109 STAT. 686 PUBLIC LAW 104-62—DEC. 8, 1995 (c) STATE ACTION.— Notwithstanding subsections (a) and (b), during the 3-year period beginning on the date of enactment of this Act, a State may enact a statute that specifically refers to this section and provides prospectively that this section shall not preempt the laws of that State referred to in this section. (d) DEFINITIONS.— For purposes of this section— (1) the term "charitable organization" means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of the Internal Revenue Code of 1986; (2) the term "security" has the same meaning as in section 3 of the Securities Exchange Act of 1934; and (3) the term "State" means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. 15 USC 77c note. SEC. 7. EFFECTIVE DATES AND APPLICABILITY. This Act 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, 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, the Securities Exchange Act of 1934, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any State statute or regulation preempted as provided in section 6 of this Act, except as otherwise specifically provided in such Acts or State law. Approved December 8, 1995. LEGISLATIVE HISTORY—H.R. 2519: HOUSE REPORTS: No. 104-333 (Comm. on Commerce). CONGRESSIONAL RECORD, Vol. 141 (1995): Nov. 28, considered and passed House. Nov. 29, considered and passed Senate.
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