(a) Registration requirements A security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund that is excluded from the definition of an investment company under section
80a–3 (c)(10)(B) of this title, and the offer or sale thereof, shall be exempt from any statute or regulation of a State that requires registration or qualification of securities.
(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 persons 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
Notwithstanding subsections (a) and (b) of this section, during the 3-year period beginning on December 8, 1995, a State may enact a statute that specifically refers to this section and provides prospectively that this section shall not preempt the laws of that State referred to in this section.
(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.
