22 U.S.C. § 290o–7 — Exemption from securities laws for certain securities issued by Bank; reports required

submitted 30 years ago by Pub. L. 104-208 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 208 words · no verdicts yet

in plain englishAI-generated · not legal advice

Securities the Bank issues to borrow money are treated as exempt from the usual securities laws, though the Bank must still file reports the SEC requires. The SEC can suspend that exemption and must tell Congress about how this section is working.

(a) Exemption from securities laws; reports to SEC: Any securities the Bank issues to borrow money — including any guarantee the Bank gives, whether or not it's a limited guarantee — count as "exempted securities" under two specific securities-law provisions (section 77c(a)(2) and section 78c(a)(12) of title 15). Even though they're exempt, the Bank must still file annual and other reports about these securities with the Securities and Exchange Commission (SEC), in whatever form the SEC decides fits the Bank's special nature and protects investors and the public interest. (b) Authority to suspend exemption; reports to Congress: The SEC, working with whatever agency or officer the President names, may suspend this exemption at any time for any or all of the Bank's securities, for as long as the suspension lasts. The SEC must include, in its regular annual reports to Congress, whatever information it thinks is useful about how this section and the Bank's securities are working.

the actual law source: uscode.house.gov ↗public domain

(a) Exemption from securities laws; reports to Securities and Exchange Commission

Any securities issued by the Bank (including any guaranty by the Bank, whether or not limited in scope) in connection with borrowing of funds, or the guarantee of securities as to both principal and interest, shall be deemed to be exempted securities within the meaning of section 77c(a)(2) of title 15 and section 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 and necessary in the public interest or for the protection of investors.

(b) Authority of Securities and Exchange Commission to suspend exemption; reports to Congress

The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, may 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 the Congress such information as it shall deem advisable with regard to the operations and effect of this section.

Source credit: (Pub. L. 104–208, div. A, title I, § 101(c) [title VII, § 709], Sept. 30, 1996, 110 Stat. 3009–121, 3009–180.)

history & why it existsrecord from the source credit

1996Enacted · Pub. L. 104-208 · 110 Stat. 3009

A history note hasn’t been published yet. The record shows enactment by Pub. L. 104-208 on 1996-09-30.

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