US Code

Public Law 119-102 (07/12/2026)

15 U.S.C. § 77b–1

Swap agreements

Section text and notes

(a)

[Reserved]

(b)

Security-based swap agreements

(1)
section 77b(a)(1) of this titlesection 78c(a)(78) of this title The definition of “security” in does not include any security-based swap agreement (as defined in ).
(2)
section 78c(a)(78) of this title 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 ). 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;
section 78c(a)(78) of this titleunder 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 ).
(4)
section 78c(a)(78) of this title 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 ), as the context may require.

May 27, 1933, ch. 38 Pub. L. 106–554, § 1(a)(5) [title III, § 302(a)]114 Stat. 2763 Pub. L. 111–203, title VII, § 762(c)(1)124 Stat. 1759 (, title I, § 2A, as added , , , 2763A–451; amended , , .)

Editorial Notes

Amendments

Pub. L. 111–203, § 762(c)(1)(A)section 77b(a)(1) of this title2010—Subsec. (a). , struck out subsec. (a) and reserved subsec. (a) designation. Text read as follows: “The definition of ‘security’ in does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).”

Pub. L. 111–203, § 762(c)(1)(B)section 78c(a)(78) of this titleSubsec. (b). , substituted “(as defined in )” for “(as defined in section 206B of the Gramm-Leach-Bliley Act)” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203Pub. L. 111–203section 774 of Pub. L. 111–203section 77b of this titleAmendment by effective on the later of 360 days after , or, to the extent a provision of subtitle B (§§ 761–774) of title VII of requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see , set out as a note under .