§ 77b-1. — Swap agreements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77b-1]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77b-1. Swap agreements
(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.
(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.
Section Referred to in Other Sections
This section is referred to in section 77q of this title.
