exempted securities
(8) Obligations not exempt securities (A) In general For purposes of the laws administered by the Securities and Exchange Commission, obligations of the Funding Corporation— (i) shall not be considered to be securities issued or guaranteed by a person controlled or supervised by, or acting as an instrumentality of, the Government of the United States; and (ii) shall not be considered to be “exempted securities” within the meaning of section 78c(a)(12)(A)(i) of title 15 , except that such obligations shall be considered to be exempted securities for purposes of section 78o of title 15. (B) Authority of Commission Notwithstanding subparagraph (A), the Securities and Exchange Commission may, by rule or order, consistent with the public interest and the protection of investors, exempt securities issued by the Funding Corporation from the registration requirements of the Securities Act of 1933 [ 15 U.S.C. 77a et seq.], subject to such terms and conditions as the Commission may prescribe.