Title 15, Commerce and TradeRelease 119-102
§78c–2 Securities-related Derivatives
Title 15 › CHAPTER 2B — SECURITIES EXCHANGES › § 78c–2
Summary
When the Commodity Futures Trading Commission exempts a contract under section 6(c)(1) of title 7 but requires that the Commission share jurisdiction over it, that contract must be treated as a security under the securities laws. References in those laws to buying or selling a security also cover entering into the contract, ending it early (before its scheduled maturity date), assigning or exchanging it, similar transfers, or canceling 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
Aug 21, 2026
Release point: 119-102