Smell and photochemical reactivity (part of the VOC definition) have nothing to do with one another. Acetone has a very strong smell, but isn't a VOC. Freon has very little smell, but is a powerfull VOC.
As for Klasse being reformulated to comply with VOC laws, that is an urban legend. While it may be true, there is currently no way to know this. The president of the US version of the company denies this, but refuses to provide the legally required MSDS, so who knows. Folks have seen a change in formulation, but this change well predates the VOC law, or even the proposed standards.