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22 U.S.C. § 283hSecurities issued by Bank; reports to and of Securities and Exchange Commission

submitted 67 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 276 words · no verdicts yet

in plain englishAI-generated · not legal advice

Certain Bank-issued or Bank-guaranteed securities count as exempt securities under U.S. securities law. The Bank must still file reports with the SEC. The SEC can suspend this exemption and must report on it to Congress each year.

(a) Exempt securities; reports of Bank to Commission: Securities the Bank issues — including any guarantee the Bank gives, even a limited one — to raise money for its capital resources (as defined in article II, section 5, and article IIA, section 4, of the agreement) count as "exempted securities" under two specific securities laws (section 77c(a)(2) and section 78c(a)(12) of title 15). This also covers securities the Bank guarantees for both principal and interest, where the agreement's article II, section 4(a)(ii), or article IIA, section 3(c), commitment specifically applies. Even though these securities are exempt, the Bank must still file annual and other reports about them with the Securities and Exchange Commission — whatever reports the Commission decides are appropriate, given the Bank's special nature and what's needed to protect the public and investors. (b) Suspension of exemption provisions; annual reports of Commission to Congress: The Securities and Exchange Commission, after consulting with the National Advisory Council on International Monetary and Financial Problems, can suspend this exemption at any time for any or all of the Bank's securities, for as long as the suspension lasts. The Commission must include, in its annual reports to Congress, whatever information it thinks is useful about how this section is working, including any views submitted by securities dealer associations registered with the Commission.
the actual law source: uscode.house.gov ↗public domain
(a) Exempt securities; reports of Bank to Commission

Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with raising of funds for including in the Bank’s capital resources as defined in article II, section 5, and article IIA, section 4, of the agreement, and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article II, section 4(a)(ii), or article IIA, section 3(c), of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of subsection (a)(2) of section 77c of title 15 and subsection (a)(12) of section 78c of title 15. The Bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Bank and its operations and necessary in the Public interest or for the protection of investors.

(b) Suspension of exemption provisions; annual reports of Commission to Congress

The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of subsection (a) at any time as to any or all securities issued or guaranteed by the Bank during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this section and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.

Source credit: (Pub. L. 86–147, § 11, Aug. 7, 1959, 73 Stat. 301; Pub. L. 94–302, title I, § 103(a)(3), May 31, 1976, 90 Stat. 593.)

history & why it existsrecord from the source credit
  • 1959Enacted · Pub. L. 86-147 · 73 Stat. 301
  • 1976Amended · Pub. L. 94-302 · 90 Stat. 593

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1959-08-07.

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