
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: 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.
