,i #aai? ,,congress #a/ ,session ,h4 ,r4 #ffee ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #aa1 #bjbe,mrs4 ,mc,clain ,delaney 7= h]self & ,mr4 ,messm]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,agriculture ,a ,,bill ,to exempt *>itable organizations f commodity trad+ regulations & regi/ration requirem5ts4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,,cftc ,*>itable ,organization ,exemption ,act ( #bjbe4 #b4 ,exemption ( qualifi$ *>itable organizations f regulation z commodity pool op]ators ,section #dm ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #fm7 is am5d$ to read z foll[s3 #dm4 ,use ( mails or o!r means or in/rum5talities ( int]/ate comm]ce by commodity trad+ advisors & commodity pool op]ators 7a7 ,prohibition ,x %all be unlawful = any commodity trad+ advisor or commodity pool op]ator1 unless regi/]$ "u ?is ,act1 to make use ( ! mails or any means or in/rum5tality ( int]/ate comm]ce 9 connection ) bus9ess z ! commodity trad+ advisor or commodity pool op]ator4 7b7 ,exceptions 7#a7 ,9 g5]al ,subsection 7a7 %all n apply to a commodity trad+ advisor ^: commodity trad+ advice is solely incid5tal to ! conduct ( t p]son's bus9ess1 & :o is a-- 7,a7 deal]1 processor1 brok]1 or sell] 9 ca% m>ket transactions ( any commodity specifically set =? 9 section #b7;a7 ( ?is ,act be=e ! enactm5t ( ! ,commodity ,futures ,trad+ ,commission ,act ( #aigd 7or products !re(72 or 7,b7 nonpr(it1 volunt>y memb]%ip1 g5]al f>m organization1 t provides advice on ! sale or pur*ase ( any commodity specifically set =? 9 section #b7;a7 ( ?is ,act be=e ! enactm5t ( ! ,commodity ,futures ,trad+ ,commission ,act ( #aigd4 7#b7 ,*>itable organization ,subsection 7a7 %all n apply to any commodity trad+ advisor or commodity pool op]ator t is-- 7,a7 a *>itable organization1 z def9$ 9 section #c7;c77#aj77;,d7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj77;,d771 or a tru/ee1 director1 (fic]1 employee1 or volunte] ( su* a *>itable organization act+ )9 ! scope ( ! employm5t or duties ( ! p]son ) ! organization1 ^: advisory or pool activities are conduct$ only on behalf (1 or ) respect to1 #a or m (-- 7i7 any su* *>itable organization2 or 7ii7 an inve/m5t tru/1 syndicate1 or simil> =m ( ent]prise exclud$ f ! def9ition ( inve/m5t company pursuant to section #c7;c77#aj7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj771 or ! tru/ees1 adm9i/rators1 settlors 7or pot5tial settlors71 or b5efici>ies ( ! =ego+2 or 7,b7 any plan1 company1 or acc\nt describ$ 9 section #c7;c77#ad7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ad771 any p]son or entity :o e/abli%es or ma9ta9s su* a plan1 company1 or acc\nt1 or any tru/ee1 director1 (fic]1 employee1 or volunte] = any ( ! =ego+ plans1 p]sons1 or entities act+ )9 ! scope ( ! employm5t or duties ( ! p]son ) ! organization1 ^: advisory or pool activities are conduct$ only on behalf (1 or ) respect to1 any inve/m5t tru/1 syndicate1 or simil> =m ( ent]prise exclud$ f ! def9ition ( inve/m5t company pursuant to section #c7;c77#ad7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ad774 7#c7 ,small commodity trad+ advisors ,subsection 7a7 %all n apply to any commodity trad+ advisor :o1 dur+ ! c\rse ( ! prec$+ #ab mon?s1 has n furni%$ commodity trad+ advice to m ?an #ae p]sons & :o does n hold !mselves out g5]ally to ! public z a commodity trad+ advisor4 7#d7 ,,sec-regi/]$ 7,a7 ,9 g5]al ,subsection 7a7 %all n apply to any commodity trad+ advisor t is regi/]$ ) ! ,securities & ,ex*ange ,commission z an inve/m5t advis] ^: bus9ess does n consi/ prim>ily ( act+ z a commodity trad+ advisor & t does n act z a commodity trad+ advisor to any commodity pool t is prim>ily engag$ 9 trad+ commodity int]e/s4 7,b7 ,engag$ prim>ily ,= purposes ( ?is p>agraph1 a commodity trad+ advisor or a commodity pool %all be consid]$ to be engag$ prim>ily 9 ! bus9ess ( be+ a commodity trad+ advisor or commodity pool if x is or holds itself out to ! public z be+ engag$ prim>ily1 or proposes to engage prim>ily1 9 ! bus9ess ( advis+ on commodity int]e/s or inve/+1 re9ve/+1 own+1 hold+1 or trad+ 9 commodity int]e/s1 respectively4 7,c7 ,commodity int]e/s ,= purposes ( ?is p>agraph1 commodity int]e/s %all include contracts ( sale ( a commodity = future deliv]y1 options on su* contracts1 security futures1 swaps1 lev]age contracts1 =eign ex*ange1 spot & =w>d contracts on physical commodities1 & any monies held 9 an acc\nt us$ = trad+ commodity int]e/s4 7#e7 ,subject to proce$+s ,a p]son describ$ 9 p>agraphs 7#a7 & 7#b7 %all be subject to proce$+s "u section #ad4 7c7 ,relation%ip to o!r law ,no?+ 9 ?is ,act %all relieve any p]son ( any obligation or duty1 or affect ! availability ( any "r or rem$y available to ! ,securities & ,ex*ange ,commission or any private p>ty aris+ "u ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 or ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 gov]n+ ! issuance1 (f]1 pur*ase1 or sale ( securities ( a commodity pool1 or ( p]sons engag$ 9 transactions ) respect to ! securities1 or report+ by a commodity pool4 7d7 ,disclosure conc]n+ exempt$ *>itable organizations ,a commodity trad+ advisor or commodity pool op]ator t is an organization or p]son describ$ 9 subsection 7b77#b77;,a7 ( ?is section to or ( any inve/m5t tru/1 syndicate1 or simil> =m ( ent]prise exclud$ f ! def9ition ( inve/m5t company pursuant to section #c7;c77#aj77;,b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj77;,b77 %all provide disclosure 9 accordance ) section #g7;e7 ( t ,act 7#ae ,u4,s4,c4 #hj;a-#g7;e774 4