Page:United States Statutes at Large Volume 84 Part 2.djvu/168

 1498

PUBLIC LAW 91-567-DEC. 22, 1970

[84 STAT.

ably designed to prevent, such acts and practices as are fraudulent, deceptive, or manipulative." securuffr.'' SEC. 6. (a) Section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. Ante, pp. 718, 77c(a)(2)) is amended to read as follows: i'*34. " (2) Any security issued or guaranteed by the United States or any territory thereof, or by the District of Columbia, or by any State of the United States, or by any political subdivision of a State or territory, or by any public instrumentality of one or more States or territories, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or any security issued or guaranteed by any bank; or any security issued by or representing an interest in or a direct obligation of a Federal Reserve bank; or any interest or participation in any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of assets contributed thereto by such bank in its capacity as trustee, executor, administrator, or guardian; or any security which is an industrial development bond (as defined in sec82^sfaf'26*6^1349 *^"^ 103(c)(2) of the Internal Revenue Code of 1954) the interest on 26 USC 103. * which is excludable from gross income under section 103(a)(1) of such Code if, by reason of the application of paragraph (4) or (6) of section 103(c) of such Code (determined as if paragraphs (4)(A), (6), and (7) were not included in such section 103(c)), paragraph (1) of such section 103(c) does not apply to such security; or any interest or participation in a single or collective trust fund maintained by a bank or in a separate account maintained by an insurance company which interest or participation is issued in connection with (A) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code 68A Stat. 134. of 1954, Or (B) an annuity plan which meets the requirements for the 26 USC 401. deduction of the employer's contribution under section 404(a)(2) of 76 Stat. 1141. such Code, other than any plan described in clause (A) or (B) of this paragraph (i) the contributions under which are held in a single trust fund maintained by a bank or in a separate account maintained by an insurance company for a single emplo;^er and under which an amount in excess of the employer's contribution is allocated to the purchase of securities (other than interests or participations in the trust or separate account itself) issued by the employer or by any company directly or indirectly controlling, controlled by or under common control with the employer or (ii) which covers employees some or all of whom are employees within the meaning of section 76 Stat. 811. 401(c)(1) of such Codc. The Commission, by rules and regulations 48 Stat. 77; Qr Order, shall exempt from the provisions of section 5 of this title i5*use 77*e.

"Bank."

8ny interest or participation issued in connection with a stock bonus, pension, profit-sharing, or annuity plan which covers employees some or all of whom are employees within the meaning of section 401(c)(1) of the Internal Revenue Code of 1954, if and to the extent that the Commission determines this to be necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this title. For purposes of this paragraph, a security issued or ^laranteed by a bank shall not include any interest or participation in any collective trust fund maintained by a bank; and the term 'bank' means any national bank, or any banking institution organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official; except that in the case of a common trust fund or similar fund, or a collective

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