(7)For purposes of this subsection, the term “emergency” means— (A)a major market disturbance characterized by or constituting— (i)sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets; or (ii)a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of transactions in securities, or a substantial threat thereof; or (B)a major disturbance that substantially disrupts, or threatens to substantially disrupt— (i)the functioning of securities markets, investment companies, or any other significant portion or segment of the securities markets; or (ii)the transmission or processing of securities transactions. (l)It shall be unlawful for an issuer, any class of whose securities is registered pursuant to this section or would be required to be so registered except for the exemption from registration provided by subsection (g)(2)(B) or (g)(2)(G) of this section, by the use of any means or instrumentality of interstate commerce, or of the mails, to issue, either originally or upon transfer, any of such securities in a form or with a format which contravenes such rules and regulations as the Commission may prescribe as necessary or appropriate for the prompt and accurate clearance and settlement of transactions in securities. The provisions of this subsection shall not apply to variable annuity contracts or variable life policies issued by an insurance company or its separate accounts.


15 USC § 78l(k)(7)

Scoping language

None: Default is title Scope
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