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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1227 Engrossed in Senate (ES)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
105th CONGRESS
  1st Session
                                S. 1227

_______________________________________________________________________

                                 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).

            Passed the Senate September 26, 1997.

            Attest:

                                                             Secretary.
105th CONGRESS

  1st Session

                                S. 1227

_______________________________________________________________________

                                 AN ACT

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