§78c–1. Swap agreements — Inbound Citations

Citations to §78c–1(b)

• 15 U.S.C. § 78i(j)

  Go to provision →
  (j) The authority of the Commission under this section with respect to security-based swap agreements shall be subject to the restrictions and limitations of section 78c–1(b) of this title.
• 15 U.S.C. § 78o(j)

  Go to provision →
  (1) Prior to commencing a rulemaking under this subsection, the Commission shall consult with and seek the concurrence of the Board concerning the imposition of broker or dealer registration requirements with respect to any new hybrid product. In developing and promulgating rules under this subsection, the Commission shall consider the views of the Board, including views with respect to the nature of the new hybrid product; the history, purpose, extent, and appropriateness of the regulation of the new product under the Federal banking laws; and the impact of the proposed rule on the banking industry.

  (2) The Commission shall not—

  (A) require a bank to register as a broker or dealer under this section because the bank engages in any transaction in, or buys or sells, a new hybrid product; or

  (B) bring an action against a bank for a failure to comply with a requirement described in subparagraph (A),

  unless the Commission has imposed such requirement by rule or regulation issued in accordance with this section.

  (3) The Commission shall not impose a requirement under paragraph (2) of this subsection with respect to any new hybrid product unless the Commission determines that—

  (A) the new hybrid product is a security; and

  (B) imposing such requirement is necessary and appropriate in the public interest and for the protection of investors.

  (4) In making a determination under paragraph (3), the Commission shall consider—

  (A) the nature of the new hybrid product; and

  (B) the history, purpose, extent, and appropriateness of the regulation of the new hybrid product under the Federal securities laws and under the Federal banking laws.

  (A) The Board may obtain review of any final regulation described in paragraph (2) in the United States Court of Appeals for the District of Columbia Circuit by filing in such court, not later than 60 days after the date of publication of the final regulation, a written petition requesting that the regulation be set aside. Any proceeding to challenge any such rule shall be expedited by the Court of Appeals.

  (B) A copy of a petition described in subparagraph (A) shall be transmitted as soon as possible by the Clerk of the Court to an officer or employee of the Commission designated for that purpose. Upon receipt of the petition, the Commission shall file with the court the regulation under review and any documents referred to therein, and any other relevant materials prescribed by the court.

  (C) On the date of the filing of the petition under subparagraph (A), the court has jurisdiction, which becomes exclusive on the filing of the materials set forth in subparagraph (B), to affirm and enforce or to set aside the regulation at issue.

  (D) The court shall determine to affirm and enforce or set aside a regulation of the Commission under this subsection, based on the determination of the court as to whether—

  (i) the subject product is a new hybrid product, as defined in this subsection;

  (ii) the subject product is a security; and

  (iii) imposing a requirement to register as a broker or dealer for banks engaging in transactions in such product is appropriate in light of the history, purpose, and extent of regulation under the Federal securities laws and under the Federal banking laws, giving deference neither to the views of the Commission nor the Board.

  (E) The filing of a petition by the Board pursuant to subparagraph (A) shall operate as a judicial stay, until the date on which the determination of the court is final (including any appeal of such determination).

  (F) Any aggrieved party may seek judicial review of the Commission’s rulemaking under this subsection pursuant to section 78y of this title.

  (6) For purposes of this subsection:

  (A) The term “new hybrid product” means a product that—

  (i) was not subjected to regulation by the Commission as a security prior to the date of the enactment of the Gramm-Leach-Bliley Act [Nov. 12, 1999];

  (ii) is not an identified banking product as such term is defined in section 206 of such Act; and

  (iii) is not an equity swap within the meaning of section 206(a)(6) of such Act.

  (B) The term “Board” means the Board of Governors of the Federal Reserve System.
• 15 U.S.C. § 78p(g)

  Go to provision →
  (g) The authority of the Commission under this section with respect to security-based swap agreements shall be subject to the restrictions and limitations of section 78c–1(b) of this title.
• 15 U.S.C. § 78t(f)

  Go to provision →
  (f) The authority of the Commission under this section with respect to security-based swap agreements shall be subject to the restrictions and limitations of section 78c–1(b) of this title.
• 15 U.S.C. § 78u–1(f)

  Go to provision →
  (f) The authority of the Commission under this section with respect to security-based swap agreements shall be subject to the restrictions and limitations of section 78c–1(b) of this title.