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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 15 U.S.C. § 80a–3a | Protection of philanthropy under State law | us | united_states_code | code_section | 15 | COMMERCE AND TRADE | 2D | INVESTMENT COMPANIES AND ADVISERS | 80a–3a | 15 U.S.C. § 80a–3a | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip | /us/usc/t15/s80a–3a | data/legal/raw/us/code/title-15/usc15.xml | 1edea9912b3660f7ec31e42fe7f5025f9a147a513d12092f192861e1ec59491e | 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 | d70257194a3802ec7c57c8c6477716da78b45f8eb187ea4f58d3030bae65cc01 | 2026-07-04 | official |
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15 U.S.C. § 80a–3a - Protection of philanthropy under State law
Text
(a) Registration requirements A 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 80a–3(c)(10)(B) of this title, and the offer or sale thereof, shall be exempt from any statute or regulation of a State that requires registration or qualification of securities.
(b) Treatment of charitable organizations No charitable organization, or any trustee, director, officer, employee, or volunteer of a charitable organization acting within the scope of such person’s employment or duties, shall be required to register as, or be subject to regulation as, a dealer, broker, agent, or investment adviser under the securities laws of any State 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 one or more of the following:
(1) a charitable organization;
(2) a fund that is excluded from the definition of an investment company under section 80a–3(c)(10)(B) of this title; or
(3) a trust or other donative instrument described in section 80a–3(c)(10)(B) of this title, or the settlors (or potential settlors) or beneficiaries of any such trusts or other instruments.
(c) State action Notwithstanding subsections (a) and (b), during the 3-year period beginning on December 8, 1995, a State may enact a statute that specifically refers to this section and provides prospectively that this section shall not preempt the laws of that State referred to in this section.
(d) Definitions For purposes of this section—
(1) the term “charitable organization” means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of title 26;
(2) the term “security” has the same meaning as in section 78c of this title; and
(3) the term “State” means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.
(Pub. L. 104–62, § 6, Dec. 8, 1995, 109 Stat. 685.)
Notes
Editorial Notes
Codification Section was enacted as part of the Philanthropy Protection Act of 1995, and not as part of the Investment Company Act of 1940 which comprises this subchapter.
Statutory Notes and Related Subsidiaries
Effective DateSection applicable as defense to any claim in administrative and judicial actions pending on or commenced after Dec. 8, 1995, that any person, security, interest, or participation of type described in Pub. L. 104–62 is subject to the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, or any State statute or regulation preempted as provided in this section, except as specifically provided in such statutes, see section 7 of Pub. L. 104–62, set out as an Effective Date of 1995 Amendment note under section 77c of this title.