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Title 22 — Foreign Relations and IntercourseRelease 119-73

§290l–7 Exemption from securities laws for certain securities issued by Bank; reports required

Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XXVII— - EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT › § 290l–7

Last updated Apr 6, 2026|Official source

Summary

Securities the Bank issues to raise its ordinary capital, including any guarantees and securities fully guaranteed under article 6, paragraph 4, and those tied to ordinary capital under article 7 of the Agreement, are treated as exempt from certain federal securities rules. The Bank must still file yearly and other reports with the SEC as the Commission decides are needed to protect investors. The SEC, after talking with an agency or officer the President picks, can suspend that exemption for any or all Bank securities for a period. The SEC must report to Congress each year about how this rule is working.

Full Legal Text

Title 22, §290l–7

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)Any securities issued by the Bank (including any guaranty 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 7 of the Agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 6, paragraph 4, of the Agreement is expressly applicable, 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)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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Subsecs. (a) and (b) were in the original (A) and (B), respectively, and were editorially redesignated for purposes of codification.

Reference

Citations & Metadata

Citation

22 U.S.C. § 290l–7

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73