H.R. 1764 — Aligning SEC Regulations for the World Bank’s International Development Association Act

This section deems securities issued or guaranteed by the International Development Association (IDA)—an affiliate of the World Bank Group that provides interest-free loans, credits, and grants to low-income countries—exempted securities under section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934 (i.e., exempt from registration and other specified requirements). (Thus, the IDA must file annual and other reports with the SEC as appropriate, and the SEC may suspend the exemption after consulting the National Advisory Council on International Monetary and Financial Problems, with annual reports to Congress on the exemption's operations.) The exemption takes effect 30 days after enactment unless, beforehand, the Secretary of the Treasury reports to the House Financial Services Committee and Senate Banking Committee that the IDA is providing financial assistance to any country whose government the Secretary of State has determined repeatedly supports international terrorism (for purposes of specified export control and foreign assistance laws).