15 USC Sec. 80a-3a                                          01/05/2009




    Sec. 80a-3a. Protection of philanthropy under State law


    (a) Registration requirements
      A security issued by or any interest or participation in any
    pooled income fund, collective trust fund, collective investment
    fund, or similar fund that is excluded from the definition of an
    investment company under section 80a-3(c)(10)(B) of this title, and
    the offer or sale thereof, shall be exempt from any statute or
    regulation of a State that requires registration or qualification
    of securities.
    (b) Treatment of charitable organizations
      No charitable organization, or any trustee, director, officer,
    employee, or volunteer of a charitable organization acting within
    the scope of such person's employment or duties, shall be required
    to register as, or be subject to regulation as, a dealer, broker,
    agent, or investment adviser under the securities laws of any State
    because such organization or person buys, holds, sells, or trades
    in securities for its own account in its capacity as trustee or
    administrator of, or otherwise on behalf of or for the account of
    one or more of the following:
        (1) a charitable organization;
        (2) a fund that is excluded from the definition of an
      investment company under section 80a-3(c)(10)(B) of this title;
        (3) a trust or other donative instrument described in section
      80a-3(c)(10)(B) of this title, or the settlors (or potential
      settlors) or beneficiaries of any such trusts or other
    (c) State action
      Notwithstanding subsections (a) and (b) of this section, during
    the 3-year period beginning on December 8, 1995, a State may enact
    a statute that specifically refers to this section and provides
    prospectively that this section shall not preempt the laws of that
    State referred to in this section.
    (d) Definitions
      For purposes of this section -
        (1) the term "charitable organization" means an organization
      described in paragraphs (1) through (5) of section 170(c) or
      section 501(c)(3) of title 26;
        (2) the term "security" has the same meaning as in section 78c
      of this title; and
        (3) the term "State" means each of the several States of the
      United States, the District of Columbia, the Commonwealth of
      Puerto Rico, the Virgin Islands, Guam, American Samoa, and the
      Commonwealth of the Northern Mariana Islands.


    (Pub. L. 104-62, Sec. 6, Dec. 8, 1995, 109 Stat. 685.)


      Section was enacted as part of the Philanthropy Protection Act of
    1995, and not as part of the Investment Company Act of 1940 which
    comprises this subchapter.


      Section applicable as defense to any claim in administrative and
    judicial actions pending on or commenced after Dec. 8, 1995, that
    any person, security, interest, or participation of type described
    in Pub. L. 104-62 is subject to the Securities Act of 1933, the
    Securities Exchange Act of 1934, the Investment Company Act of
    1940, the Investment Advisers Act of 1940, or any State statute or
    regulation preempted as provided in this section, except as
    specifically provided in such statutes, see section 7 of Pub. L.
    104-62, set out as an Effective Date of 1995 Amendment note under
    section 77c of this title.
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