1. Exemption of qualified charitable organizations from regulation as commodity pool operators Section 4m of the Commodity Exchange Act ( 7 U.S.C. 6m ) is amended— (1) by striking Sec. 4m. (1) It and inserting the following: 4m. Use of mails or other means or instrumentalities of interstate commerce by commodity trading advisors and commodity pool operators (a) Prohibition (1) In general It ; (2) in the second sentence— (A) by striking The provisions of this section and inserting the following: (2) Exceptions (A) Commodity trading advisors (i) In general Subject to clause (ii) and except as provided in subparagraphs (B) and (C), this section ; (B) by striking commodity trading advisor who is a (1) dealer and inserting the following: “commodity trading advisor who is a— (I) dealer ; (C) by striking or (2) nonprofit and inserting the following: “; or (II) nonprofit ; (D) by striking Commodity Futures Trading Commission Act of 1974; if the advice by the person described in clause (1) or (2) of this sentence and inserting the following: “Commodity Futures Trading Commission Act of 1974. (ii) Applicability Clause (i) only applies if the advice by the person described in subclause (I) or (II) of clause (i) ; (E) by striking business: and inserting business.