§ 78c-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: 15USC78c-1]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78c-1. Swap agreements
(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.
(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.
Section Referred to in Other Sections
This section is referred to in sections 78i, 78o, 78p, 78t, 78u-1 of
this title.
