US Code

Public Law 119-73 (01/23/2026)

15 U.S.C. § 78c–1

Swap agreements

(a)

[Reserved]

(b)

Security-based swap agreements

(1)
section 78c(a)(10) of this title The definition of “security” in does not include any security-based swap agreement.
(2)
The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this chapter of any security-based swap agreement. If the Commission becomes aware that a registrant has filed a registration application with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration with respect to such a swap agreement shall be void and of no force or effect.
(3)
section 78p(a) of this title Except as provided in with respect to reporting requirements, the Commission is prohibited from—
(A)
promulgating, interpreting, or enforcing rules; or
(B)
issuing orders of general applicability;
under this chapter 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.
(4)
References in this chapter 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 the context may require.

June 6, 1934, ch. 404Pub. L. 106–554, § 1(a)(5) [title III, § 303(a)]114 Stat. 2763Pub. L. 111–203, title VII, § 762(d)(1)124 Stat. 1760(, title I, § 3A, as added , , , 2763A–452; amended , , .)

Editorial Notes

References in Text

section 78a of this titleThis chapter, referred to in subsec. (b)(2) to (4), was in the original “this title”. See References in Text note set out under .

Amendments

Pub. L. 111–203, § 762(d)(1)(A)section 78c(a)(10) of this title2010—Subsec. (a). , struck out subsec. (a) and reserved that subsec. Prior to amendment, 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(d)(1)(B)Subsec. (b). , struck out “(as defined in section 206B of the Gramm-Leach-Bliley Act)” after “security-based swap agreement” 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 .