, In re Street Bank and Tr. Co., Securities Act Release No. 9107 (Feb. 4, 2010) (SEC enforcement action brought alleging misstatements about the extent of sub-prime mortgages held in CITs.). The section 3(c)(11) exclusion includes “(a)ny employee’s stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1986, 26 U.S.C. § 401; or any governmental plan described in section 3(a)(2)(C) of the Securities Act of 1933 [15 U.S.C. § 77c(a)(2)(C)]; or any collective trust fund maintained by a bank consisting solely of assets of one or more of such trusts, government plans, or church plans, companies or accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection.” Another case, almost fifteen years old, Dunham & Associates Holdings, Inc. et al., Rel. No. 33-8740, (Sept. 22, 2006) was brought against a common trust fund for failure to meet the “maintained by a bank” requirement because the trust company “exercised no investment responsibility over the Fund.

[6]See Federal Securities Act of 1933 § 3(a)(2); 17 C.F.R. § 230.506(a).[7]See 17 C.F.R. § 230.50b(2) (2013).[8]See Federal Securities Act of 1933 § 3(a)(11); 15 U.S.C. § 77c(a)(11) (2012).[9]See JOBS Act, H.R. 3606, 112th Cong. § 302(a)(6)(A)–(B) (2012).