---
kind: "section"
citation: "22 U.S.C. § 290l–7"
title: "22"
title_heading: "Foreign Relations and Intercourse"
number: "290l–7"
heading: "Exemption from securities laws for certain securities issued by Bank; reports required"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/22/290l-7"
units:
  - "Chapter 7 — International Bureaus, Congresses, Etc."
  - "Subchapter XXVII — European Bank for Reconstruction and Development"
---

# §290l–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 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](/usc/15/77c.md?p=a-2) and [section 78c(a)(12) of title 15](/usc/15/78c.md?p=a-12). The Bank shall file with the Securities and Exchange [Commission](/usc/22/277d–43.md?p=2) such annual and other reports with regard to such securities as the [Commission](/usc/22/277d–43.md?p=2) 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](/usc/22/277d–43.md?p=2), acting in consultation with such agency or officer as the President shall designate, may suspend the provisions of [subsection (a)](#a) at any time as to any or all securities issued or guaranteed by the Bank during the period of such suspension. The [Commission](/usc/22/277d–43.md?p=2) 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.

## Source credit

(Pub. L. 101–513, title V, § 562(c)(9), Nov. 5, 1990, 104 Stat. 2035.)

## Notes

### Editorial Notes

### Codification

Subsecs. (a) and (b) were in the original (A) and (B), respectively, and were editorially redesignated for purposes of codification.