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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1227 Enrolled Bill (ENR)]

        S.1227

                       One Hundred Fifth Congress

                                 of the

                        United States of America

                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
 the seventh day of January, one thousand nine hundred and ninety-seven

                                 An Act

 
To amend title I of the Employee Retirement Income Security Act of 1974 
      to clarify treatment of investment managers under such title.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INVESTMENT MANAGERS UNDER ERISA TO INCLUDE FIDUCIARIES 
              REGISTERED SOLELY UNDER STATE LAW ONLY IF FEDERAL 
              REGISTRATION PROHIBITED UNDER RECENTLY ENACTED 
              PROVISIONS.

    (a) In General.--Section 3(38)(B) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1002(38)(B)) is amended--
        (1) by redesignating clauses (ii) and (iii) as clauses (iii) 
    and (iv), respectively; and
        (2) by striking ``who is'' and all that follows through clause 
    (i) and inserting the following: ``who (i) is registered as an 
    investment adviser under the Investment Advisers Act of 1940; (ii) 
    is not registered as an investment adviser under such Act by reason 
    of paragraph (1) of section 203A(a) of such Act, is registered as 
    an investment adviser under the laws of the State (referred to in 
    such paragraph (1)) in which it maintains its principal office and 
    place of business, and, at the time the fiduciary last filed the 
    registration form most recently filed by the fiduciary with such 
    State in order to maintain the fiduciary's registration under the 
    laws of such State, also filed a copy of such form with the 
    Secretary;''.
    (b) Availability of Documents Via Filing Depository.--A fiduciary 
shall be treated as meeting the requirements of section 3(38)(B)(ii) of 
the Employee Retirement Income Security Act of 1974 (as amended by 
subsection (a)) relating to provision to the Secretary of Labor of a 
copy of the form referred to therein, if a copy of such form (or 
substantially similar information) is available to the Secretary of 
Labor from a centralized electronic or other record-keeping database.
    (c) Effective Date.--The amendments made by subsection (a) shall 
take effect on July 8, 1997, except that the requirement of section 
3(38)(B)(ii) of the Employee Retirement Income Security Act of 1974 (as 
amended by this Act) for filing with the Secretary of Labor of a copy 
of a registration form which has been filed with a State before the 
date of the enactment of this Act, or is to be filed with a State 
during the 1-year period beginning
with such date, shall be treated as satisfied upon the filing of such a 
copy with the Secretary at any time during such 1-year period. This 
section shall supersede section 308(b) of the National Securities 
Markets Improvement Act of 1996 (and the amendment made thereby).

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
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