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

# §78c–2. Securities-related derivatives

- (a) Any [agreement](/usc/15/7a.md?p=2), contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading [Commission](/usc/15/78c.md?p=a-15) pursuant to [section 6(c)(1) of title 7](/usc/7/6.md?p=c-1) with the condition that the [Commission](/usc/15/78c.md?p=a-15) exercise concurrent jurisdiction over such [agreement](/usc/15/7a.md?p=2), contract, or transaction (or class thereof) shall be deemed a [security](/usc/15/78c.md?p=a-10) for purposes of the [securities laws](/usc/15/78c.md?p=a-47).
- (b) With respect to any [agreement](/usc/15/7a.md?p=2), contract, or transaction (or class thereof) that is exempted by the Commodity Futures Trading [Commission](/usc/15/78c.md?p=a-15) pursuant to [section 6(c)(1) of title 7](/usc/7/6.md?p=c-1) with the condition that the [Commission](/usc/15/78c.md?p=a-15) exercise concurrent jurisdiction over such [agreement](/usc/15/7a.md?p=2), contract, or transaction (or class thereof), references in the [securities laws](/usc/15/78c.md?p=a-47) to the “[purchase](/usc/15/78c.md?p=a-13)” or “sale” of a [security](/usc/15/78c.md?p=a-10) shall be deemed to include 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 such [agreement](/usc/15/7a.md?p=2), contract, or transaction, as the context may require.

## Source credit

(June 6, 1934, ch. 404, title I, § 3B, as added Pub. L. 111–203, title VII, § 717(b), July 21, 2010, 124 Stat. 1651.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) 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 A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1a of Title 7, Agriculture.