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Title 22, Foreign Relations and IntercourseRelease 119-73not60

§290l–7 Exemption From Securities Laws for Certain Securities Issued by Bank; Reports Required

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

Last updated Apr 5, 2026|Official source

Summary

Treats securities the Bank issues to raise money for its ordinary capital (as defined in Article 7 of the Agreement) and securities the Bank fully guarantees under Article 6, paragraph 4, as exempt from certain federal securities laws. The Bank must still file with the Securities and Exchange Commission the annual and other reports the Commission finds appropriate because of the Bank’s special role and to protect investors and the public. The SEC, after consulting the agency or officer the President names, can suspend that exemption at any time for any or all of the Bank’s securities. The SEC must include information it thinks useful about how this rule is working in its yearly report to Congress.

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 5, 2026

Release point: 119-73not60