Sec. 315. Exemption of qualified charitable organizations from designation and regulation as commodity pool operators
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Section 1a(11) of the Commodity Exchange Act ( 7 U.S.C. 1a(10) ), as so redesignated by section 306(b)(1) of this Act, is amended by adding at the end the following: The term commodity pool shall not include any investment trust, syndicate, or similar form of enterprise excluded from the definition of investment company pursuant to sections 3(c)(10) or 3(c)(14) of the Investment Company Act of 1940. . Section 4m of such Act ( 7 U.S.C. 6m ) is amended— in paragraph (1), in the 2nd sentence, by inserting : before the period; and Provided further , That the provisions of this section shall not apply to any commodity trading advisor that is:
(A)a charitable organization, as defined in section 3(c)(10)(D) of the Investment Company Act of 1940, or a trustee, director, officer, employee, or volunteer of such a charitable organization acting within the scope of the employment or duties of the person with the organization, whose trading advice is provided only to, or with respect to, 1 or more of the following:
(i)any such charitable organization, or
(ii)an investment trust, syndicate or similar form of enterprise excluded from the definition of investment company pursuant to section 3(c)(10) of the Investment Company Act of 1940; or
(B)any plan, company, or account described in section 3(c)(14) of the Investment Company Act of 1940, any person or entity who establishes or maintains such a plan, company, or account, or any trustee, director, officer, employee, or volunteer for any of the foregoing plans, persons, or entities acting within the scope of the employment or duties of the person with the organization, whose trading advice is provided only to, or with respect to, any investment trust, syndicate, or similar form of enterprise excluded from the definition of investment company pursuant to section 3(c)(14) of the Investment Company Act of 1940 by adding at the end the following: The operator of or advisor to any investment trust, syndicate, or similar form of enterprise excluded from the definition of commodity pool by reason of section 1a(10)(C) shall provide, to each donor to the fund, trust, syndicate, or similar form of enterprise, at the time of the donation or within 90 days after the date of the enactment of this subsection, whichever is later, written information describing the material terms of the operation of the fund, trust, syndicate, or similar form of enterprise. .
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Sec. 315
Exemption of qualified charitable organizations from designation and regulation as commodity pool operators
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