Page:United States Statutes at Large Volume 110 Part 5.djvu/374

 110 STAT. 3448 PUBLIC LAW 104-290—OCT. 11, 1996 dealer', 'clearing agency, or 'trsinsfer agent' for purposes of this title— "(1) solely because such plan, company, person, or entity buys, holds, sells, trades in, or transfers securities or acts as an intermediary in making payments in connection with transactions in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of, or for the account of, any church plan, company, or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940; and "(2) if no such person or entity receives a commission or other transaction-related sales compensation in connection with any activities conducted in reliance on the exemption provided by this subsection.". (d) AMENDMENT TO THE INVESTMENT ADVISERS ACT OF 1940.— Section 203(b) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(b)) is amended— (1) in paragraph (3), by striking "or" at the end; (2) in paragraph (4), by striking the period at the end and inserting "; or"; and (3) by adding at the end the following new paragraph: "(5) any plan described in section 414(e) of the Internal Revenue Code of 1986, any person or entity eligible to establish and maintain such a plan under the Internal Revenue Code of 1986, or any trustee, director, officer, or employee of or volunteer for any such plan or person, if such person or entity, acting in such capacity, provides investment advice exclusively to, or with respect to, any plsin, person, or entity or any company, accoiuit, or fund that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940.". (e) AMENDMENT TO THE TRUST INDENTURE ACT OF 1939.— Section 304(a)(4)(A) of the Trust Indenture Act of 1939 (15 U.S.C. 77ddd(4)(A)) is amended by striking "or (11)" and inserting "(11), or (14)". 15 USC 80a-3 (f) PROTECTION OF CHURCH EMPLOYEE BENEFIT PLANS UNDER note. STATE LAW. — (1) REGISTRATION REQUIREMENTS.— Any security issued by or any interest or participation in any church plan, company, or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940, as added by subsection (a) of this section, and any offer, sale, or purchase thereof, shall be exempt from amy law of a State that requires registration or qualification of securities. (2) TREATMENT OF CHURCH PLANS.—No church plan described in section 414(e) of the Internal Revenue Cod!e of 1986, no person or entity eligible to establish and maintain such a plan under the Internal Revenue Code of 1986, no company or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940, as added by subsection (a) of this section, and no trustee, director, officer, or employee of or volunteer for any such plan, person, entity, company, or account shall be required to qualify, register, or be subject to regulation as an investment company or as a broker, dealer, investment adviser, or agent under the laws of any State solely because

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