15 USC § 78mm - General exemptive authority
(a)
Authority
(1)
In general
Except as provided in subsection (b) of this section, but notwithstanding any other provision of this chapter, 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 chapter 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.
(b)
Limitation
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
78o–5 of this title or the rules or regulations issued thereunder or (for purposes of section
78o–5 of this title and the rules and regulations issued thereunder) from any definition in paragraph (42), (43), (44), or (45) of section
78c
(a) of this title.
(c)
Derivatives
Unless the Commission is expressly authorized by any provision described in this subsection to grant exemptions, the Commission shall not grant exemptions, with respect to amendments made by subtitle B of the Wall Street Transparency and Accountability Act of 2010, with respect to paragraphs (65), (66), (68), (69), (70), (71), (72), (73), (74), (75), (76), and (79)
[1]
of section
78c
(a) of this title, and sections
78j–2
(a),
78j–2
(b),
78j–2
(c),
78m–1,
78o–10,
78q–1
(g),
78q–1
(h),
78q–1
(i),
78q–1
(j),
78q–1
(k), and
78q–1
(l) of this title; provided that the Commission shall have exemptive authority under this chapter with respect to security-based swaps as to the same matters that the Commodity Futures Trading Commission has under the Wall Street Transparency and Accountability Act of 2010 with respect to swaps, including under section
6
(c) of title
7.
[1] So in original. No par. (79) of section 78c(a) of this title has been enacted.
(a)
Authority
(1)
In general
Except as provided in subsection (b) of this section, but notwithstanding any other provision of this chapter, 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 chapter 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.
(b)
Limitation
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
78o–5 of this title or the rules or regulations issued thereunder or (for purposes of section
78o–5 of this title and the rules and regulations issued thereunder) from any definition in paragraph (42), (43), (44), or (45) of section
78c
(a) of this title.
Source
(June 6, 1934, ch. 404, title I, § 36, as added Pub. L. 104–290, title I, § 105(b),Oct. 11, 1996, 110 Stat. 3424; amended Pub. L. 111–203, title VII, § 772(a),July 21, 2010, 124 Stat. 1801.)
Amendment of Section
Pub. L. 111–203, title VII, §§ 772(a), 774,July 21, 2010, 124 Stat. 1801, 1802, provided that, effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, this section is amended by adding at the end the following: (c) Derivatives
Unless the Commission is expressly authorized by any provision described in this subsection to grant exemptions, the Commission shall not grant exemptions, with respect to amendments made by subtitle B of the Wall Street Transparency and Accountability Act of 2010, with respect to paragraphs (65), (66), (68), (69), (70), (71), (72), (73), (74), (75), (76), and (79) of section
78c
(a) of this title, and sections
78j–2
(a),
78j–2
(b),
78j–2
(c),
78m–1,
78o–10,
78q–1
(g),
78q–1
(h),
78q–1
(i),
78q–1
(j),
78q–1
(k), and
78q–1
(l) of this title; provided that the Commission shall have exemptive authority under this chapter with respect to security-based swaps as to the same matters that the Commodity Futures Trading Commission has under the Wall Street Transparency and Accountability Act of 2010 with respect to swaps, including under section
6
(c) of title
7.
References in Text
This chapter, referred to in subsec. (a)(1), was in the original “this title”. See References in Text note set out under section
78a of this title.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 ofPub. L. 111–203, set out as a note under section
77b of this title.
The table below lists the classification updates, since Jan. 7, 2011, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Friday, April 6, 2012
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
| 15 USC | Description of Change | Session Year | Public Law | Statutes at Large |
|---|
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.
