security-based swap

(C)The term “security-based swap” does not include any agreement, contract, or transaction that meets the definition of a security-based swap only because such agreement, contract, or transaction references, is based upon, or settles through the transfer, delivery, or receipt of an exempted security under paragraph (12), as in effect on(other than any municipal security as defined in paragraph (29) as in effect on), unless such agreement, contract, or transaction is of the character of, or is commonly known in the trade as, a put, call, or other option.

Source

15 USC § 78c(a)(68)(C)


Scoping language

When used in this chapter
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