Unlawful transactions on foreign securities exchanges
It shall be unlawful for any broker or dealer, directly or indirectly, to make use of the mails or of any means or instrumentality of interstate commerce for the purpose of effecting on an exchange not within or subject to the jurisdiction of the United States, any transaction in any security the issuer of which is a resident of, or is organized under the laws of, or has its principal place of business in, a place within or subject to the jurisdiction of the United States, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors or to prevent the evasion of this chapter.
Business without the jurisdiction of the United States
The provisions of this chapter or of any rule or regulation thereunder shall not apply to any person insofar as he transacts a business in securities without the jurisdiction of the United States, unless he transacts such business in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate to prevent the evasion of this chapter.
Rule of construction
No provision of this chapter that was added by the Wall Street Transparency and Accountability Act of 2010, or any rule or regulation thereunder, shall apply to any person insofar as such person transacts a business in security-based swaps without the jurisdiction of the United States, unless such person transacts such business in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate to prevent the evasion of any provision of this chapter that was added by the Wall Street Transparency and Accountability Act of 2010. This subsection shall not be construed to limit the jurisdiction of the Commission under any provision of this chapter, as in effect prior to .
June 6, 1934, ch. 40448 Stat. 904Pub. L. 111–203, title VII, § 772(b)124 Stat. 1802(, title I, § 30, ; , , .)
Editorial Notes
References in Text
section 78a of this titleThis chapter, referred to in text, was in the original “this title”. See References in Text note set out under .
Pub. L. 111–203124 Stat. 1641section 8301 of this titleThe Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (c), is title VII of , , , which enacted chapter 109 (§ 8301 et seq.) of this title and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Amendments
Pub. L. 111–2032010—Subsec. (c). added subsec. (c).
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 .
Executive Documents
Transfer of Functions
64 Stat. 1265section 78d of this titleFor transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, , set out under .