Sec. 313. 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 304(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 section 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 second 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, one 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(11)(C) of this Act pursuant to section 3(c)(10) of the Investment Company Act of 1940 shall provide disclosure in accordance with section 7(e) of the Investment Company Act of 1940. .
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Sec. 313
Exemption of qualified charitable organizations from designation and regulation as commodity pool operators
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