; or (2) a bank or similar financial institution supervised by the United States or a State, or a savings association (as defined in section 3(b)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(b)(1) ). . (c) Exemption from prohibited transactions for brokers and dealers, and other persons and entities, when making recommendations to retail customers (1) Section 408(b) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108(b) ) is amended by adding at the end the following: (21) Any transaction involving a recommendation made by a broker or dealer (including its registered representative), or other persons or entities, that is subject to the requirements of the second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(k) ). . (2) Section 4975(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (24) any transaction involving a recommendation made by a broker or dealer (including its registered representatives), or other persons or entities, that is subject to the requirements of the second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(k) ). . (d) Repeal of certain provisions The following provisions are hereby repealed: (1) The second subsection (l) and subsection (m) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o ). (2) Subsections (g), (h), and (i) of section 211 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–11 ).