---
kind: "section"
citation: "15 U.S.C. § 78c–1"
title: "15"
title_heading: "Commerce and Trade"
number: "78c–1"
heading: "Swap agreements"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78c-1"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78c–1. Swap agreements

- (a) **Reserved—**
- (b) **Security-based swap agreements—**
  - (1) The definition of “[security](/usc/15/78c.md?p=a-10)” in [section 78c(a)(10) of this title](/usc/15/78c.md?p=a-10) does not include any [security-based swap agreement](/usc/15/78c.md?p=a-78-A).
  - (2) The [Commission](/usc/15/78c.md?p=a-15) is prohibited from registering, or requiring, recommending, or suggesting, the registration under this chapter of any [security-based swap agreement](/usc/15/78c.md?p=a-78-A). If the [Commission](/usc/15/78c.md?p=a-15) becomes aware that a registrant has filed a registration application with respect to such a [swap](/usc/15/78c.md?p=a-69) [agreement](/usc/15/7a.md?p=2), the [Commission](/usc/15/78c.md?p=a-15) shall promptly so notify the registrant. Any such registration with respect to such a [swap](/usc/15/78c.md?p=a-69) [agreement](/usc/15/7a.md?p=2) shall be void and of no force or effect.
  - (3) Except as provided in [section 78p(a) of this title](/usc/15/78p.md?p=a) with respect to reporting requirements, the [Commission](/usc/15/78c.md?p=a-15) is prohibited from—
    - (A) promulgating, interpreting, or enforcing rules; or
    - (B) issuing orders of general applicability;

    under this chapter 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 agreement](/usc/15/78c.md?p=a-78-A).

  - (4) References in this chapter to the “[purchase](/usc/15/78c.md?p=a-13)” or “sale” of a [security-based swap agreement](/usc/15/78c.md?p=a-78-A) shall be deemed to mean the execution, termination (prior to its scheduled maturity date), assignment, [exchange](/usc/15/78c.md?p=a-1), or similar transfer or conveyance of, or extinguishing of rights or obligations under, a [security-based swap agreement](/usc/15/78c.md?p=a-78-A), as the context may require.

## Source credit

(June 6, 1934, ch. 404, title I, § 3A, as added Pub. L. 106–554, § 1(a)(5) [title III, § 303(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–452; amended Pub. L. 111–203, title VII, § 762(d)(1), July 21, 2010, 124 Stat. 1760.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in subsec. (b)(2) to (4), was in the original “this title”. See References in Text note set out under section 78a of this title.

### Amendments

2010—Subsec. (a). Pub. L. 111–203, § 762(d)(1)(A), struck out subsec. (a) and reserved that subsec. Prior to amendment, text read as follows: “The definition of ‘security’ in section 78c(a)(10) 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(d)(1)(B), struck out “(as defined in section 206B of the Gramm-Leach-Bliley Act)” after “security-based swap agreement” 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.