12 2 STA T . 2 78 8 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 informat ion i sp ropri e tar y an d t h atthep ubl i c interest re q uires that such information not be shared .‘ ‘ ( c )LIM I TA TI ON . —N othin g in this section shall affect the obliga - tions of any F ederal H ome Loan B an k under the S ecurities Ex change A ct of 1934 (1 5U .S. C . 78 a et seq.) or the regulations issued by the Securities and Exchange Commission thereunder. ‘‘(d) NO W AI VER O FP RIVI L E G E.— T he D irector shall not be deemed to ha v e w aived any privilege applicable to any information concerning a Federal Home Loan Bank by transferring , or permit- ting the transfer of, that information to any other Federal Home Loan Bank for the purposes set out in subsection (a). ’ ’. SEC.1208 .E X C LU S IONFR O M CER TA IN RE Q UIREMENTS. (a) I N G ENERAL.—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 trans- actions 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) M EM B ERE X EM P TION.—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 1 6 of the Securities Exchange Act of 1934, and related Commission regulations, with respect to owner- ship of or transactions in the capital stock of the Federal Home Loan Banks by such members. (c) EXEMPTE D AND GOVERNMENT SE CU RITIE S .— (1) CAPITAL STOC K .—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) O T H ER 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 sec- tion 3(a)(42) of the Securities Exchange Act of 1934; and (C) government securities, within the meaning of sec- tion 2(a)(16) of the Investment Company Act of 194 0 . (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— 12USC 1 4 2 6a.
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