CITE

    15 USC Sec. 78e                                             01/08/2008

EXPCITE

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

HEAD

    Sec. 78e. Transactions on unregistered exchanges

STATUTE

      It shall be unlawful for any broker, dealer, or exchange,
    directly or indirectly, to make use of the mails or any means or
    instrumentality of interstate commerce for the purpose of using any
    facility of an exchange within or subject to the jurisdiction of
    the United States to effect any transaction in a security, or to
    report any such transaction, unless such exchange (1) is registered
    as national securities exchange under section 78f of this title, or
    (2) is exempted from such registration upon application by the
    exchange because, in the opinion of the Commission, by reason of
    the limited volume of transactions effected on such exchange, it is
    not practicable and not necessary or appropriate in the public
    interest or for the protection of investors to require such
    registration.

SOURCE

    (June 6, 1934, ch. 404, title I, Sec. 5, 48 Stat. 885.)

TRANSFER OF FUNCTIONS

      For transfer of functions of Securities and Exchange Commission,
    with certain exceptions, to Chairman of such Commission, see Reorg.
    Plan No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
    64 Stat. 1265, set out under section 78d of this title.