Title 22 — Foreign Relations and IntercourseRelease 119-73

§285h Securities issued by Bank as exempt securities; suspension of exemption provisions; reports to and of Securities and Exchange Commission

Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XIV— - ASIAN DEVELOPMENT BANK › § 285h

Last updated Apr 6, 2026|Official source

Summary

Securities the Bank issues or guarantees to raise its ordinary capital are treated as exempt from certain federal securities laws. The Bank must still file annual and other reports with the Securities and Exchange Commission (SEC) as the SEC finds appropriate because of the Bank’s special role and to protect investors. The SEC, after consulting an agency or officer chosen by the President, can suspend that exemption for any or all of the Bank’s securities for a set period. The SEC must report to Congress each year about how this rule worked and can include views from dealer groups registered with the SEC.

Full Legal Text

Title 22, §285h

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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 inclusion in the Bank’s ordinary capital resources as defined in article 7 of the agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 6, section 5, 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)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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 285h

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73