Provided, however,

(4) A trustee of, a named fiduciary of (or a person designated or acting as a fiduciary pursuant to a written delegation from or other written agreement with the named fiduciary) or an employer maintaining a pension plan that is subject to title I of the Employee Retirement Income Security Act of 1974; Provided, however, That for purposes of this 4.5 the following employee benefit plans shall not be construed to be pools:


17 CFR § 4.5

Scoping language

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