§284ff. Exemption from securities laws; reports to Securities and Exchange Commission

Any securities issued by the International Development Association (including any guaranty by the Association, whether or not limited in scope) and any securities guaranteed by the Association as to both principal and interest shall be deemed to be exempted securities within the meaning of section 77c(a)(2) of title 15 and section 78c(a)(12) of title 15: Provided, That the Association shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Association and its operations, and necessary in the public interest or for the protection of investors.

(Pub. L. 119–75, div. F, title VII, §7070(b)(7), Feb. 3, 2026, 140 Stat. 625.)


Editorial Notes

Codification

Section was enacted as part of the National Security, Department of State, and Related Programs Appropriations Act, 2026, and also as part of the Consolidated Appropriations Act, 2026, and not as part of the International Development Association Act, which comprises this subchapter.


Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 119–75, div. F, title VI, §7070(b)(9), Feb. 3, 2026, 140 Stat. 626, provided that:

"(A) In general.—Paragraph (7) [enacting this section] shall take effect 30 days after the date of the enactment of this Act [Feb. 3, 2026].

"(B) Exception.—Notwithstanding subparagraph (A), paragraph (7) shall not take effect if, before the effective date described in subparagraph (A), the Secretary of the Treasury reports to the Committee on Financial Services of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate that the International Development Association is providing financial assistance to any country the government of which the Secretary of State has determined, for purposes of section 1754 of the National Defense Authorization Act for Fiscal Year 2019 [50 U.S.C. 4813], section 620A of the Foreign Assistance Act of 1961 [22 U.S.C. 2371], or section 40 of the Arms Export Control Act [22 U.S.C. 2780], to be a government that has repeatedly provided support for acts of international terrorism."

Authority of Securities and Exchange Commission To Suspend Exemption; Reports to Congress

Pub. L. 119–75, div. F, title VI, §7070(b)(8), Feb. 3, 2026, 140 Stat. 626, provided that: "The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Policies, may suspend the provisions of paragraph (7) [22 U.S.C. 284ff] at any time as to any or all securities issued or guaranteed by the International Development Association during the period of such suspension: Provided, That the Commission 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 paragraph."