Sec. 3A. SWAP AGREEMENTS

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## SEC. 3A SWAP AGREEMENTS **[**78c–1**]** ###

(a)**[**Section 762(d)(1)(A) of Public Law 111–203 repeals subsection

(a)and states “...and reserving that subsection”.**]** ###

(b)Security-Based Swap Agreements ####

(1)The definition of “security” in section 3(a)(10) of this title does not include any security-based swap agreement. ####

(2)The Commission is prohibited from registering, or requiring, recommending, or suggesting, the registration under this title of any security-based swap agreement. If the Commission becomes aware that a registrant has filed a registration application with respect to such a swap agreement, the Commission shall promptly so notify the registrant. Any such registration with respect to such a swap agreement shall be void and of no force or effect. ####

(3)Except as provided in section 16(a) with respect to reporting requirements, the Commission is prohibited from— #####

(A)promulgating, interpreting, or enforcing rules; or #####

(B)issuing orders of general applicability; under this title 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. ####

(4)References in this title to the “purchase” or “sale” of a security-based swap agreement 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 agreement, as the context may require.

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Pub. L. 111-203

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Sec. 3A

SWAP AGREEMENTS

Pub. L.Pub. L. 111-203

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