H.R. 3673 — Small Business Investor Capital Access Act

This section (1) increases the assets-under-management exemption threshold for registration under the Investment Advisers Act of 1940 for advisers solely to private funds (i.e., venture capital funds, hedge funds) to $175 million (from $150 million); and (2) directs the SEC to adjust that threshold every five years to reflect changes in the Consumer Price Index for All Urban Consumers, rounding to the nearest $1 million. (Thus, the exemption allows more advisers to avoid SEC registration and reporting requirements.)