109 STAT. 684 PUBLIC LAW 104-62—DEC. 8, 1995 each donor to such fund, at the time of the donation or within 90 days after the date of enactment of this subsection, whichever is later, written information describing the material terms of the operation of such fund.". SEC. 3. AMENDMENT TO THE SECURITIES ACT OF 1933. Section 3(a)(4) of the Securities Act of 1933 (15 U.S.C. 77c(a)(4)) is amended by inserting after the semicolon at the end the following: "or any security of a fund that is excluded from the definition of an investment company under section 3(c)(10)(B) of the Investment Company Act of 1940;". SEC. 4. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934. (a) EXEMPTED SECURITIES.—Section 3(a)(12)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(12)(A)) is amended— (1) in clause (iv) by striking "and" at the end; (2) by redesignating clause (v) as clause (vi); and (3) by inserting after clause (iv) the following new clause: "(v) any 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 3(c)(10)(B) of the Investment Company Act of 1940; and". (b) EXEMPTION FROM BROKER-DEALER PROVISIONS.— Section 3 of such Act (15 U.S.C. 78c) is amended by adding at the end the following new subsection: "(e) CHARITABLE ORGANIZATIONS. — "(1) EXEMPTION.— Notwithstanding any other provision of this title, but subject to paragraph (2) of this subsection, a charitable organization, as defined in section 3(c)(10)(D) of the Investment Company Act of 1940, or any trustee, director, officer, employee, or volunteer of such a charitable organization acting within the scope of such person's employment or duties with such organization, shall not be deemed to be a 'broker*, 'dealer*, 'municipal securities broker', 'municipal securities dealer', 'government securities broker*, or 'government securities dealer' for purposes of this title solely 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— "(A) such a charitable organization; "(B) a fund that is excluded from the definition of an investment company under section 3(c)(10)(B) of the Investment Company Act of 1940; or "(C) a trust or other donative instrument described in section 3(c)(10)(B) of the Investment Company Act of 1940, or the settlors (or potential settlors) or beneficiaries of any such trust or other instrument. "(2) LIMITATION ON COMPENSATION.— The exemption provided under paragraph (1) shall not be available to any charitable organization, or any trustee, director, officer, employee, or volunteer of such a charitable organization, unless each person who, on or after 90 days after the date of enactment of this subsection, solicits donations on behalf of such charitable organization from any donor to a fund that is excluded from the definition of an investment company under section 3(c)(10)(B) of the Investment Company Act of 1940, is either a volunteer or is engaged in the overall fund raising activities
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