15 U.S.C. § 80a–3a — Protection of philanthropy under State law

(a) Registration requirements. A security, or an interest or participation in a pooled income fund, collective trust fund, collective investment fund, or similar fund that's excluded from the definition of "investment company" under section 80a–3(c)(10)(B), and its offer or sale, is exempt from any state statute or regulation requiring securities registration or qualification. (b) Treatment of charitable organizations. A charitable organization, or its trustee, director, officer, employee, or volunteer acting within their job or duties, doesn't have to register as, or be regulated as, a dealer, broker, agent, or investment adviser under any state's securities laws, just because they buy, hold, sell, or trade securities for their own account as trustee or administrator of, or otherwise on behalf of, (1) a charitable organization; (2) a fund excluded under section 80a–3(c)(10)(B); or (3) a trust or other donative instrument described there, or its settlors or beneficiaries. (c) State action. Despite (a) and (b), during the three years starting December 8, 1995, a state could enact a statute that specifically refers to this section and says this section won't preempt that state's own law. (d) Definitions. (1) "Charitable organization" means an organization described in section 170(c)(1)-(5) or section 501(c)(3) of title 26; (2) "security" has the same meaning as in section 78c; (3) "State" means each U.S. state, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands.