Sec. 355. Securities law provisions
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Any covered bond issued or guaranteed by a bank or by an eligible issuer described in section 352(9)(D) and sponsored solely by 1 or more banks for the sole purpose of issuing covered bonds is and shall be treated as a security issued or guaranteed by a bank under section 3(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(2) ), section 3(c)(3) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(3) ), and section 304(a)(4)(A) of the Trust Indenture Act of 1939 ( 15 U.S.C. 77ddd(a)(4)(A) ).
No covered bond issued or guaranteed by a bank or by an eligible issuer described in section 352(9)(D) and sponsored solely by 1 or more banks for the sole purpose of issuing covered bonds shall be treated as an asset-backed security (as defined in section 3 of the Securities and Exchange Act of 1934 (15 U.S.C. 78c)). Each covered bond regulator for 1 or more banks shall adopt disclosure and reporting regulations for offers or sales of covered bonds by a bank or an eligible issuer described in this paragraph.
Such regulations shall provide for uniform and consistent standards for such covered bond issuers, to the extent possible, and shall be consistent with existing regulations governing offers or sales of nonconvertible debt. Any covered bond issued by an entity described in section 3(a)(5)(A) of the Securities Act of 1933 (15 U.S.C. 77c(a)(5)(A)) or by an eligible issuer described in section 352(9)(D) and sponsored solely by 1 or more such entities for the sole purpose of issuing covered bonds is and shall be treated as a security issued by such an entity under section 3(a)(5)(A) of the Securities Act of 1933 (15 U.S.C. 77c(a)(5)(A)), section 3(c)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(3)), and section 304(a)(4)(A) of the Trust Indenture Act of 1939 (15 U.S.C. 77ddd(a)(4)(A)).
No covered bond issued by an entity described in section 3(a)(5)(A) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(5)(A) ) or by an eligible issuer described in section 352(9)(D) and sponsored solely by 1 or more such entities for the sole purpose of issuing covered bonds shall be treated as an asset-backed security (as defined in section 3 of the Securities and Exchange Act of 1934 ( 15 U.S.C. 78c )). Each covered bond regulator for 1 or more entities described in section 3(a)(5)(A) of the Securities Act of 1933 (15 U.S.C. 77c(a)(5)(A)) shall adopt, as part of the securities regulations of the covered bond regulator, a separate scheme of registration, disclosure, and reporting obligations and exemptions for offers or sales of covered bonds that are described in this paragraph.
Such regulations shall provide for uniform and consistent standards for such covered bond issuers, to the extent possible, and shall be consistent with regulations governing offers or sales of similar securities. No provision of this subtitle, including paragraph
(1)or (2), may be construed or applied in a manner that impairs or limits any other exemption that is available under applicable securities laws. Any estate that is or may be created under section 354(b)(1) or 354(c)(2) shall be exempt from all securities laws but— shall be subject to the reporting requirements established by the applicable covered bond regulator under section 354(d)(1)(E)(iii); and shall succeed to any requirement of the issuer to file such periodic information, documents, and reports in respect of the covered bonds as specified in section 13(a) of the Securities and Exchange Act of 1934 ( 15 U.S.C. 78m(a) ) or rules established by an appropriate Federal banking agency. Any residual interest in an estate that is or may be created under section 354(b)(1) or 354(c)(2) shall be exempt from all securities laws.
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- 15 USC 80a–3(c)(3)
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Sec. 355
Securities law provisions
Cite15 USC 80a–3(c)(3)
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