CITE

    15 USC Sec. 78c-1                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2B - SECURITIES EXCHANGES

HEAD

    Sec. 78c-1. Swap agreements

STATUTE

    (a) Non-security-based swap agreements
      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).
    (b) Security-based swap agreements
      (1) The definition of "security" in section 78c(a)(10) 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 chapter 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 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;
    under this chapter 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 chapter to the "purchase" or "sale" of a
    security-based swap agreement (as defined in section 206B of the
    Gramm-Leach-Bliley Act) 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.

SOURCE

    (June 6, 1934, ch. 404, title I, Sec. 3A, as added Pub. L. 106-554,
    Sec. 1(a)(5) [title III, Sec. 303(a)], Dec. 21, 2000, 114 Stat.
    2763, 2763A-452.)

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.
      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.