§78oo — Title 15 Commerce and Trade | U.S. Code

Summary

Stock in Fannie Mae and Freddie Mac is not treated as exempt from certain federal securities rules listed in sections 78l, 78m, 78n, and 78p. In other words, those stocks must follow those rules. Each Federal Home Loan Bank must register one class of its common stock under section 78l(g) no later than 120 days after July 30, 2008. They must keep that registration and are treated as issuers whose securities must be registered under section 78l, no matter how many members hold the stock. They also must follow the rules the Commission issues under section 78j–1(m). The terms "Federal Home Loan Bank" and "member" refer to 12 U.S.C. 1422; the other two names refer to the corporations created by their federal charter acts (Fannie Mae and Freddie Mac).

Title 15, §78oo

Commerce and Trade — Source: USLM XML via OLRC

(a)No class of equity securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be treated as an exempted security for purposes of section 78l, 78m, 78n, or 78p of this title.

(b)(1)Each Federal Home Loan Bank shall register a class of its common stock under section 78l(g) of this title, not later than 120 days after July 30, 2008, and shall thereafter maintain such registration and be treated for purposes of this chapter as an “issuer”, the securities of which are required to be registered under section 78l of this title, regardless of the number of members holding such stock at any given time.

(2)Each Federal Home Loan Bank shall comply with the rules issued by the Commission under section 78j–1(m) of this title.

(c)For purposes of this section, the following definitions shall apply:

(1)The terms “Federal Home Loan Bank” and “member”, have the same meanings as in section 1422 of title 12.

(2)The term “Federal National Mortgage Association” means the corporation created by the Federal National Mortgage Association Charter Act [12 U.S.C. 1716 et seq.].

(3)The term “Federal Home Loan Mortgage Corporation” means the corporation created by the Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.].

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (b)(1), was in the original “this title”. See

References in Text

note set out under section 78a of this title and Codification note below. The Federal National Mortgage Association Charter Act, referred to in subsec. (c)(2), is title III of act June 27, 1934, ch. 847, 48 Stat. 1252, which is classified generally to subchapter III (§ 1716 et seq.) of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see

Short Title

note set out under section 1716 of Title 12 and Tables. The Federal Home Loan Mortgage Corporation Act, referred to in subsec. (c)(3), is title III of Pub. L. 91–351, July 24, 1970, 84 Stat. 451, which is classified generally to chapter 11A (§ 1451 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see

Short Title

and Statement of Purpose note set out under section 1451 of Title 12 and Tables. Codification Pub. L. 110–289, which directed amendment of the Securities Exchange Act of 1934 by adding this section at the end, is reflected in the source credit above as adding this section to title I of the Securities Exchange Act of 1934, to reflect the probable intent of Congress.

§78oo Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks

Summary

Title 15, §78oo

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Short Title

Short Title

Citations & Metadata