in subparagraph (A) or (B) of subsection (b)(8) (other than an entity that has elected to be regulated as a business development company pursuant to section 54 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–53 )).