17 CFR 240.12a-10 - Exemption of security-based swaps from section 12(a) of the Act.
(a) Is issued or will be issued by a clearing agency registered as a clearing agency under Section 17A of the Act ( 15 U.S.C. 78q-1) or exempt from registration under Section 17A of the Act pursuant to a rule, regulation, or order of the Commission, in its function as a central counterparty with respect to the security-based swap;
(b) The Commission has determined is required to be cleared or that is permitted to be cleared pursuant to the clearing agency's rules;
(c) Is sold to an eligible contract participant (as defined in Section 1a(18) of the Commodity Exchange Act ( 7 U.S.C. 1a(18))) in reliance on Rule 239 under the Securities Act of 1933 ( 17 CFR 230.239); and