43 U.S.C. § 1625: Securities laws exemption

the transaction or the shares are not otherwise exempt from Federal securities laws; and individuals who held shares in the corporation on February 3, 1988 ; Natives; descendants of Natives; individuals who have received shares of Settlement Common Stock by inheritance pursuant to section 1606(h)(2) of this title ; Settlement Trusts; or entities established for the sole benefit of Natives or descendants of Natives; or the date on which alienability restrictions are terminated; or the date on which the corporation files a registration statement with the Securities and Exchange Commission pursuant to either the Securities Act of 1933 [ 15 U.S.C. 77a et seq.] or the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.]. No provision of this section shall be construed to require or imply that a Native Corporation shall, or shall not, be subject to provisions of the Acts listed in subsection (a) after any of the dates described in subsection (a). A Native Corporation that, but for this section, would be subject to the provisions of the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.] shall annually prepare and transmit to its shareholders a report that contains substantially all the information required to be included in an annual report to shareholders by a corporation subject to that Act. For purposes of determining the applicability of the registration requirements of the Securities Exchange Act of 1934 on or after the date described in subsection (a), holders of Settlement Common Stock shall be excluded from the calculation of the number of shareholders of record pursuant to section 12(g) of that Act [ 15 U.S.C. 78 l (g)]. Notwithstanding any other provision of law, prior to January 1, 2001 , the provisions of the Investment Company Act of 1940 [ 15 U.S.C. 80a–1 et seq.] shall not apply to any Native Corporation or any subsidiary of such corporation if such subsidiary is wholly owned (as that term is defined in the Investment Company Act of 1940) by the corporation and the corporation owns at least 95 per centum of the equity of the subsidiary. The Investment Company Act of 1940 shall not apply to any Settlement Trust. If, but for this section, a Native Corporation would qualify as an Investment Company under the Investment Company Act of 1940, it shall be entitled to voluntarily register pursuant to such Act and any such corporation which so registered shall thereafter comply with the provisions of such Act.