Except as provided in subsection (b) of this section, but notwithstanding
any other provision of this title, the Commission, by rule, regulation,
or order, may conditionally or unconditionally exempt any person, security,
or transaction, or any class or classes of persons, securities, or transactions,
from any provision or provisions of this title or of any rule or regulation
thereunder, to the extent that such exemption is necessary or appropriate
in the public interest, and is consistent with the protection of investors.
The Commission shall, by rule or regulation, determine the procedures
under which an exemptive order under this section shall be granted and
may, in its sole discretion, decline to entertain any application for
an order of exemption under this section.
The Commission may not, under this section, exempt any person, security, or
transaction, or any class or classes of persons, securities, or transactions
from section 15C or the rules or regulations issued
thereunder or (for purposes of section 15C and the rules and regulations issued
thereunder) from any definition in paragraph (42),
(43), (44), or (45) of section 3(a).
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