((a)) ** In general** The Federal Home Loan Banks shall be exempt from compliance with—

((1)) sections 78m(e), 78n(a), and 78n(c) of title 15, and related Commission regulations;

((2)) section 78 of title 15, and related Commission regulations, with respect to transactions in the capital stock of a Federal Home Loan Bank;

((3)) , 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 [ et seq.].

((b)) ** Member exemption** The members of the Federal Home Loan Bank System shall be exempt from compliance with sections 78m(d), 78m(f), 78m(g), 78n(d), and 78p of title 15, and related Commission regulations, with respect to ownership of or transactions in the capital stock of the Federal Home Loan Banks by such members.

((c)) ** Exempted and Government securities**

((1)) ** Capital stock** The capital stock issued by each of the Federal Home Loan Banks under are—

((A)) exempted securities, within the meaning of ; and

((B)) exempted securities, within the meaning of , except to the extent provided in section 78 of title 15.

((2)) ** Other obligations** The debentures, bonds, and other obligations issued under are—

((A)) exempted securities, within the meaning of ;

((B)) government securities, within the meaning of ; and

((C)) government securities, within the meaning of .

((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 , but is excluded from the definition of—

((A)) the term “government securities broker” under ; and

((B)) the term “government securities dealer” under .

((d)) ** Exemption from reporting requirements** The Federal Home Loan Banks shall be exempt from periodic reporting requirements under the securities laws pertaining to the disclosure of—

((1)) related party transactions that occur in the ordinary course of the business of the Banks with members; and

((2)) the unregistered sales of equity securities.

((e)) ** Tender offers** Commission rules relating to tender offers shall not apply in connection with transactions in the capital stock of the Federal Home Loan Banks.

((f)) ** Regulations**

((1)) ** In 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 section, the Commission shall consider the distinctive characteristics of the Federal Home Loan Banks when evaluating—

((A)) the accounting treatment with respect to the payment 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 joint 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 ;

((2)) the term “Commission” means the Securities and Exchange Commission; and

((3)) the term “securities laws” has the same meaning as in .