PRIA Logo™
Title 15, Commerce and TradeRelease 119-73not60

§78c–1 Swap Agreements

Title 15 › Chapter 2B— SECURITIES EXCHANGES › § 78c–1

Last updated Apr 3, 2026|Official source

Summary

Security-based swap agreements are not treated as "securities." The Commission may not register them or require anyone to register them. If someone files to register one, the Commission must tell that person, and any such registration is invalid. Except for the reporting duties in section 78p(a), the Commission may not make, interpret, or enforce rules about these swaps or issue general orders about them. When the law says a "purchase" or "sale" of a security-based swap agreement, it means doing things like executing it, ending it early, assigning or exchanging it, or other similar transfers or endings of rights or duties.

Full Legal Text

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.

Legislative History

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.

Reference

Citations & Metadata

Citation

15 U.S.C. § 78c–1

Title 15, Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60