---
kind: "section"
citation: "15 U.S.C. § 77z–3"
title: "15"
title_heading: "Commerce and Trade"
number: "77z–3"
heading: "General exemptive authority"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77z-3"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter I — Domestic Securities"
---

# §77z–3. General exemptive authority


The [Commission](/usc/15/77b.md?p=a-5), by rule or regulation, may conditionally or unconditionally exempt any [person](/usc/15/77b.md?p=a-2), [security](/usc/15/77b.md?p=a-1), or transaction, or any class or classes of [persons](/usc/15/77b.md?p=a-2), [securities](/usc/15/77b.md?p=a-1), or transactions, from any provision or provisions of this subchapter or of any rule or regulation issued under this subchapter, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.


## Source credit

(May 27, 1933, ch. 38, title I, § 28, as added Pub. L. 104–290, title I, § 105(a), Oct. 11, 1996, 110 Stat. 3424; amended Pub. L. 105–353, title III, § 301(a)(5), Nov. 3, 1998, 112 Stat. 3235.)

## Notes

### Editorial Notes

### Amendments

1998—Pub. L. 105–353 made technical correction relating to placement of section in subchapter.