(a) [Reserved].
(b) Security-based swap agreements.
(1) The definition of “security”
in section 3(a)(10) of this title does not include any security-based
swap agreement.
(2)
The Commission is prohibited from registering, or requiring, recommending,
or suggesting, the registration under this title 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) Except
as provided in section 16(a) 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 title 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 title 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.
[15
USC 78c-1. As added by act of Dec. 21, 2000 (114 Stat. 2763A-452)
and amended by act of July 21, 2010 (124 Stat. 1760).]
