
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
