§78c–1 — Title 15 Commerce and Trade | U.S. Code

Summary

Security-based swap agreements are not treated as "securities" under the law. The Commission must not register them or require, recommend, or suggest that anyone register them. If someone files for such registration, the Commission will quickly notify them and any such registration is void. Except for reporting rules set out elsewhere, the Commission may not make, interpret, or enforce rules or issue general orders about these swaps. In this chapter, "purchase" or "sale" of a security-based swap means actions like executing it, ending it early, assigning it, exchanging or transferring it, or canceling the rights or obligations under it.

Title 15, §78c–1

Commerce and Trade — Source: USLM XML via OLRC

(a)

(b)(1)The definition of “security” in section 78c(a)(10) of this title does not include any security-based swap agreement.

(2)The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this chapter of any security-based swap agreement. If the Commission becomes aware that a registrant has filed a registration application with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration with respect to such a swap agreement shall be void and of no force or effect.

(3)Except as provided in section 78p(a) of this title with respect to reporting requirements, the Commission is prohibited from—

(A)promulgating, interpreting, or enforcing rules; or

(B)issuing orders of general applicability;

(4)References in this chapter to the “purchase” or “sale” of a security-based swap agreement shall be deemed to mean the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under, a security-based swap agreement, as the context may require.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (b)(2) to (4), was in the original “this title”. See

References in Text

note set out under section 78a of this title.

Amendments

2010—Subsec. (a). Pub. L. 111–203, § 762(d)(1)(A), struck out subsec. (a) and reserved that subsec. Prior to amendment, text read as follows: “The definition of ‘security’ in section 78c(a)(10) of this title does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).” Subsec. (b). Pub. L. 111–203, § 762(d)(1)(B), struck out “(as defined in section 206B of the Gramm-Leach-Bliley Act)” after “security-based swap agreement” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 of Pub. L. 111–203, set out as a note under section 77b of this title.

§78c–1 Swap agreements

Summary

Title 15, §78c–1

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata