§ 290o-7. — Exemption from securities laws for certain securities issued by Bank; reports required.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC290o-7]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXX--MIDDLE EAST DEVELOPMENT BANK
Sec. 290o-7. Exemption from securities laws for certain
securities issued by Bank; reports required
(a) Exemption from securities laws; reports to Securities and Exchange
Commission
Any securities issued by the Bank (including any guaranty by the
Bank, whether or not limited in scope) in connection with borrowing of
funds, or the guarantee of securities as to both principal and interest,
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) Authority of Securities and Exchange Commission to suspend
exemption; reports to Congress
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) of this section 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.
(Pub. L. 104-208, div. A, title I, Sec. 101(c) [title VII, Sec. 709],
Sept. 30, 1996, 110 Stat. 3009-121, 3009-180.)
