Section 1 Exemption of qualified charitable organizations from regulation as commodity pool operators
“4m. Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators
“(a) Prohibition
“(1) In general—It”
“(2) Exceptions
“(A) Commodity trading advisors
“(i) In general—Subject to clause (ii) and except as provided in subparagraphs (B) and (C), this section”
“(I) dealer”
“(II) nonprofit”
“(ii) Applicability—Clause (i) only applies if the advice by the person described in subclause (I) or (II) of clause (i)”
“(B) Complaints against excepted persons—A person described in subclause (I) or (II) of clause (i) shall be subject to proceedings under section 14.
“(C) Charitable organizations—This section shall not apply to any commodity trading advisor or commodity pool operator that is—
“(i) 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, one or more of—
“(I) any such charitable organizations; or
“(II) 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
“(ii) 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)).”
“(b) Relationship to other law—Nothing in this Act”
“(c) Exception
“(1) In general—Subsection (a) shall not apply”
“(2) Engaged primarily—For purposes of paragraph (1)”
“(3) Commodity interests—For purposes of this subsection”
“(d) Disclosure concerning exempted charitable organizations—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)).”