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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
11/28/1995--Passed House amended. Philanthropy Protection Act of 1995 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund maintained by a charitable organization exclusively for the collective investment and reinvestment of certain assets. Includes among such assets those of: (1) a charitable remainder trust or of any other trust the remainder interests of which are irrevocably dedicated to any charitable organization; (2) a trust the remainder interests of which are revocably dedicated to a charitable organization, subject to specified conditions; or (3) a trust the remainder interests of which are revocably dedicated to, or for the benefit of, one or more charitable organizations, if the ability to revoke is limited to specified circumstances. Deems such a charitable income fund, in specified circumstances, not to be an investment company under the Investment Company Act of 1940. Amends the Investment Company Act of 1940 to set forth disclosure requirements for exempt charitable organizations. Amends the Securities Exchange Act of 1934 to require solicitors of funds for such exempt charitable organizations to be volunteers or to be engaged in overall fund-raising activities of the organization but receiving no commission or other special compensation based on the amount of donations collected. Exempts such charitable organizations from State regulation in general, and such securities from State registration or qualification requirements in particular. Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt the laws of such State.