15 USC 80a-3a - Protection of philanthropy under State law

U.S Code last checked for updates: Nov 22, 2024

§ 80a–3a.

Protection of philanthropy under State law

(a)

Registration requirements

(b)

Treatment of charitable organizations

No charitable organization, or any trustee, director, officer, employee, or volunteer of a charitable organization acting within the scope of such person’s employment or duties, shall be required to register as, or be subject to regulation as, a dealer, broker, agent, or investment adviser under the securities laws of any State because such organization or person buys, holds, sells, or trades in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of or for the account of one or more of the following:

(1)

a charitable organization;

(2)

a fund that is excluded from the definition of an investment company under section 80a–3(c)(10)(B) of this title; or

(3)

a trust or other donative instrument described in section 80a–3(c)(10)(B) of this title, or the settlors (or potential settlors) or beneficiaries of any such trusts or other instruments.

(c)

State action

(d)

Definitions

For purposes of this section—

(1)

the term “charitable organization” means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of title 26;

(2)

the term “security” has the same meaning as in section 78c of this title; and

(3)

the term “State” means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

(Pub. L. 104–62, § 6, Dec. 8, 1995, 109 Stat. 685.)

cite as: 15 USC 80a-3a