The Bank shall file with the Commission, on or prior to the date on which it sells any of its primary obligations in connection with a distribution of such obligations in the United States, a report containing the information and documents specified in Schedule A (17 CFR 288.101 ). The term "sell' as used in this section and in Schedule A means the making of a completed sale or a firm commitment to sell.
17 C.F.R. §288.3