114 STAT. 2763A-436 PUBLIC LAW 106-554—APPENDIX E (3) Section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)) is amended by adding at the end the following: "(52) The terms 'security future' and 'narrow-based security index' have the same meanings as provided in section 3(a)(55) of the Securities Exchange Act of 1934.". (4) Section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)) is amended by adding at the end the following: "(27) The terms 'security future' and 'narrow-based security index' have the same meanings as provided in section 3(a)(55) of the Securities Exchange Act of 1934.". (b) OTHER PROVISION. —Section 203(b) of the Investment Advisers Act of 1940 (15 U.S.C. 80b -3(b)) is amended— (1) by striking "or" at the end of paragraph (4); (2) by striking the period at the end of paragraph (5) and inserting "; or"; and (3) by adding at the end the following: "(6) any investment adviser that is registered with the Commodity Futures Trading Commission as a commodity trading advisor whose business does not consist primarily of acting as an investment adviser, as defined in section 202(a)(ll) of this title, and that does not act as an investment adviser to— "(A) an investment company registered under title I of this Act; or "(B) a company which has elected to be a business development company pursuant to section 54 of title I of this Act and has not withdrawn its election.". SEC. 210. PREEMPTION OF STATE LAWS. Section 28(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78bb(a)) is amended— (1) in the last sentence— (A) by inserting "subject to this title" after "privilege, or other security"; and (B) by striking "any such instrument, if such instrument is traded pursuant to rules and regulations of a self-regulatory organization that are filed with the Commission pursuant to section 19(b) of this Act" and inserting "any such security"; and (2) by adding at the end the following new sentence: "No provision of State law regarding the offer, sale, or distribution of securities shall apply to any transaction in a security futures product, except that this sentence shall not be construed as limiting any State antifraud law of general applicability.". Subtitle B—Amendments to the Commodity Exchange Act SEC. 251. JURISDICTION OF SECURITIES AND EXCHANGE COMMISSION; OTHER PROVISIONS. (a) JURISDICTION OF SECURITIES AND EXCHANGE COMMISSION.— (1) Section 2(a)(1)(C) of the Commodity Exchange Act (7 U.S.C. 2a) (as redesignated by section 34(a)(2)(C)) is amended— (A) in clause (ii)—
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