---
kind: "section"
citation: "15 U.S.C. § 77b–1"
title: "15"
title_heading: "Commerce and Trade"
number: "77b–1"
heading: "Swap agreements"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77b-1"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter I — Domestic Securities"
---

# §77b–1. Swap agreements

- (a) **Reserved—**
- (b) **Security-based swap agreements—**
  - (1) The definition of “[security](/usc/15/77b.md?p=a-1)” in [section 77b(a)(1) of this title](/usc/15/77b.md?p=a-1) does not include any [security-based swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) (as defined in [section 78c(a)(78) of this title](/usc/15/78c.md?p=a-78)).
  - (2) The [Commission](/usc/15/77b.md?p=a-5) is prohibited from registering, or requiring, recommending, or suggesting, the registration under this subchapter of any [security-based swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) (as defined in [section 78c(a)(78) of this title](/usc/15/78c.md?p=a-78)). If the [Commission](/usc/15/77b.md?p=a-5) becomes aware that a registrant has filed a [registration statement](/usc/15/77b.md?p=a-8) with respect to such a [swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2), the [Commission](/usc/15/77b.md?p=a-5) shall promptly so notify the registrant. Any such [registration statement](/usc/15/77b.md?p=a-8) with respect to such a [swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) shall be void and of no force or effect.
  - (3) The [Commission](/usc/15/77b.md?p=a-5) is prohibited from—
    - (A) promulgating, interpreting, or enforcing rules; or
    - (B) issuing orders of general applicability;

    under this subchapter in a manner that imposes or specifies reporting or recordkeeping requirements, procedures, or standards as prophylactic measures against fraud, manipulation, or insider trading with respect to any [security-based swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) (as defined in [section 78c(a)(78) of this title](/usc/15/78c.md?p=a-78)).

  - (4) References in this subchapter to the “[purchase](/usc/15/77b.md?p=a-18)” or “sale” of a [security-based swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) shall be deemed to mean the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under, a [security-based swap](/usc/15/77b.md?p=a-17) [agreement](/usc/15/7a.md?p=2) (as defined in [section 78c(a)(78) of this title](/usc/15/78c.md?p=a-78)), as the context may require.

## Source credit

(May 27, 1933, ch. 38, title I, § 2A, as added Pub. L. 106–554, § 1(a)(5) [title III, § 302(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–451; amended Pub. L. 111–203, title VII, § 762(c)(1), July 21, 2010, 124 Stat. 1759.)

## Notes

### Editorial Notes

### Amendments

2010—Subsec. (a). Pub. L. 111–203, § 762(c)(1)(A), struck out subsec. (a) and reserved subsec. (a) designation. Text read as follows: “The definition of ‘security’ in section 77b(a)(1) of this title does not include any non-security-based swap agreement (as defined in section 206C of the Gramm-Leach-Bliley Act).”

Subsec. (b). Pub. L. 111–203, § 762(c)(1)(B), substituted “(as defined in section 78c(a)(78) of this title)” for “(as defined in section 206B of the Gramm-Leach-Bliley Act)” wherever appearing.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 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. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle B, see section 774 of Pub. L. 111–203, set out as a note under section 77b of this title.