CITE

    15 USC Sec. 77b-1                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77b-1. Swap agreements

STATUTE

    (a) Non-security-based swap agreements
      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).
    (b) Security-based swap agreements
      (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 206B of the Gramm-Leach-Bliley Act).
      (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 206B of
    the Gramm-Leach-Bliley Act). 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;
    under this subchapter in a manner that imposes or specifies
    reporting or recordkeeping requirements, procedures, or standards
    as prophylactic measures against fraud, manipulation, or insider
    trading with respect to any security-based swap agreement (as
    defined in section 206B of the Gramm-Leach-Bliley Act).
      (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 206B of the Gramm-Leach-Bliley
    Act), as the context may require.

SOURCE

    (May 27, 1933, ch. 38, title I, Sec. 2A, as added Pub. L. 106-554,
    Sec. 1(a)(5) [title III, Sec. 302(a)], Dec. 21, 2000, 114 Stat.
    2763, 2763A-451.)

REFERENCES IN TEXT

      Sections 206B and 206C of the Gramm-Leach-Bliley Act, referred to
    in text, are sections 206B and 206C of Pub. L. 106-102 which are
    set out in a note under section 78c of this title.