| Notes |
On December 8, 1995, President Clinton signed into law the Philanthropy Protection Act of 1995 (the Philanthropy Protection Act).13 The stated purpose of the Philanthropy Protection Act was “to protect and facilitate donations to entities organized and operated exclusively for religious, educational, benevolent, fraternal, charita- ble, or reformatory purposes by limiting the applicability of Federal and State securities laws to the activities of such organizations in connection with the maintenance of certain pooled funds.”14 The Philanthropy Protection Act was intended to codify the position of the Securities and Exchange Commission,15 as set forth in various interpretive releases and no-action letters previously issued to non-On December 8, 1995, President Clinton signed into law the Philanthropy Protection Act of 1995 (the Philanthropy Protection Act).13 The stated purpose of the Philanthropy Protection Act was “to protect and facilitate donations to entities organized and operated exclusively for religious, educational, benevolent, fraternal, charita- ble, or reformatory purposes by limiting the applicability of Federal and State securities laws to the activities of such organizations in connection with the maintenance of certain pooled funds.”14 The Philanthropy Protection Act was intended to codify the position of the Securities and Exchange Commission,15 as set forth in various interpretive releases and no-action letters previously issued to non-profit organizations.16 The Philanthropy Protection Act accom- plished this purpose by providing nonprofit organizations with addi- tional exclusions and exemptions from registration under the vari- ous federal securities laws and by preempting certain state securi- ties laws registration and reporting requirements.17 |