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U.S. Code as of:
01/19/04
Section 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.
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