Page:United States Statutes at Large Volume 121.djvu/2540

 PUBLIC LAW 110–174—DEC. 31, 2007

121 STAT. 2519

(e) REQUIREMENTS.—Any measure taken by a State or local government under subsection (b) shall meet the following requirements: (1) NOTICE.—The State or local government shall provide written notice and an opportunity to comment in writing to each person to whom a measure is to be applied. (2) TIMING.—The measure shall apply to a person not earlier than the date that is 90 days after the date on which written notice is provided to the person under paragraph (1). (3) APPLICABILITY.—The measure shall not apply to a person that demonstrates to the State or local government that the person does not conduct or have direct investments in business operations described in subsection (d). (4) SENSE OF CONGRESS ON AVOIDING ERRONEOUS TARGETING.—It is the sense of Congress that a State or local government should not adopt a measure under subsection (b) with respect to a person unless the State or local government has made every effort to avoid erroneously targeting the person and has verified that the person conducts or has direct investments in business operations described in subsection (d). (f) DEFINITIONS.—In this section: (1) INVESTMENT.—The ‘‘investment’’ of assets, with respect to a State or local government, includes— (A) a commitment or contribution of assets; (B) a loan or other extension of credit of assets; and (C) the entry into or renewal of a contract for goods or services. (2) ASSETS.— (A) IN GENERAL.—Except as provided in subparagraph (B), the term ‘‘assets’’ refers to public monies and includes any pension, retirement, annuity, or endowment fund, or similar instrument, that is controlled by a State or local government. (B) EXCEPTION.—The term ‘‘assets’’ does not include employee benefit plans covered by title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.). (g) NONPREEMPTION.—A measure of a State or local government authorized under subsection (b) is not preempted by any Federal law or regulation. (h) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2), this section applies to measures adopted by a State or local government before, on, or after the date of the enactment of this Act. (2) NOTICE REQUIREMENTS.—Subsections (c) and (e) apply to measures adopted by a State or local government on or after the date of the enactment of this Act.

Applicability. Deadline.

Applicability.

SEC. 4. SAFE HARBOR FOR CHANGES OF INVESTMENT POLICIES BY ASSET MANAGERS.

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(a) IN GENERAL.—Section 13 of the Investment Company Act of 1940 (15 U.S.C. 80a–13) is amended by adding at the end the following: ‘‘(c) LIMITATION ON ACTIONS.— ‘‘(1) IN GENERAL.—Notwithstanding any other provision of Federal or State law, no person may bring any civil, criminal,

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