Page:United States Statutes at Large Volume 100 Part 1.djvu/314

 100 STAT. 278

15 USC 77a et ««9-

PUBLIC LAW 99-272—APR. 7, 1986 (i) which is part of an issue or class of securities which upon such acquisition or at any time during the offering period is held by 100 or more persons; (ii) the economic rights of ownership in respect of which are freely transferable; (iii) which is registered under the Securities Act of 1933; and (iv) which is part of an issue or class of securities which is registered under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (or is so registered within three years of the effective date of the registration statement of such securities for purposes of the Securities Act of 1933: Provided, That the issuer provides plan investors with such reports with respect to the offering period as are required with respect to such period by the Securities and Exchange Commission under such Acts and the rules and regulations promulgated thereunder). In the case of partnerships organized prior to enactment of this section, the requirements of subparagraphs (iii) and (iv) shall not apply to initial limited partnership interests in an entity otherwise described above: Provided, That such entity was the subject of an effective registration under the Securities Act of 1933 prior to the date of the enactment of this section, such interests were issued solely for partnership organizational purposes in compliance with State limited partnership laws, and such interest has a value as of the date of issue of less than $20,000 and represents less than one percent of the total interests outstanding as of the completion of the offering period. (2) MAINTENANCE OF CURRENT REGULATORY TREATMENT.—No

29 USC 1001 ^°^-

asset of any real estate entity described in paragraph (1) shall be treated as an asset of any plan investor for any purpose of the Employee Retirement Income Security Act of 1974 if the assets of such entity would not have been assets of such plan investor under the provisions of— (A) Interpretive Bulletin 75-2 (29 CFR 2509 750-2); or (B) the regulations proposed by the Secretary of Labor and published— (i) on August 28, 1979, at 44 Fed. Reg. 50363; (ii) on June 6, 1980, at 45 Fed. Reg. 38084; (iii) on January 8, 1985, at 50 Fed. Reg. 961; or (iv) on February 15, 1985, at 50 Fed. Reg. 6361, without regard to any limitation of any effective date proposed therein, (b) DEFINITIONS AND SPECIAL RULES.—For purposes of this section— (1) The term "real estate entity" means an entity which, at any time within two years after the closing of its offering period has invested or has contracted to invest at least 75 percent of the value of its net assets available for investment in direct or indirect ownership of "real estate assets" or "interests in real property". (2) The term "real estate asset" means real property (including an interest in real property) and any share of stock or beneficial interest, partnership interest, depository receipt, or any other interest in any other real estate entity.

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