PUBLIC LAW 99-571—OCT. 28, 1986
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100 STAT. 3215
interest and the protection of investors, either unconditionally or upon specified terms and conditions or for stated periods, exempt from the operation of any one or more provisions of this title which by their terms do not apply to an 'exempted security' or to 'exempted securities'. "(B)(i) Notwithstanding subparagraph (A)(i) of this paragraph, government securities shall not be deemed to be 'exempted securities' for the purposes of section 17A of this title. "(ii) Notwithstanding subparagraph (A)(ii) of this paragraph, municipal securities shall not be deemed to be 'exempted securities' for the purposes of sections 15, 15A (other than subsection (g)(3)), and 17 A of this title. "(C) For purposes of subparagraph (A)(iv) of this paragraph, the term 'qualified plan' means (i) a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1954, (ii) an annuity plan which meets the requirements for the deduction of the employer's contribution under section 404(a)(2) of such Code, or (iii) a governmental plan as defined in section 414(d) of such Code 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 (i), (ii), or (iii) of this subparagraph which (I) covers employees some or all of whom are employees within the meaning of section 401(c) of such Code, or (II) is a plan funded by an annuity contract described in section 403(b) of such Code.". (b) DEFINITION OF APPROPRIATE REGULATORY AGENCY.—Section
15 USC 78q-i.
5 USC 78o, 78o-3, 78q-i. 26 USC 401. 26 USC 404. 26 USC 414.
26 USC 401. 15 USC 78c.
3(a)(34) of the Act is amended— ^ (1) by inserting after paragraph (F) thereof the following new paragraph: "(G) When used with respect to a government securities J broker or government securities dealer, or person associated with a government securities broker or government securities dealer: "(i) the Comptroller of the Currency, in the case of a national bank, a bank in the District of Columbia examined by the Comptroller of the Currency, or a Federal branch or Federal agency of a foreign bank (as such terms are used in
the International Banking Act of 1978); 12 USC 3ioi "(ii) the Board of Governors of the Federal Reserve note. ,;5 30 System, in the case of a State member bank of the Federal ,.^
Reserve System, a foreign bank, a State branch or a State
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agency of a foreign bank, or a commercial lending company owned or controlled by a foreign bank (as such terms are .,.-^i -^ used in the International Banking Act of 1978); "(iii) the Federal Deposit Insurance Corporation, in the il., case of a bank insured by the Federal Deposit Insurance .vf-' Corporation (other than a member of the Federal Reserve System or a Federal savings bank);
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