PRIA, Government Policy, Made Personal

Summary

Security-based swap agreements are not treated as "securities" for the meaning in section 77b(a)(1). The Commission may not register, ask for, or push registration of any security-based swap agreement (as defined in section 78c(a)(78)). If someone files a registration for such a swap, the Commission must tell them and the filing will be null and have no legal effect. The Commission also may not make or enforce rules or issue general orders about these swap agreements under this subchapter. When the subchapter talks about "buying" or "selling" a security-based swap agreement, it means things like entering into it, ending it early, assigning or exchanging it, or otherwise transferring or extinguishing the rights or obligations under it.

Title 15, §77b–1

Commerce and Trade, Source: USLM XML via OLRC

(a)

(b)(1)The definition of “security” in section 77b(a)(1) of this title does not include any security-based swap agreement (as defined in section 78c(a)(78) of this title).

(2)The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this subchapter of any security-based swap agreement (as defined in section 78c(a)(78) of this title). If the Commission becomes aware that a registrant has filed a registration statement with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration statement with respect to such a swap agreement shall be void and of no force or effect.

(3)The Commission is prohibited from—

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

(B)issuing orders of general applicability;

(4)References in this subchapter 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 defined in section 78c(a)(78) of this title), as the context may require.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Subsec. (a). Pub. L. 111–203, § 762(c)(1)(A), struck out subsec. (a) and reserved subsec. (a) designation. Text read as follows: “The definition of ‘security’ in section 77b(a)(1) 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(c)(1)(B), substituted “(as defined in section 78c(a)(78) of this title)” for “(as defined in section 206B of the Gramm-Leach-Bliley Act)” 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.

§77b–1 Swap Agreements