US HB4129

Exempts private fund investment advisers from SEC registration if they manage under $5 billion in U.S. assets, serve only qualified purchasers, accredited investors, or licensed investment professionals, and do not offer regular redemption rights to investors

Requires exempt advisers to maintain records and submit reports to the SEC every 2 years, with reporting burdens capped at existing levels for similar exempt advisers

Reduces Form ADV filing frequency from annual to every 2 years for investment advisers with less than $1 billion in assets

Directs the SEC to develop a short-form version of Form ADV within 280 days for advisers with under $1 billion in assets