Sec. 311. Establishment
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/bill/115/hr/6746/ih/section-311A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Under such regulations as the Director may prescribe, the Director shall provide for the organization, incorporation, examination, operation, and regulation of a Mortgage Security Market Exchange ( Exchange ). The Exchange shall be organized, operated, and managed as a not-for-profit entity. Subject to the terms of this subtitle and any regulations issued by the Director, a person or entity may file an application with the Director to establish the Exchange. The Exchange may be established as a corporation, mutual association, partnership, limited liability corporation, cooperative, or any other organizational form that the applicant may deem appropriate.
An application for establishment of the Exchange shall include— the proposed articles of association; a statement of the general object and purpose of the Exchange, consistent with the provisions of this subtitle; the proposed capitalization and business plan for the Exchange; the proposed State whose law would govern, by election of the applicant, the operation of the Exchange to the extent not otherwise covered by this subtitle; information on the financial resources of the applicant; a statement of the relevant housing finance experience of the applicant; identification of the proposed senior managers of the Exchange, and the relevant experience of such individuals; and any other information the Director determines to be necessary to evaluate the background, experience, and integrity of the applicant and the proposed senior managers, or information otherwise relevant to determine the likely success of the proposed Exchange.
The Exchange shall be governed by a board of directors— a majority of which have experience in housing and housing finance businesses; at least one of which shall have knowledge of smaller financial institutions; and at least one of which shall have knowledge of residential mortgage securitization investing. The Director shall select the applicant to establish the Exchange that the Director determines, in the Director’s sole discretion, has the managerial, financial, and operational resources to succeed, consistent with the purposes of this subtitle The Exchange is not, and shall not be deemed to be, a department, agency, or instrumentality of the United States Government.
Notwithstanding any other provision of law— the Exchange shall be subject to exclusive supervision by the Agency, and the Agency shall have sole enforcement authority with respect to the Exchange for any violation of Federal law; the Exchange shall not be subject to designation under the Payment, Clearing, and Settlement Supervision Act of 2010; and the Exchange is authorized to conduct its business without regard to any qualification or similar statute in any State. The Exchange shall be exempt from all taxation imposed by the United States, any territory, dependency, or possession of the United States or any State, county, municipality, or local taxing authority, except that any real property of the Repository shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property.
Commencing with the first annual report of the Director following the date of the enactment of this Act, the annual report of the Director under section 1319B of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4521 ) shall include a description of the Agency’s activities with regard to organization, incorporation, examination, operation, and regulation of the Exchange.
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U.S. Code