RegAlert2006-05-15
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Federal Home Loan Bank of Topeka request for no-action relief regarding Exchange Act registration
The Federal Home Loan Bank of Topeka seeks the SEC Staff's concurrence that voluntary registration of its capital stock under Section 12 of the Securities Exchange Act of 1934 will not alter the existing exempt status of its securities or the exclusion of the Banks from government securities broker definitions. The request asks that specific Exchange Act requirements, including Sections 13(d), 13(e), 13(f), 14(c), and 14(d), as well as various Regulation S-K disclosure items and Form 8-K reporting events, be deemed inapplicable to the Banks and their stockholders. The letter further asserts that securities issued by the Banks remain exempt from the Securities Act, the Investment Company Act, and the Trust Indenture Act, and that the Banks are exempt from Section 16 insider trading provisions.
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FHLBankTopeka I P.O. Box 176 1 One Security Benefit PI,Suite 100 1 Topeka, Kansas 66601-0176 PH 785.233.0507 1 www.fhlbtopeka.com Building Communities Together May 15,2006 Paula Dubberly Associate Director Division of Corporation Finance Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Dear Ms. Dubberly:
On behalf of the Federal Home Loan Bank of Topeka (the "FHLBank" and collectively with the other Federal Home Loan Banks, the "FHLBanksYy), I am writing to express my appreciation for the time and counsel that you have provided to assist the individual FHLBanks in evaluating the issues pertaining to the registration of their capital stock under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Actyy). Although we have not to date filed periodic reports with the Securities and Exchange Commission (the "SEC"), we have made available to our respective members a substantial amount of information through periodic disclosures. The Office of Finance, as agent for the FHLBanks, also provides substantial periodic disclosures about the FHLBanks individually and the FHLBank System as a whole in connection with our issuance of consolidated obligations in the debt markets. Voluntary registration under the Exchange Act will subject the FHLBanks and their members to additional provisions of the Exchange Act and to the SECYs enforcement jurisdiction thereunder. In connection with the FHLBanks' voluntary registration of their capital stock under Section 12 of the Exchange Aet and pursuant to the meetings and discussions we have had, we are seeking the Staffs concurrence with our view that voluntary registration will not cause any alteration of the existing treatment of the FHLBanks and the stockholders of FHLBanks with regard to whether:
Securities issued or guaranteed by the FHLBanks or the Federal Housing Finance ~oard'are exempt securities under the Securities Act of 1933, as amended (the "Securities Actyy) and may be sold without registration under the Securities Act; The Finance Board has securities outstanding. The Finance Board ceased issuing securities in 2000. See Federal Housing finance Board Resolution No. 2000-44 dated November 30,2000. A\ FHLBankTopeka ICOLORADO I KANSAS I NEBRASKA 1 OKLAHOMA
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