
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC78e]

 
                      TITLE 15--COMMERCE AND TRADE
 
                    CHAPTER 2B--SECURITIES EXCHANGES
 
Sec. 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.

(June 6, 1934, ch. 404, title I, Sec. 5, 48 Stat. 885.)

                          Transfer of Functions

    For transfer of functions of Securities and Exchange Commission, 
with certain exceptions, to Chairman of such Commission, see Reorg. Plan 
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 
1265, set out under section 78d of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 78o, 78o-4, 78o-5, 78p, 78hh 
of this title; title 25 section 646.
