Page:United States Statutes at Large Volume 122.djvu/2812

 12 2 STA T . 2 789PUBLIC LA W 11 0– 289 —J UL Y3 0, 2008 (A)the te rm‘ ‘ gov er n ment s e cu r i ties b ro k er ’ ’un d er sec - tion 3 ( a )( 4 3)o f the S ecurities Ex change Act of 19 34 and ( B ) the term ‘‘government securities dea l er’’ under sec- tion 3(a)(44) of the Securities Exchange Act of 1934 . (d) E XEMPTIONFR OM R EPORTIN G RE QU IREMENT S . —T he Federal H ome L oan Banks shall be exem p t from periodic reporting re q uire- ments under the securities la w s pertaining to the disclosure of— (1) related part y transactions that occur in the ordinary course of the business of the Banks with members; and ( 2 ) the unregistered sales of equity securities. (e) TEN D ER OF FERS.— C ommission rules relating to tender offers shall not apply in connection with transactions in the capital stock of the Federal Home Loan Banks. (f) REGU LA TIONS.— (1) I N 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 sec- tion , the Commission shall consider the distinctive characteris- tics of the Federal Home Loan Banks when evaluating— (A) the accounting treatment with respect to the pay- ment 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 j oint 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)(4 7 ) of the Securities Exchange Act of 1934 (1 5 U.S.C. 7 8 c(a)(47)). SEC.1209 . VOLUNTARYM ER G ERS. Section 2 6 of the Federal Home Loan Bank Act (12 U.S.C. 1446) is amended— (1) by striking ‘‘ W henever’’ and inserting ‘‘(a) IN G EN- ERAL.—Whenever’’; and (2) by adding at the end the following

‘‘(b) V OLUNTAR YM ERGERS AUT H ORI Z ED.— ‘‘(1) IN GENERAL.—Any Federal Home Loan Bank may, with the approval of the Director and of the boards of directors of the Banks involved, merge with another Bank. ‘‘(2) REGULATIONS REQUIRED.—The Director shall promul- gate regulations establishing the conditions and procedures for the consideration and approval of any voluntary merger described in paragraph (1), including the procedures for Bank member approval.’’.

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