Title 15 — Commerce and TradeRelease 119-73

§8304 Authority to prohibit participation in swap activities

Title 15 › Chapter CHAPTER 109— - WALL STREET TRANSPARENCY AND ACCOUNTABILITY › Subchapter SUBCHAPTER I— - REGULATION OF OVER-THE-COUNTER SWAPS MARKETS › Part Part A— - Regulatory Authority › § 8304

Last updated Apr 6, 2026|Official source

Summary

If the Commodity Futures Trading Commission or the Securities and Exchange Commission finds that a foreign country's rules for swaps threaten the stability of the U.S. financial system, either agency may ban a company based in that country from doing any swaps or security‑based swaps in the United States. The agency must act after consulting the Secretary of the Treasury, and the ban does not apply where section 6 of title 7 allows otherwise.

Full Legal Text

Title 15, §8304

Commerce and Trade — Source: USLM XML via OLRC

Except as provided in section 6 of title 7, if the Commodity Futures Trading Commission or the Securities and Exchange Commission determines that the regulation of swaps or security-based swaps markets in a foreign country undermines the stability of the United States financial system, either Commission, in consultation with the Secretary of the Treasury, may prohibit an entity domiciled in the foreign country from participating in the United States in any swap or security-based swap activities.

Reference

Citations & Metadata

Citation

15 U.S.C. § 8304

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73