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Title 15 — Commerce and TradeRelease 119-73

§78c–2 Securities-related derivatives

Title 15 › Chapter CHAPTER 2B— - SECURITIES EXCHANGES › § 78c–2

Last updated Apr 6, 2026|Official source

Summary

When the Commodity Futures Trading Commission exempts a contract or class of contracts under section 6(c)(1) of title 7 and adds the condition that the Commission will share jurisdiction, that contract or class is treated as a security under the securities laws. For those contracts, the words "purchase" or "sale" in the securities laws also cover actions like entering into the contract, ending it early, assigning or exchanging it, transferring it, or cancelling rights or obligations under it.

Full Legal Text

Title 15, §78c–2

Commerce and Trade — Source: USLM XML via OLRC

(a)Any agreement, contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading Commission pursuant to section 6(c)(1) of title 7 with the condition that the Commission exercise concurrent jurisdiction over such agreement, contract, or transaction (or class thereof) shall be deemed a security for purposes of the securities laws.
(b)With respect to any agreement, contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading Commission pursuant to section 6(c)(1) of title 7 with the condition that the Commission exercise concurrent jurisdiction over such agreement, contract, or transaction (or class thereof), references in the securities laws to the “purchase” or “sale” of a security shall be deemed to include the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under such agreement, contract, or transaction, as the context may require.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) 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 A, see section 754 of Pub. L. 111–203, set out as an

Effective Date

of 2010 Amendment note under section 1a of Title 7, Agriculture.

Reference

Citations & Metadata

Citation

15 U.S.C. § 78c–2

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73