[105th Congress Public Law 72]
[From the U.S. Government Printing Office]


<DOC>
[DOCID: f:publ72.105]

Public Law 105-72
105th Congress

                                 An Act


 
To amend title I of the Employee Retirement Income Security Act of 1974 
         to clarify treatment of investment managers under such 
              title. <<NOTE: Nov. 10, 1997 -  [S. 1227]>> 

    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 <<NOTE: 29 USC 1002 note.>>  
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 <<NOTE: 29 USC 1002 note.>>  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).

    Approved November 10, 1997.

LEGISLATIVE HISTORY--S. 1227:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 143 (1997):
            Sept. 26, considered and passed Senate.
            Oct. 28, considered and passed House.

                                  <all>