15 U.S.C. § 78oo — Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks

(a) Federal National Mortgage Association and Federal Home Loan Mortgage Corporation — no class of equity securities issued by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation counts as an "exempted security" for purposes of sections 78l, 78m, 78n, or 78p. Those sections normally cover registration, periodic reporting, proxy rules, and insider trading and short-swing profit rules. This subsection makes sure the two entities' stock cannot skip those rules just by qualifying as an exempted security. (b) Federal Home Loan Banks (1) Registration — each Federal Home Loan Bank had to register a class of its common stock under section 78l(g) within 120 days after July 30, 2008. It must keep that registration in place afterward. For purposes of this chapter, the law treats each Bank as an "issuer" whose securities must be registered under section 78l, no matter how many members hold its stock at any given time. (2) Standards relating to audit committees — each Federal Home Loan Bank must also follow the SEC's audit committee rules, issued under section 78j–1(m). (c) Definitions — for this section: "Federal Home Loan Bank" and "member" carry the same meanings given to them in 12 U.S.C. § 1422. "Federal National Mortgage Association" means the corporation created by the Federal National Mortgage Association Charter Act (12 U.S.C. § 1716 and following). "Federal Home Loan Mortgage Corporation" means the corporation created by the Federal Home Loan Mortgage Corporation Act (12 U.S.C. § 1451 and following).