Sec. 1. Exemption of qualified charitable organizations from regulation as commodity pool operators

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Section 4m of the Commodity Exchange Act ( 7 U.S.C. 6m ) is amended— by striking and inserting the following: Sec. 4m.

(1)It It ; in the second sentence— by striking The provisions of this section and inserting the following: Subject to clause

(ii)and except as provided in subparagraphs

(B)and (C), this section ; by striking commodity trading advisor who is a

(1)dealer and inserting the following: “commodity trading advisor who is a— dealer ; by striking or

(2)nonprofit and inserting the following: “; or nonprofit ; by striking Commodity Futures Trading Commission Act of 1974; if the advice by the person described in clause

(1)or

(2)of this sentence and inserting the following: “Commodity Futures Trading Commission Act of 1974. Clause

(i)only applies if the advice by the person described in subclause

(I)or

(II)of clause

(i); by striking business: and inserting business. ; and by striking and inserting the following: Provided , That such person shall be subject to proceedings under section 14 of this Act. A person described in subclause

(I)or

(II)of clause

(i)shall be subject to proceedings under section 14. This section shall not apply to any commodity trading advisor or commodity pool operator that is— a charitable organization, as defined in section 3(c)(10)(D)(iii) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(10)(D)(iii) ), 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— any such charitable organizations; or 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 ( 15 U.S.C. 80a–3(c)(10) ); or any plan, company, or account described in section 3(c)(14) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(14) ), 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 ( 15 U.S.C. 80a–3(c)(14) ). ; by striking

(2)Nothing in this Act and inserting the following: Nothing in this Act ; by striking

(3)and all that follows through Exception .— Paragraph

(1)shall not apply and inserting the following: Subsection

(a)shall not apply ; by striking

(B)and inserting the following: Engaged primarily .—For purposes of subparagraph

(A)For purposes of paragraph

(1); by striking

(C)and inserting the following: Commodity interests .—For purposes of this paragraph For purposes of this subsection ; and by adding at the end the following: A commodity trading advisor or commodity pool operator that is an organization or person described in subsection (a)(2)(C)(i) to or of any investment trust, syndicate, or similar form of enterprise excluded from the definition of investment company pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(10)(B) ) shall provide disclosure in accordance with section 7(e) of that Act ( 15 U.S.C. 80a–7(e) ). .

Connectionstraces to 1

Traces to 1 document

U.S. Code

Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators; relation to other law
§ 6m

5 references not yet in our index

15 USC 80a–3(c)(10)(D)(iii)
15 USC 80a–3(c)(10)
15 USC 80a–3(c)(14)
15 USC 80a–3(c)(10)(B)
15 USC 80a–7(e)

Citation graph

cites case law

Sec. 1

Exemption of qualified charitable organizations from regulation as commodity pool operators

U.S.C.§ 6m

Cite15 USC 80a–3(c)(10)(D)(iii)

Cite15 USC 80a–3(c)(10)

Cite15 USC 80a–3(c)(14)

Cite15 USC 80a–3(c)(10)(B)

Cite15 USC 80a–7(e)

Cites 6Cited by 0 across 0 sources