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U.S. Code as of:
01/19/04
Section 78e. Transactions on unregistered exchanges
It shall be unlawful for any broker, dealer, or exchange,
directly or indirectly, to make use of the mails or any means or
instrumentality of interstate commerce for the purpose of using any
facility of an exchange within or subject to the jurisdiction of
the United States to effect any transaction in a security, or to
report any such transaction, unless such exchange (1) is registered
as national securities exchange under section 78f of this title, or
(2) is exempted from such registration upon application by the
exchange because, in the opinion of the Commission, by reason of
the limited volume of transactions effected on such exchange, it is
not practicable and not necessary or appropriate in the public
interest or for the protection of investors to require such
registration.
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