Securities Lawyer's Deskbook
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Securities Act of 1933





Section 2A -- Swap Agreements


  1. Non-security-based swap agreements

    The definition of "security" in section 2(a)(1) 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 2(a)(1) 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 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--

      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 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 section 206B of the Gramm-Leach-Bliley Act [15 USCS § 78c note]), as the context may require.


Legislative History


May 27, 1933, ch 38, Title I, § 2A, as added Dec. 21, 2000, P.L. 106-554, § 1(a)(5), 114 Stat. 2763.

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