PRIA, Government Policy, Made Personal

Summary

Shares of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation must not be treated as exempt securities under sections 78l, 78m, 78n, or 78p. Each Federal Home Loan Bank must register a class of its common stock under section 78l(g) no later than 120 days after July 30, 2008, keep that registration, and be treated as an issuer required to register under section 78l regardless of how many members hold the stock. Each bank must follow the Commission’s audit committee rules under section 78j–1(m). The words used mean: “Federal Home Loan Bank” and “member” use the meanings in 12 U.S.C. 1422; “Federal National Mortgage Association” and “Federal Home Loan Mortgage Corporation” mean the corporations created by their respective Acts (12 U.S.C. 1716 et seq. and 1451 et seq.).

Title 15, §78oo

Commerce and Trade, Source: USLM XML via OLRC

(a)Federal National Mortgage Association and Federal Home Loan Mortgage Corporation

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)Federal Home Loan Banks

(1)Registration

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)Standards relating to audit committees

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

(c)Definitions

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

(1)Federal Home Loan Bank; member

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

(2)Federal National Mortgage Association

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)Federal Home Loan Mortgage Corporation

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

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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

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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

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Citations & Metadata