§ 77c. — Classes of securities under this subchapter.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77c]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77c. Classes of securities under this subchapter
(a) Exempted securities
Except as hereinafter expressly provided, the provisions of this
subchapter shall not apply to any of the following classes of
securities:
(1) Reserved.
(2) Any security issued or guaranteed by the United States or
any territory thereof, or by the District of Columbia, or by any
State of the United States, or by any political subdivision of a
State or territory, or by any public instrumentality of one or more
States or territories, or by any person controlled or supervised by
and acting as an instrumentality of the Government of the United
States pursuant to authority granted by the Congress of the United
States; or any certificate of deposit for any of the foregoing; or
any security issued or guaranteed by any bank; or any security
issued by or representing an interest in or a direct obligation of a
Federal Reserve bank; or any interest or participation in any common
trust fund or similar fund that is excluded from the definition of
the term ``investment company'' under section 3(c)(3) of the
Investment Company Act of 1940 [15 U.S.C. 80a-3(c)(3)]; or any
security which is an industrial development bond (as defined in
section 103(c)(2) \1\ of title 26) the interest on which is
excludable from gross income under section 103(a)(1) \1\ of title 26
if, by reason of the application of paragraph (4) or (6) of section
103(c) \1\ of title 26 (determined as if paragraphs (4)(A), (5), and
(7) were not included in such section 103(c)),\1\ paragraph (1) of
such section 103(c) \1\ does not apply to such security; or any
interest or participation in a single trust fund, or in a collective
trust fund maintained by a bank, or any security arising out of a
contract issued by an insurance company, which interest,
participation, or security is issued in connection with (A) a stock
bonus, pension, or profit-sharing plan which meets the requirements
for qualification under section 401 of title 26, (B) an annuity plan
which meets the requirements for the deduction of the employer's
contributions under section 404(a)(2) of title 26, or (C) a
governmental plan as defined in section 414(d) of title 26 which has
been established by an employer for the exclusive benefit of its
employees or their beneficiaries for the purpose of distributing to
such employees or their beneficiaries the corpus and income of the
funds accumulated under such plan, if under such plan it is
impossible, prior to the satisfaction of all liabilities with
respect to such employees and their beneficiaries, for any part of
the corpus or income to be used for, or diverted to, purposes other
than the exclusive benefit of such employees or their beneficiaries,
other than any plan described in clause (A), (B), or (C) of this
paragraph (i) the contributions under which are held in a single
trust fund or in a separate account maintained by an insurance
company for a single employer and under which an amount in excess of
the employer's contribution is allocated to the purchase of
securities (other than interests or participations in the trust or
separate account itself) issued by the employer or any company
directly or indirectly controlling, controlled by, or under common
control with the employer, (ii) which covers employees some or all
of whom are employees within the meaning of section 401(c)(1) of
title 26, or (iii) which is a plan funded by an annuity contract
described in section 403(b) of title 26. The Commission, by rules
and regulations or order, shall exempt from the provisions of
section 77e of this title any interest or participation issued in
connection with a stock bonus, pension, profit-sharing, or annuity
plan which covers employees some or all of whom are employees within
the meaning of section 401(c)(1) of title 26, if and to the extent
that the Commission determines this to be necessary or appropriate
in the public interest and consistent with the protection of
investors and the purposes fairly intended by the policy and
provisions of this subchapter. For purposes of this paragraph, a
security issued or guaranteed by a bank shall not include any
interest or participation in any collective trust fund maintained by
a bank; and the term ``bank'' means any national bank, or banking
institution organized under the laws of any State, territory, or the
District of Columbia, the business of which is substantially
confined to banking and is supervised by the State or territorial
banking commission or similar official; except that in the case of a
common trust fund or similar fund, or a collective trust fund, the
term ``bank'' has the same meaning as in the Investment Company Act
of 1940 [15 U.S.C. 80a-1 et seq.];
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\1\ See References in Text note below.
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(3) Any note, draft, bill of exchange, or banker's acceptance
which arises out of a current transaction or the proceeds of which
have been or are to be used for current transactions, and which has
a maturity at the time of issuance of not exceeding nine months,
exclusive of days of grace, or any renewal thereof the maturity of
which is likewise limited;
(4) Any security issued by a person organized and operated
exclusively for religious, educational, benevolent, fraternal,
charitable, or reformatory purposes and not for pecuniary profit,
and no part of the net earnings of which inures to the benefit of
any person, private stockholder, or individual; 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 [15
U.S.C. 80a-3(c)(10)(B)];
(5) Any security issued (A) by a savings and loan association,
building and loan association, cooperative bank, homestead
association, or similar institution, which is supervised and
examined by State or Federal authority having supervision over any
such institution; or (B) by (i) a farmer's cooperative organization
exempt from tax under section 521 of title 26, (ii) a corporation
described in section 501(c)(16) of title 26 and exempt from tax
under section 501(a) of title 26, or (iii) a corporation described
in section 501(c)(2) of title 26 which is exempt from tax under
section 501(a) of title 26 and is organized for the exclusive
purpose of holding title to property, collecting income therefrom,
and turning over the entire amount thereof, less expenses, to an
organization or corporation described in clause (i) or (ii);
(6) Any interest in a railroad equipment trust. For purposes of
this paragraph ``interest in a railroad equipment trust'' means any
interest in an equipment trust, lease, conditional sales contract,
or other similar arrangement entered into, issued, assumed,
guaranteed by, or for the benefit of, a common carrier to finance
the acquisition of rolling stock, including motive power;
(7) Certificates issued by a receiver or by a trustee or debtor
in possession in a case under title 11, with the approval of the
court;
(8) Any insurance or endowment policy or annuity contract or
optional annuity contract, issued by a corporation subject to the
supervision of the insurance commissioner, bank commissioner, or any
agency or officer performing like functions, of any State or
Territory of the United States or the District of Columbia;
(9) Except with respect to a security exchanged in a case under
title 11, any security exchanged by the issuer with its existing
security holders exclusively where no commission or other
remuneration is paid or given directly or indirectly for soliciting
such exchange;
(10) Except with respect to a security exchanged in a case under
title 11, any security which is issued in exchange for one or more
bona fide outstanding securities, claims or property interests, or
partly in such exchange and partly for cash, where the terms and
conditions of such issuance and exchange are approved, after a
hearing upon the fairness of such terms and conditions at which all
persons to whom it is proposed to issue securities in such exchange
shall have the right to appear, by any court, or by any official or
agency of the United States, or by any State or Territorial banking
or insurance commission or other governmental authority expressly
authorized by law to grant such approval;
(11) Any security which is a part of an issue offered and sold
only to persons resident within a single State or Territory, where
the issuer of such security is a person resident and doing business
within or, if a corporation, incorporated by and doing business
within, such State or Territory.
(12) Any equity security issued in connection with the
acquisition by a holding company of a bank under section 1842(a) of
title 12 or a savings association under section 1467a(e) of title
12, if--
(A) the acquisition occurs solely as part of a
reorganization in which security holders exchange their shares
of a bank or savings association for shares of a newly formed
holding company with no significant assets other than securities
of the bank or savings association and the existing subsidiaries
of the bank or savings association;
(B) the security holders receive, after that reorganization,
substantially the same proportional share interests in the
holding company as they held in the bank or savings association,
except for nominal changes in shareholders' interests resulting
from lawful elimination of fractional interests and the exercise
of dissenting shareholders' rights under State or Federal law;
(C) the rights and interests of security holders in the
holding company are substantially the same as those in the bank
or savings association prior to the transaction, other than as
may be required by law; and
(D) the holding company has substantially the same assets
and liabilities, on a consolidated basis, as the bank or savings
association had prior to the transaction.
For purposes of this paragraph, the term ``savings association''
means a savings association (as defined in section 1813(b) of title
12) the deposits of which are insured by the Federal Deposit
Insurance Corporation.
(13) Any security issued by or any interest or participation in
any church plan, company or account that is excluded from the
definition of an investment company under section 3(c)(14) of the
Investment Company Act of 1940 [15 U.S.C. 80a-3(c)(14)].
(14) Any security futures product that is--
(A) cleared by a clearing agency registered under section
78q-1 of this title or exempt from registration under subsection
(b)(7) of such section 78q-1; and
(B) traded on a national securities exchange or a national
securities association registered pursuant to section 78o-3(a)
of this title.
(b) Additional exemptions
The Commission may from time to time by its rules and regulations,
and subject to such terms and conditions as may be prescribed therein,
add any class of securities to the securities exempted as provided in
this section, if it finds that the enforcement of this subchapter with
respect to such securities is not necessary in the public interest and
for the protection of investors by reason of the small amount involved
or the limited character of the public offering; but no issue of
securities shall be exempted under this subsection where the aggregate
amount at which such issue is offered to the public exceeds $5,000,000.
(c) Securities issued by small investment company
The Commission may from time to time by its rules and regulations
and subject to such terms and conditions as may be prescribed therein,
add to the securities exempted as provided in this section any class of
securities issued by a small business investment company under the Small
Business Investment Act of 1958 [15 U.S.C. 661 et seq.] if it finds,
having regard to the purposes of that Act, that the enforcement of this
subchapter with respect to such securities is not necessary in the
public interest and for the protection of investors.
(May 27, 1933, ch. 38, title I, Sec. 3, 48 Stat. 75; June 6, 1934, ch.
404, title II, Sec. 202, 48 Stat. 906; Feb. 4, 1887, ch. 104, title II,
Sec. 214, as added Aug. 9, 1935, ch. 498, 49 Stat. 557; amended June 29,
1938, ch. 811, Sec. 15, 52 Stat. 1240; May 15, 1945, ch. 122, 59 Stat.
167; Aug. 10, 1954, ch. 667, title I, Sec. 5, 68 Stat. 684; Pub. L. 85-
699, title III, Sec. 307(a), Aug. 21, 1958, 72 Stat. 694; Pub. L. 91-
373, title IV, Sec. 401(a), Aug. 10, 1970, 84 Stat. 718; Pub. L. 91-547,
Sec. 27(b), (c), Dec. 14, 1970, 84 Stat. 1434; Pub. L. 91-565, Dec. 19,
1970, 84 Stat. 1480; Pub. L. 91-567, Sec. 6(a), Dec. 22, 1970, 84 Stat.
1498; Pub. L. 94-210, title III, Sec. 308(a)(1), (3), Feb. 5, 1976, 90
Stat. 56, 57; Pub. L. 95-283, Sec. 18, May 21, 1978, 92 Stat. 275; Pub.
L. 95-425, Sec. 2, Oct. 6, 1978, 92 Stat. 962; Pub. L. 95-598, title
III, Sec. 306, Nov. 6, 1978, 92 Stat. 2674; Pub. L. 96-477, title III,
Sec. 301, title VII, Sec. 701, Oct. 21, 1980, 94 Stat. 2291, 2294; Pub.
L. 97-261, Sec. 19(d), Sept. 20, 1982, 96 Stat. 1121; Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100-181, title II,
Secs. 203, 204, Dec. 4, 1987, 101 Stat. 1252; Pub. L. 103-325, title
III, Sec. 320, Sept. 23, 1994, 108 Stat. 2225; Pub. L. 104-62, Sec. 3,
Dec. 8, 1995, 109 Stat. 684; Pub. L. 104-290, title V, Sec. 508(b), Oct.
11, 1996, 110 Stat. 3447; Pub. L. 106-102, title II, Sec. 221(a), Nov.
12, 1999, 113 Stat. 1401; Pub. L. 106-554, Sec. 1(a)(5) [title II,
Sec. 208(a)(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A-435.)
References in Text
Section 103 of title 26, referred to in subsec. (a)(2), which
related to interest on certain governmental obligations was amended
generally by Pub. L. 99-514, title XIII, Sec. 1301(a), Oct. 22, 1986,
100 Stat. 2602, and as so amended relates to interest on State and local
bonds. Section 103(b)(2) (formerly section 103(c)(2)), which prior to
the general amendment defined industrial development bond, relates to
the applicability of the interest exclusion to arbitrage bonds.
The Investment Company Act of 1940, referred to in subsec. (a)(2),
is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended,
which is classified generally to subchapter I (Sec. 80a-1 et seq.) of
chapter 2D of this title. For complete classification of this Act to the
Code, see section 80a-51 of this title and Tables.
The Small Business Investment Act of 1958, referred to in subsec.
(c), is Pub. L. 85-699, Aug. 21, 1958, 72 Stat. 689, as amended, which
is classified principally to chapter 14B (Sec. 661 et seq.) of this
title. For complete classification of this Act to the Code, see Short
Title note set out under section 661 of this title and Tables.
Amendments
2000--Subsec. (a)(14). Pub. L. 106-554 added par. (14).
1999--Subsec. (a)(2). Pub. L. 106-102 substituted ``or any interest
or participation in any common trust fund or similar fund that is
excluded from the definition of the term `investment company' under
section 3(c)(3) of the Investment Company Act of 1940'' for ``or any
interest or participation in any common trust fund or similar fund
maintained by a bank exclusively for the collective investment and
reinvestment of assets contributed thereto by such bank in its capacity
as trustee, executor, administrator, or guardian''.
1996--Subsec. (a)(13). Pub. L. 104-290 added par. (13).
1995--Subsec. (a)(4). Pub. L. 104-62 inserted at end ``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;''.
1994--Subsec. (a)(12). Pub. L. 103-325 added par. (12).
1987--Subsec. (a)(1). Pub. L. 100-181, Sec. 203, substituted
``Reserved.'' for ``Any security which, prior to or within sixty days
after May 27, 1933, has been sold or disposed of by the issuer or bona
fide offered to the public, but this exemption shall not apply to any
new offering of any such security by an issuer or underwriter subsequent
to such sixty days;''.
Subsec. (a)(5)(A). Pub. L. 100-181, Sec. 204, struck out ``, except
that the foregoing exemption shall not apply with respect to any such
security where the issuer takes from the total amount paid or deposited
by the purchaser, by way of any fee, cash value or other device
whatsoever, either upon termination of the investment at maturity or
before maturity, an aggregate amount in excess of 3 per centum of the
face value of such security'' after ``any such institution''.
1986--Subsec. (a)(2), (5). Pub. L. 99-514 substituted ``Internal
Revenue Code of 1986'' for ``Internal Revenue Code of 1954'' wherever
appearing, which for purposes of codification was translated as ``title
26'' thus requiring no change in text.
1982--Subsec. (a)(6). Pub. L. 97-261 struck out provisions relating
to any security issued by a motor carrier subject to provisions of
section 314 [11302] of title 49.
1980--Subsec. (a)(2). Pub. L. 96-477, Sec. 701, provided that single
trust funds did not have to be maintained by banks in order to qualify
for exemption from the provisions of this subchapter, substituted
provisions relating to securities arising out of contracts issued by
insurance companies for provisions relating to separate accounts
maintained by insurance companies, provided that an interest,
participation, or security could be issued in connection with certain
governmental plans as defined in section 414(d) of title 26 and qualify
for exemption from the provisions of this subchapter, and excluded from
exemption plans described in cls. (A), (B), or (C) of par. (2) which
were funded by annuity contracts described in section 403(b) of title
26.
Subsec. (b). Pub. L. 96-477, Sec. 301, substituted ``$5,000,000''
for ``$2,000,000''.
1978--Subsec. (a)(7). Pub. L. 95-598, Sec. 306(a), substituted ``or
debtor in possession in a case under title 11'' for ``in bankruptcy''.
Subsec. (a)(9), (10). Pub. L. 95-598, Sec. 306(b), substituted
``Except with respect to a security exchanged in a case under title 11,
any'' for ``Any''.
Subsec. (b). Pub. L. 95-425 substituted ``$2,000,000'' for
``$1,500,000''.
Pub. L. 95-283 substituted ``$1,500,000'' for ``$500,000''.
1976--Subsec. (a)(6). Pub. L. 94-210 substituted provisions relating
to any security issued by a motor carrier subject to the provisions of
section 314 of title 49 or any interest in a railroad equipment trust,
and provisions defining ``interest in a railroad equipment trust'', for
provisions relating to any security issued by a common or contract
carrier, subject to the provisions of section 20a of title 49.
1970--Subsec. (a)(2). Pub. L. 91-567 exempted any interest or
participation in any common trust fund or similar fund maintained by a
bank exclusively for the collective investment and reinvestment of
assets contributed thereto by such bank in its capacity as trustee,
executor, administrator, or guardian, any security which is an
industrial development bond the interest on which is excludable from
gross income under section 103(a)(1) of title 26, any interest or
participation in a single or collective trust fund maintained by a bank
or in a separate account maintained by an insurance company which
interest or participation is issued in connection with a stock bonus,
pension, or profit-sharing plan which meets the requirements for
qualification under section 401 of title 26, or an annuity plan which
meets the requirements for the deduction of the employer's contribution
under section 404(a)(2) of title 26, directed the Commission to exempt
from the provisions of section 77e of this title any interest or
participation issued in connection with a stock bonus, pension, profit-
sharing, or annuity plan which covers employees some or all of whom are
employees within the meaning of section 401(c)(1) of title 26 if and to
the extent that the Commission determines this to be necessary or
appropriate in the public interest and consistent with the protection of
investors, and provided that for the purposes of this paragraph a
security issued or guaranteed by a bank shall not include any interest
or participation in any collective trust fund maintained by a bank, and
that in the case of a common trust fund or similar fund, or a collective
trust fund, the term ``bank'' has the same meaning as in the Investment
Company Act of 1940.
Pub. L. 91-547, Sec. 27(b), struck out reference to industrial
development bonds the interest on which is excludable from gross income
under section 103(a)(1) of title 26; and exempted from registration
provisions interests or participations in common trust funds maintained
by a bank for collective investment of assets held by it in a fiduciary
capacity interests or participations in bank collective trust funds
maintained for funding of employees' stock bonus, pension, or profit-
sharing plans; interests or participations in separate accounts
maintained by insurance companies for funding certain stock-bonus,
pension, or profit-sharing plans which meet the requirements for
qualification under section 401 of title 26; and interests or
participations issued by bank collective trust funds or insurance
company separate accounts for funding certain stock-bonus, pension,
profit-sharing, or annuity plans when the Commission by rule,
regulation, or order determines this to be necessary in the public
interest; provided that a security issued or guaranteed by a bank shall
not include any interest or participation in any collective trust fund
maintained by a bank; substituted where first appearing ``security
issued or guaranteed by any bank'' for ``security issued or guaranteed
by any national bank, or by any banking institution organized under the
laws of any State or Territory or the District of Columbia, the business
of which is substantially confined to banking and is supervised by the
State or Territorial banking commission or similar official'', the
latter provision now incorporated in a separate definition of term
``bank''; and made the Investment Company Act definition of bank
applicable as in the case of a common trust fund or similar fund, or a
collective trust fund.
Pub. L. 91-373 inserted reference to industrial development bonds
the interest on which is excludable from gross income under section
103(a)(1) of title 26.
Subsec. (a)(5). Pub. L. 91-547, Sec. 27(c), designated existing
provisions as cl. (A), included cooperative bank issues, required the
issuer to be an institution which is supervised and examined by State or
Federal authority having supervision over such institution, struck out
``substantially all the business of which is confined to the making of
loans to members'' after ``similar institution'' and substituted
provisions designated as cl. (B) for prior provision relating to a
security issued by a farmers' cooperative association as defined in
paragraphs (12), (13), and (14) of section 103 of the Revenue Act of
1932.
Subsec. (b). Pub. L. 91-565 substituted ``$500,000'' for
``$300,000''.
1958--Subsec. (c). Pub. L. 85-699 added subsec. (c).
1954--Subsec. (a)(11). Act Aug. 10, 1954, inserted ``offered and''
before ``sold''.
1945--Subsec. (b). Act May 15, 1945, substituted ``$300,000'' for
``$100,000''.
1938--Subsec. (a)(6). Act June 29, 1938, reenacted par. (6) without
change.
1935--Subsec. (a)(6). Act Feb. 4, 1887, as added by act Aug. 9,
1935, included a security issued by a contract carrier.
1934--Subsec. (a). Act June 6, 1934, amended pars. (2), (4), and (8)
and added pars. (9) to (11).
Effective Date of 1999 Amendment
Pub. L. 106-102, title II, Sec. 225, Nov. 12, 1999, 113 Stat. 1402,
provided that: ``This subtitle [subtitle B (Secs. 211-225) of title II
of Pub. L. 106-102, enacting section 80b-10a of this title and amending
this section and sections 78c, 80a-2, 80a-3, 80a-9, 80a-10, 80a-17, 80a-
26, 80a-34, and 80b-2 of this title] shall take effect 18 months after
the date of the enactment of this Act [Nov. 12, 1999].''
Effective Date of 1995 Amendment
Section 7 of Pub. L. 104-62 provided that: ``This Act [enacting
section 80a-3a of this title, amending this section and sections 78c,
78l, 80a-3, 80a-7, and 80b-3 of this title, and enacting provisions set
out as a note under section 80a-51 of this title] and the amendments
made by this Act shall apply in all administrative and judicial actions
pending on or commenced after the date of enactment of this Act [Dec. 8,
1995], as a defense to any claim that any person, security, interest, or
participation of the type described in this Act and the amendments made
by this Act is subject to the provisions of the Securities Act of 1933
[15 U.S.C. 77a et seq.], the Securities Exchange Act of 1934 [15 U.S.C.
78a et seq.], the Investment Company Act of 1940 [15 U.S.C. 80a-1 et
seq.], or the Investment Advisers Act of 1940 [15 U.S.C. 80b-1 et seq.],
or any State statute or regulation preempted as provided in section 6 of
this Act [enacting section 80a-3a of this title], except as otherwise
specifically provided in such Acts or State law.''
Effective Date of 1982 Amendment
Section 31 of Pub. L. 97-261 provided that:
``(a) Except as provided in subsections (b) and (c) of this section,
this Act [see Tables for classification] shall take effect on the 60th
day after the date of enactment of this Act [Sept. 20, 1982].
``(b) The amendment made by section 10(e)(4) of this Act [amending
provisions set out as a note under former section 10706 of Title 49,
Transportation] shall take effect on October 1, 1982.
``(c) The provisions of sections 6(g) and 30 of this Act [amending
former sections 10922 and 10525 of Title 49, respectively] shall take
effect on the date of enactment of this Act [Sept. 20, 1982].''
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-598 effective Oct. 1, 1979, see section
402(a) of Pub. L. 95-598 set out as an Effective Date note preceding
section 101 of Title 11, Bankruptcy.
Effective Date of 1976 Amendment
Section 308(d)(1) of Pub. L. 94-210 provided that: ``The amendments
made by subsection (a) of this section [amending this section, section
77s of this title, and section 314 of former Title 49, Transportation]
shall take effect on the 60th day after the date of enactment of this
Act [Feb. 5, 1976], but shall not apply to any bona fide offering of a
security made by the issuer, or by or through an underwriter, before
such 60th day.''
Effective Date of 1970 Amendments
Section 6(d) of Pub. L. 91-567 provided that: ``The amendments made
by this section [amending this section and sections 77ddd and 78c of
this title] shall apply with respect to securities sold after January 1,
1970.''
Amendment by Pub. L. 91-547 effective Dec. 14, 1970, see section 30
of Pub. L. 91-547, set out as a note under section 80a-52 of this title.
Section 401(c) of Pub. L. 91-373 provided that: ``The amendments
made by this section [amending this section and section 78c of this
title] shall apply with respect to securities sold after January 1,
1970.''
Effective Date of 1954 Amendment
Amendment by act Aug. 10, 1954, effective 60 days after Aug. 10,
1954, see note under section 77b of this title.
Repeals
Section 214 of act Feb. 4, 1887 (the Interstate Commerce Act), as
added Aug. 9, 1935, ch. 498, 49 Stat. 557, cited as a credit to this
section, was repealed by Pub. L. 97-449, Sec. 7(b), Jan. 12, 1983, 96
Stat. 2443, 2444.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg. Plan
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Securities and Investment Company Provisions Inapplicable to Certain
Life Insurance Benefits Issued Prior to March 23, 1959
Section 29 of Pub. L. 91-547 provided that: ``The provisions of the
Securities Act of 1933 [this subchapter] and the Investment Company Act
of 1940 [section 80a-1 et seq. of this title] shall not apply, except
for purposes of definition of terms used in this section, to any
interest or participation (including any separate account or other fund
providing for the sharing of income or gains and losses, and any
interest or participation in such account or fund) in any contract,
certificate, or policy providing for life insurance benefits which was
issued prior to March 23, 1959, by an insurance company, if (1) the form
of such contract, certificate, or policy was approved by the insurance
commissioner, or similar official or agency, of a State, territory or
the District of Columbia, and (2) under such contract, certificate, or
policy not to exceed 49 per centum of the gross premiums or other
consideration paid was to be allocated to a separate account or other
fund providing for the sharing of income or gains and losses. Nothing
herein contained shall be taken to imply that any such interest or
participation constitutes a `security' under any other laws of the
United States.''
Section Referred to in Other Sections
This section is referred to in sections 77b, 77d, 77l, 77q, 77r,
77ddd, 78c, 78o-3, 80a-3, 80a-24 of this title; title 7 section 2; title
11 section 101; title 12 sections 1813, 2279aa-12, 2290; title 22
sections 282k, 283h, 283ii, 285h, 286k-1, 290i-9, 290l-7, 290m, 290o-7;
title 25 section 646.
