ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

22 U.S.C. § 290i–9Securities issued by Bank; Securities and Exchange Commission oversight

submitted 45 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 253 words · no verdicts yet

in plain englishAI-generated · not legal advice

Certain Bank securities are treated as exempt from normal securities law, but the Bank must still file reports with the SEC. The SEC can suspend this exemption and must tell Congress about it.

(a) Treatment as exempt securities; reports to Securities and Exchange Commission: Securities the Bank issues — including any guarantee the Bank makes, even a partial one — count as exempt securities under two federal laws (sections 77c(a)(2) and 78c(a)(12) of title 15), as long as they're for raising money for the Bank's "ordinary capital resources," as the Bank's agreement defines that term. The same exemption covers securities the Bank fully guarantees, both principal and interest, under article 7, paragraph 4(a) of the agreement. Even though these securities are exempt, the Bank must still file annual and other reports about them with the Securities and Exchange Commission. The SEC decides what reports to require, based on the Bank's special nature and what's needed to protect the public and investors. (b) Suspension of provisions; reports to Congress: The SEC, working with whatever agency or officer the President names, can suspend the exemption in subsection (a) at any time, for some or all Bank securities, for as long as the suspension lasts. The SEC must include information about how this section is working in its annual reports to Congress, including any views that registered securities-dealer associations submit on the subject.
the actual law source: uscode.house.gov ↗public domain
(a) Treatment as exempt securities; reports to Securities and Exchange Commission

Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank’s ordinary capital resources as defined in article 9 of the agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 7, paragraph 4(a), of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of sections 77c(a)(2) and 78c(a)(12) 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 as necessary in the public interest or for the protection of investors.

(b) Suspension of provisions; reports to Congress

The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, 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. 97–35, title XIII, § 1341, Aug. 13, 1981, 95 Stat. 743.)

history & why it existsrecord from the source credit
  • 1981Enacted · Pub. L. 97-35 · 95 Stat. 743

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case