RIC Exclusions for Charitable Organizations and Church Plans

Overview

The securities laws provide a number of exemptions designed to avoid imposing regulatory burdens and costs on charitable organizations, including an exemption under ICA Section 3(c)(10) for charitable organizations and investment funds maintained by charitable organizations, provided that the assets of the entity and any investment returns on the entity’s funds are to be used entirely for “religious, educational, benevolent, fraternal, charitable, or reformatory purposes.” The Investment Advisers Act, the Securities Act and the Securities Exchange Act all provide certain related exemptions for charitable organizations. In addition, ICA Section 3(c)(14) a provides an exclusion from investment company registration for “church plans.”

For a comprehensive list of exemptions and exclusions from registration available to investment companies, see the topic page on Exemptions from Registration under the Investment Company Act.

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