Aligning SEC Regulations for the World Bank’s International Development Association Act

This legislation aims to accord securities issued by the International Development Association (IDA) the same exemption from U.S. securities laws that applies to other multilateral development banks in which the United States is a member. Specifically, it amends the International Development Association Act to deem IDA-issued or guaranteed securities as exempted securities under the Securities Act of 1933 and the Securities Exchange Act of 1934. The bill mandates that the IDA file annual and other reports with the Securities and Exchange Commission (SEC) , which will determine appropriate reporting requirements based on the IDA's unique character and operations. The SEC, in consultation with the National Advisory Council on International Monetary and Financial Problems, is also authorized to suspend this exemption at any time for any or all IDA securities. Furthermore, the exemption's effective date is contingent; it will not take effect if the Secretary of the Treasury reports that the IDA is providing financial assistance to any country designated by the Secretary of State as a state sponsor of terrorism.