I 115th CONGRESS 2d Session H. R. 6321 IN THE HOUSE OF REPRESENTATIVES July 10, 2018 Ms. Moore (for herself and Mr. Huizenga ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Securities and Exchange Commission to revise the definitions of a small business and small organization for purposes of assessing the impact of the Commission’s rulemakings under the Investment Advisers Act of 1940.

1. Short title This Act may be cited as the Investment Adviser Regulatory Flexibility Improvement Act . 2. Definition of small business of small organization Not later than end the of the 1-year period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall revise the definitions of a small business and small organization under section 275.0–7 of title 17, Code of Federal Regulations, to provide alternative methods under which a business or organization may qualify as a small business or small organization under such section. In making such revision, the Commission shall consider whether such alternative methods should include a threshold based on the number of non-clerical employees of the business or organization.