PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1395 1974, other than an individual retirement account, if the investment decisions are made by a plan fiduciary, as defined in section 3(21) of that Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser; "(vi) any trust whose purchases of securities are directed by a person described in clauses (i) through (v) of this subparagraph; "(vii) any market intermediar/^ exempt under section 3(c)(2) of the Investment Company Act of 1940; "(viii) any associated person of a broker or dealer other than a natural person; "(ix) any foreign bank (as defined in section 1(b)(7) of the International Banking Act of 1978); "(x) the government of any foreign country; "(xi) any corporation, company, or partnership that owns and invests on a discretionary basis, not less than $25,000,000 in investments; "(xii) any natural person who owns and invests on a discretionary basis, not less than $25,000,000 in investments; "(xiii) any government or political subdivision, agency, or instrumentality of a government who owns and invests on a discretionary basis not less than $50,000,000 in investments; or "(xiv) any multinational or supranational entity or any agency or instrumentality thereof. " (B) ALTERED THRESHOLDS FOR ASSET-BACKED SECURI- TIES AND LOAN PARTICIPATIONS. — For purposes of section 3(a)(5)(C)(iii) of this title and section 206(a)(5) of the Gramm-Leach-Bliley Act, the term 'qualified investor' has the meaning given such term by subparagraph (A) of this paragraph except that clauses (xi) and (xii) shall be applied by substituting'$10,000,000'for'$25,000,000 '. "(C) ADDITIONAL AUTHORITY. —The Commission may, by rule or order, define a 'qualified investor' as any other person, taking into consideration such factors as the financial sophistication of the person, net worth, and knowledge and experience in financial matters.". SEC. 208. GOVERNMENT SECURITIES DEFINED. Section 3(a)(42) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(42)) is amended— (1) by striking "or" at the end of subparagraph (C); (2) by striking the period at the end of subparagraph (D) and inserting "; or"; and (3) by adding at the end the following new subparagraph: "(E) for purposes of sections 15, 15C, and 17A as applied to a bank, a qualified Canadian government obligation as defined in section 5136 of the Revised Statutes of the United States.". SEC. 209. EFFECTIVE DATE. 12 USC 1828 This subtitle shall take effect at the end of the 18-month period beginning on the date of the enactment of this Act.
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