§ 78mm. — General exemptive authority.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC78mm]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78mm. General exemptive authority
(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.
(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.
