Page:United States Statutes at Large Volume 124.djvu/1369

 124 STAT. 1343 PUBLIC LAW 111–195—JULY 1, 2010 or local government shall submit written notice to the Attorney General describing the measure. (f) NONPREEMPTION.—A measure of a State or local government authorized under subsection (b) or (i) is not preempted by any Federal law or regulation. (g) DEFINITIONS.—In this section: (1) 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.). (2) INVESTMENT.—The ‘‘investment’’ includes— (A) a commitment or contribution of funds or property; (B) a loan or other extension of credit; and (C) the entry into or renewal of a contract for goods or services. (h) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2) or subsection (i), 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.—Except as provided in sub- section (i), subsections (d) and (e) apply to measures adopted by a State or local government on or after the date of the enactment of this Act. (i) AUTHORIZATION FOR PRIOR ENACTED MEASURES.— (1) IN GENERAL.—Notwithstanding any other provision of this section or any other provision of law, a State or local government may enforce a measure (without regard to the requirements of subsection (d), except as provided in paragraph (2)) adopted by the State or local government before the date of the enactment of this Act that provides for the divestment of assets of the State or local government from, or prohibits the investment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment activities in Iran (determined without regard to subsection (c)) or other business activities in Iran that are identified in the measure. (2) APPLICATION OF NOTICE REQUIREMENTS.—A measure described in paragraph (1) shall be subject to the requirements of paragraphs (1) and (2) and the first sentence of paragraph (3) of subsection (d) on and after the date that is 2 years after the date of the enactment of this Act. SEC. 203. SAFE HARBOR FOR CHANGES OF INVESTMENT POLICIES BY ASSET MANAGERS. (a) IN GENERAL.—Section 13(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a–13(c)(1)) is amended to read as follows: ‘‘(1) IN GENERAL.—Notwithstanding any other provision of Federal or State law, no person may bring any civil, criminal, Effective date. Applicability.