§ 240.15a-12. Exemption for certain security-based swap execution facilities from certain broker requirements.
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/us/cfr/t17/s§ 240.15a-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)For purposes of this section, an SBSEF-B means a security-based swap execution facility that does not engage in any securities activity other than facilitating the trading of security-based swaps on or through the security-based swap execution facility.
(b)An SBSEF-B that registers with the Commission pursuant to § 242.803 of this chapter shall be deemed also to have registered with the Commission pursuant to sections 15(a) and
(b)of the Act (15 U.S.C. 78o(a)(1) and (b)).
(c)Except as provided in paragraph
(d)of this section, an SBSEF-B shall be exempt from any provision of the Act or the Commission's rules thereunder applicable to brokers that, by its terms, requires, prohibits, restricts, limits, conditions, or affects the activities of a broker, unless such provision specifies that it applies to a security-based swap execution facility.
(d)Notwithstanding paragraph
(c)of this section, the following provisions of the Act and the Commission's rules thereunder shall apply to an SBSEF-B:
(1)Section 15(b)(4) of the Act (15 U.S.C. 78o(b)(4));
(2)Section 15(b)(6) of the Act (15 U.S.C. 78o(b)(6)); and
(3)Section 17(b) of the Act (15 U.S.C. 78q(b)).
(e)An SBSEF-B shall be exempt from the Securities Investor Protection Act. \[88 FR 87285, Dec. 15, 2023\]
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§ 240.15a-12
Exemption for certain security-based swap execution facilities from certain broker requirements.
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