Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Section 3A -- Swap Agreements

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1. Non-security-based swap agreements
   
   The definition of "security" in section 3(a)(10) does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act [15 USCS § 78c note]).
   
   
2. Security-based swap agreements
   
   
   1. The definition of "security" in section 3(a)(10) does not include any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act [15 USCS § 78c note]).
      
      
   2. The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this title of any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act [15 USCS § 78c note]). 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--
      
      
      1. promulgating, interpreting, or enforcing rules; or
         
         
      2. 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 (as defined in section 206B of the Gramm-Leach-Bliley Act [15 USCS § 78c note]).
      
      
   4. References in this title to the "purchase" or "sale" of a security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act [15 USCS § 78c note]) 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.
      
      

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