EXCLUSION FROM CERTAIN REQUIREMENTS.

SEC. 1208. EXCLUSION FROM CERTAIN REQUIREMENTS.(a) In General.—The Federal Home Loan Banks shall be exempt from compliance with—(1) sections 13(e), 14(a), and 14(c) of the Securities Exchange Act of 1934, and related Commission regulations;(2) section 15 of the Securities Exchange Act of 1934, and related Commission regulations, with respect to transactions in the capital stock of a Federal Home Loan Bank;(3) section 17A of the Securities Exchange Act of 1934, and related Commission regulations, with respect to the transfer of the securities of a Federal Home Loan Bank; and(4) the Trust Indenture Act of 1939.(b) Member Exemption.—The members of the Federal Home Loan Bank System shall be exempt from compliance with sections 13(d), 13(f), 13(g), 14(d), and 16 of the Securities Exchange Act of 1934, and related Commission regulations, with respect to ownership of or transactions in the capital stock of the Federal Home Loan Banks by such members.(c) Exempted and Government Securities.—(1) Capital stock.—The capital stock issued by each of the Federal Home Loan Banks under section 6 of the Federal Home Loan Bank Act are—(A) exempted securities, within the meaning of section 3(a)(2) of the Securities Act of 1933; and(B) exempted securities, within the meaning of section 3(a)(12)(A) of the Securities Exchange Act of 1934, except to the extent provided in section 38 of that Act.(2) Other obligations.—The debentures, bonds, and other obligations issued under section 11 of the Federal Home Loan Bank Act (12 U.S.C. 1431) are—(A) exempted securities, within the meaning of section 3(a)(2) of the Securities Act of 1933;(B) government securities, within the meaning of section 3(a)(42) of the Securities Exchange Act of 1934; and(C) government securities, within the meaning of section 2(a)(16) of the Investment Company Act of 1940.(3) Brokers and dealers.—A person (other than a Federal Home Loan Bank effecting transactions for members of the Federal Home Loan Bank System) that effects transactions in the capital stock or other obligations of a Federal Home Loan Bank, for the account of others or for that person’s own account, as applicable, is a broker or dealer, as those terms are defined in paragraphs (4) and (5), respectively, of section 3(a) of the Securities Exchange Act of 1934, but is excluded from the definition of—122 STAT. 2789(A) the term “government securities broker” under section 3(a)(43) of the Securities Exchange Act of 1934; and(B) the term “government securities dealer” under section 3(a)(44) of the Securities Exchange Act of 1934.(d) Exemption From Reporting Requirements.—The Federal Home Loan Banks shall be exempt from periodic reporting requirements under the securities laws pertaining to the disclosure of—(1) related party transactions that occur in the ordinary course of the business of the Banks with members; and(2) the unregistered sales of equity securities.(e) Tender Offers.—Commission rules relating to tender offers shall not apply in connection with transactions in the capital stock of the Federal Home Loan Banks.(f) Regulations.—(1) In general.—The Commission shall promulgate such rules and regulations as may be necessary or appropriate in the public interest or in furtherance of this section and the exemptions provided in this section.(2) Considerations.—In issuing regulations under this section, the Commission shall consider the distinctive characteristics of the Federal Home Loan Banks when evaluating—(A) the accounting treatment with respect to the payment to the Resolution Funding Corporation;(B) the role of the combined financial statements of the Federal Home Loan Banks;(C) the accounting classification of redeemable capital stock; and(D) the accounting treatment related to the joint and several nature of the obligations of the Banks.(g) Definitions.—As used in this section—(1) the terms “Bank”, “Federal Home Loan Bank”, “member”, and “Federal Home Loan Bank System” have the same meanings as in section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422);(2) the term “Commission” means the Securities and Exchange Commission; and(3) the term “securities laws” has the same meaning as in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)).