CITE

    15 USC Sec. 78mm                                            01/08/2008

EXPCITE

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

HEAD

    Sec. 78mm. General exemptive authority

STATUTE

    (a) Authority
      (1) In general
        Except as provided in subsection (b) of this section, but
      notwithstanding any other provision of this chapter, the
      Commission, by rule, regulation, or order, may conditionally or
      unconditionally exempt any person, security, or transaction, or
      any class or classes of persons, securities, or transactions,
      from any provision or provisions of this chapter or of any rule
      or regulation thereunder, to the extent that such exemption is
      necessary or appropriate in the public interest, and is
      consistent with the protection of investors.
      (2) Procedures
        The Commission shall, by rule or regulation, determine the
      procedures under which an exemptive order under this section
      shall be granted and may, in its sole discretion, decline to
      entertain any application for an order of exemption under this
      section.
    (b) Limitation
      The Commission may not, under this section, exempt any person,
    security, or transaction, or any class or classes of persons,
    securities, or transactions from section 78o-5 of this title or the
    rules or regulations issued thereunder or (for purposes of section
    78o-5 of this title and the rules and regulations issued
    thereunder) from any definition in paragraph (42), (43), (44), or
    (45) of section 78c(a) of this title.

SOURCE

    (June 6, 1934, ch. 404, title I, Sec. 36, as added Pub. L. 104-290,
    title I, Sec. 105(b), Oct. 11, 1996, 110 Stat. 3424.)

REFERENCES IN TEXT

      This chapter, referred to in subsec. (a)(1), was in the original
    "this title". See References in Text note set out under section 78a
    of this title.