Page:United States Statutes at Large Volume 100 Part 1.djvu/313

 PUBLIC LAW 99-272—APR. 7, 1986

100 STAT. 277

House of Representatives and the President pro tempore of the Senate. (5) COOPERATION BY THE PENSION BENEFIT GUARANTY CORPORATION AND OTHER FEDERAL AGENCIES.—The Corporation shall co-

operate with the advisory council in reviewing the results of the Corporation's study and recommendations. In order to avoid unnecessary expense and duplication, to the extent not otherwise prohibited by law, the Corporation and any other Federal agency shall provide to the advisory council any data, analyses, or other relevant information related to the m a t t e r s under review. (b) OVERFUNDED PENSION P L A N S T U D Y. —

(1) IN GENERAL.—As soon as practicable after the date of e n a c t m e n t of this Act, the Secretary of Labor shall conduct a study of terminations resulting in residual assets under section 4044(d) of the Employee Retirement Income Security Act of 1974. (2) REPORT.—No later than May 1, 1986, the Secretary of Labor shall submit a report on the study conducted under paragraph (1), together with any recommendations for s t a t u to r y changes, to the chairmen of the Committee on Education and Labor and the Committee on Ways and Means of the House of Representatives and the Committee on Labor and Human Resources and the Committee on Finance of the Senate. SEC. 11018. LIMITATION ON REGULATIONS.

29 USC 1344.

29 USC 1135

(a) REGULATORY T R E A T M E N T OF ASSETS OF R E A L ESTATE E N T I T I E S. —

(1) IN GENERAL.—Except as a defense, no rule or regulation adopted pursuant to the Secretary's proposed regulation defining "plan assets" for purposes of the Employee Retirement Income Security Act of 1974 (50 Fed. Reg. 961, January 8, 1985, as modified by 50 Fed. Reg. 6861, February 15, 1985), or any reproposal thereof prior to the adoption of the regulations required to be issued in accordance with subsection (d), shall apply to any asset of a real estate entity in which a plan, account, or a r r a n g e m e n t subject to such Act invests if— (A) any interest in the entity is first offered to a plan, account, or a r r a n g e m e n t subject to such Act investing in the entity (hereinafter in this section referred to as a "plan investor") on or before the date which is 120 days after the date of publication of such rule or regulation as a final rule or regulation; (B) no plan investor acquires a n interest in the entity from a n issuer or under w r i t e r a t any time on or after the date which is 270 days after the date of publication of such r u l e or regulation a s a final rule or regulation (except pursuant to a contract or subscription binding on the plan investor and entered into, or tendered, before the expiration of such 270-day period, or pursuant to the exercise, on or before December 31, 1990, of a w a r r a n t which was the subject of a n effective registration under the Securities Act of 1933 (15 U.S.C. 77q et seq.) prior to the date of the 15 USC 77ae^ e n a c t m e n t of this section); and seq. (C) every interest in the entity acquired by a plan investor (or contracted for or subscribed to by a plan investor) before the expiration of such 270-day period is a security—

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