cfr_sections
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714 rows where part_number = 240 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 14:14:4.0.1.1.20.0.1.1 | 14 | Aeronautics and Space | II | A | 240 | PART 240—INSPECTION OF ACCOUNTS AND PROPERTY | § 240.1 Interpretation. | FAA | [Doc. No. DOT-OST-2014-0140, 84 FR 15931, Apr. 16, 2019] | (a) In the exercise of the authority granted by 49 U.S.C. 41709, the authority of any special agent or auditor to inspect and examine lands, buildings, equipment, accounts, records, memorandums, papers or correspondence shall include the authority to make such notes and copies thereof as he or she deems appropriate. (b) The terms “special agent” and “auditor” are construed to mean any employee of the Office of Aviation Enforcement and Proceedings and any other employee of the Department specifically designated by it or by the Director, Office of Security. (c) The issuance in the form set forth in this paragraph (c) of an identification card and credentials to any such employee shall be construed to be an order and direction of the Department to such individual to inspect and examine lands, buildings, equipment, accounts, records, and memorandums in accordance with the authority conferred on the Department by 49 U.S.C. Subtitle VII. [photo] [number] [expiration date] [title] The bearer of this credential whose name and photograph appear hereon is authorized to enter upon, to inspect, and examine lands, buildings (including airport facilities), and equipment (including aircraft) of air carriers and foreign air carriers, and to inspect and copy records and papers of air carriers, foreign air carriers and ticket agents, in performance of his/her duties under 49 U.S.C. 41709, related acts, and regulations of the Department. | |||||
| 14:14:4.0.1.1.20.0.1.2 | 14 | Aeronautics and Space | II | A | 240 | PART 240—INSPECTION OF ACCOUNTS AND PROPERTY | § 240.2 Obligation of air carriers, foreign air carriers, and ticket agents. | FAA | [ER-914, 40 FR 27017, June 26, 1975, as amended by Doc. No. DOT-OST-2014-0140, 84 FR 15931, Apr. 16, 2019] | Upon the demand of a special agent or auditor of the Department, and upon the presentation of the identification card and credentials issued to him or her in accordance with this part: Any air carrier or foreign air carrier shall forthwith permit such special agent or auditor to inspect and examine all lands, buildings and equipment; any air carrier, foreign air carrier or ticket agent shall forthwith permit such special agent or auditor to inspect and examine all accounts, records, memorandums, documents, papers and correspondence now or hereafter existing, and kept or required to be kept by the air carrier, foreign air carrier, or ticket agent, and shall permit such special agent or auditor to make such notes and copies thereof as he or she deems appropriate. | |||||
| 15:15:1.2.2.4.4.0.5.1 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.1 Title of act. | NIST | The act, “Pub. L. 228, 64th Congress,” approved August 23, 1916 (39 Stat. 530; 15 U.S.C. 237-242), entitled “An Act to standardize lime barrels,” shall be known and referred to as the “Standard Lime-Barrel Act.” | ||||||
| 15:15:1.2.2.4.4.0.5.2 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.2 Application. | NIST | The rules and regulations in this part are to be understood and construed to apply to lime in barrels, or other containers packed, sold, or offered for sale for shipment from any State or Territory or the District of Columbia to any other State or Territory or the District of Columbia; and to lime in containers of less capacity than the standard small barrel sold in interstate or foreign commerce; and to lime imported in barrels from a foreign country and sold or offered for sale; also to lime not in barrels or containers of less capacity than the standard small barrel, sold, charged for, or purported to be delivered as a large or small barrel or a fractional part of said small barrel of lime, from any State or Territory or the District of Columbia to any other State or Territory or the District of Columbia. | ||||||
| 15:15:1.2.2.4.4.0.5.3 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.3 Permissible sizes. | NIST | Lime in barrels shall be packed only in barrels containing 280 pounds or 180 pounds, net weight. For the purposes of this section the word “barrel” is defined as a cylindrical or approximately cylindrical vessel, cask or drum. | ||||||
| 15:15:1.2.2.4.4.0.5.4 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.4 Definitions. | NIST | (a) The term container of less capacity than the standard small barrel, as mentioned in section 3 of the law and as used in the rules and regulations in this part, is defined as any container not in barrel form containing therein a net weight of lime of less than 180 pounds. (b) The term label as used in the rules and regulations in this part is defined as any printed, pictorial, or other matter upon the surface of a barrel or other container of lime subject to the provisions of this act, or upon cloth or paper or the like which is permanently affixed to it by pasting or in a similar manner. (c) The term tag is defined as a tough and strong strip of cloth or paper or the like, bearing any printed, pictorial, or other matter, which is loose at one end and which is secured to a container of lime subject to the provisions of the act. | ||||||
| 15:15:1.2.2.4.4.0.5.5 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.5 Required marking. | NIST | (a) The lettering required upon barrels of lime by section 2 of the law shall be as follows: The statement of net weight shall be in boldface capital letters and figures at least 1 inch in height and not expanded or condensed; it shall be clear, legible, and permanent, and so placed with reference to the other lettering that it is conspicuous. The name of the manufacturer of the lime and where manufactured, and, if imported, the name of the country from which it is imported, shall be in boldface letters at least one-half inch in height and not expanded or condensed, and shall be clear, legible, conspicuous, and permanent. None of these letters and figures shall be superimposed upon each other, nor shall any other characters be superimposed upon the required lettering or otherwise obscure it. All the above statements shall form parts of the principal label. (b) The information required upon containers of lime of less capacity than the standard small barrel by section 3 of the law shall be included in a label: Provided, however, That in order to allow the utilization of second-hand or returnable bags made of cloth, burlap, or the like, such information may be upon a tag firmly attached to the container in a prominent and conspicuous position. In case a tag is used to give the required information there must not be any label or another tag upon the container which bears any statement having reference to lime, or any statement of weight whatever, which is not identical with the information upon the tag mentioned above; if a container is to be utilized which bears any such inaccurate information upon a label, such container shall be turned inside out or such information shall be obliterated in so far as it is inaccurate by blotting out the letters or figures; or if such inaccurate information is upon a tag, by removing such tag. (c) If the required lettering is upon a label, the statement of net weight shall be in bold-face capital letters and figures at least three-fourths inch in height and not expanded or conde… | ||||||
| 15:15:1.2.2.4.4.0.5.6 | 15 | Commerce and Foreign Trade | II | D | 240 | PART 240—BARRELS AND OTHER CONTAINERS FOR LIME | § 240.6 Tolerances. | NIST | (a) When lime is packed in barrels the tolerance to be allowed on the large barrel or the small barrel of lime shall be 5 pounds in excess or in deficiency on any individual barrel: Provided, however, That the average error on 10 barrels of the same nominal weight and packed by the same manufacturer shall in no case be greater than 2 pounds in excess or in deficiency. In case all the barrels available are not weighed, those which are weighed shall be selected at random. (b) When lime is packed in containers of less capacity than the standard small barrel, the tolerance to be allowed in excess or in deficiency on individual containers of various weights, shall be the values given in the column headed “Tolerance on individual package,” of the following table: Provided, however, That the average error on 10 containers of the same nominal weight and packed by the same manufacturer shall in no case be greater than the values given in the column headed “Tolerance on average weight,” of the following table. In case all the containers available are not weighed, those which are weighed shall be selected at random. (c) When lime in bulk is sold, charged for, or purported to be delivered as a definite number of large or small barrels, the tolerance to be allowed in excess or in deficiency on such amounts of lime shall be 15 pounds per 1,800 pounds (10 small barrels), or 25 pounds per 2,800 pounds (10 large barrels). | ||||||
| 17:17:4.0.1.1.1.1.59.1 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-1 Definitions. | SEC | [13 FR 8178, Dec. 22, 1948, as amended at 13 FR 9321, Dec. 31, 1948; 19 FR 6730, Oct. 20, 1954; 58 FR 14682, Mar. 18, 1993; 62 FR 36459, July 8, 1997] | (a) As used in the rules and regulations in this part, prescribed by the Commission pursuant to Title I of the Securities Exchange Act of 1934 (48 Stat. 881-905; 15 U.S.C. chapter 2B), unless the context otherwise specifically requires: (1) The term Commission means the Securities and Exchange Commission. (2) The term act means Title I of the Securities Exchange Act of 1934. (3) The term section refers to a section of the Securities Exchange Act of 1934. 1 1 The provisions of paragraph (a)(3) of 17 CFR 240.0-1 relate to the terminology of rules and regulations as published by the Securities and Exchange Commission and are inapplicable to the terminology appearing in the Code of Federal Regulations. (4) The term rules and regulations refers to all rules and regulations adopted by the Commission pursuant to the act, including the forms for registration and reports and the accompanying instructions thereto. (5) The term electronic filer means a person or an entity that submits filings electronically pursuant to Rules 100 and 101 of Regulation S-T (§§ 232.100 and 232.101 of this chapter, respectively). (6) The term electronic filing means a document under the federal securities laws that is transmitted or delivered to the Commission in electronic format. (b) Unless otherwise specifically stated, the terms used in this part shall have the meaning defined in the act. (c) A rule or regulation which defines a term without express reference to the act or to the rules and regulations, or to a portion thereof, defines such term for all purposes as used both in the act and in the rules and regulations, unless the context otherwise specifically requires. (d) Unless otherwise specified or the context otherwise requires, the term prospectus means a prospectus meeting the requirements of section 10(a) of the Securities Act of 1933 as amended. For definition of “listed”, see § 240.3b-1; “officer”, § 240.3b-2; “short sale”, § 240.3b-3. For additional definitions, see § 240.15c1-1. | ||||
| 17:17:4.0.1.1.1.1.59.10 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-11 Filing fees for certain acquisitions, dispositions and similar transactions. | SEC | [51 FR 2476, Jan. 17, 1986, as amended at 58 FR 14682, Mar. 18, 1993; 61 FR 49959, Sept. 24, 1996; 73 FR 17813, Apr. 1, 2008; 86 FR 70251, Dec. 9, 2021] | (a) General. (1) At the time of filing a disclosure document described in paragraphs (b) through (d) of this section relating to certain acquisitions, dispositions, business combinations, consolidations or similar transactions, the person filing the specified document shall pay a fee payable to the Commission to be calculated as set forth in paragraphs (b) through (d) of this section. (2) A required fee shall be reduced in an amount equal to any fee paid with respect to such transaction pursuant to either section 6(b) of the Securities Act of 1933 or any applicable provision of this section; the fee requirements under section 6(b) shall be reduced in an amount equal to the fee paid the Commission with respect to a transaction under this section. No part of a filing fee is refundable. (3) If at any time after the initial payment the aggregate consideration offered is increased, an additional filing fee based upon such increase shall be paid with the required amended filing. (4) When the fee is based upon the market value of securities, such market value shall be established by either the average of the high and low prices reported in the consolidated reporting system (for exchange traded securities and last sale reported over-the-counter securities) or the average of the bid and asked price (for other over-the-counter securities) as of a specified date within 5 business days prior to the date of the filing. If there is no market for the securities, the value shall be based upon the book value of the securities computed as of the latest practicable date prior to the date of the filing, unless the issuer of the securities is in bankruptcy or receivership or has an accumulated capital deficit, in which case one-third of the principal amount, par value or stated value of the securities shall be used. (5) An exhibit to the filing shall set forth the calculation of the fee in tabular format, as well as the amount offset by a previous filing and the identification of such filing, if applicable. (b) Section 13(e)(… | ||||
| 17:17:4.0.1.1.1.1.59.11 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-12 Commission procedures for filing applications for orders for exemptive relief under Section 36 of the Exchange Act. | SEC | [63 FR 8102, Feb. 18, 1998, as amended at 73 FR 973, Jan. 4, 2008; 76 FR 43891, July 22, 2011] | (a) The application shall be in writing in the form of a letter, must include any supporting documents necessary to make the application complete, and otherwise must comply with § 240.0-3. All applications must be submitted to the Office of the Secretary of the Commission. Requestors may seek confidential treatment of their applications to the extent provided under § 200.81 of this chapter. If an application is incomplete, the Commission, through the Division handling the application, may request that the application be withdrawn unless the applicant can justify, based on all the facts and circumstances, why supporting materials have not been submitted and undertakes to submit the omitted materials promptly. (b) An applicant may submit a request electronically. The electronic mailbox to use for these applications is described on the Commission's Web site at http://www.sec.gov in the “Exchange Act Exemptive Applications” section. In the event the electronic mailbox is revised in the future, applicants can find the appropriate mailbox by accessing the “Electronic Mailboxes at the Commission” section. (c) An applicant also may submit a request in paper format. Five copies of every paper application and every amendment to such an application must be submitted to the Office of the Secretary at 100 F Street, NE., Washington, DC 20549-1090. Applications must be on white paper no larger than 8 1/2 by 11 inches in size. The left margin of applications must be at least 1 1/2 inches wide, and if the application is bound, it must be bound on the left side. All typewritten or printed material must be on one side of the paper only and must be set forth in black ink so as to permit photocopying. (d) Every application (electronic or paper) must contain the name, address and telephone number of each applicant and the name, address, and telephone number of a person to whom any questions regarding the application should be directed. The Commission will not consider hypothetical or anonymous requests for exemptive relief. E… | ||||
| 17:17:4.0.1.1.1.1.59.12 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-13 Commission procedures for filing applications to request a substituted compliance or listed jurisdiction order under the Exchange Act. | SEC | [79 FR 47369, Aug. 12, 2014, as amended at 85 FR 6350, Feb. 4, 2020] | (a) The application shall be in writing in the form of a letter, must include any supporting documents necessary to make the application complete, and otherwise must comply with § 240.0-3. All applications must be submitted to the Office of the Secretary of the Commission, by a party that potentially would comply with requirements under the Exchange Act pursuant to a substituted compliance or listed jurisdiction order, or by the relevant foreign financial regulatory authority or authorities. If an application is incomplete, the Commission may request that the application be withdrawn unless the applicant can justify, based on all the facts and circumstances, why supporting materials have not been submitted and undertakes to submit the omitted materials promptly. (b) An applicant may submit a request electronically. The electronic mailbox to use for these applications is described on the Commission's website at www.sec.gov in the “Exchange Act Substituted Compliance and Listed Jurisdiction Applications” section. In the event electronic mailboxes are revised in the future, applicants can find the appropriate mailbox by accessing the “Electronic Mailboxes at the Commission” section. (c) All filings and submissions filed pursuant to this rule must be in the English language. If a filing or submission filed pursuant to this rule requires the inclusion of a document that is in a foreign language, a party must submit instead a fair and accurate English translation of the entire foreign language document. A party may submit a copy of the unabridged foreign language document when including an English translation of a foreign language document in a filing or submission filed pursuant to this rule. A party must provide a copy of any foreign language document upon the request of Commission staff. (d) An applicant also may submit a request in paper format. Five copies of every paper application and every amendment to such an application must be submitted to the Office of the Secretary at 100 F Street NE., Washington, DC … | ||||
| 17:17:4.0.1.1.1.1.59.13 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a1-1 Exemption from the definition of “Exchange” under Section 3(a)(1) of the Act. | SEC | [63 FR 70917, Dec. 22, 1998, as amended at 74 FR 52372, Oct. 9, 2009; 83 FR 38911, Aug. 7, 2018; 88 FR 87285, Dec. 15, 2023] | (a) An organization, association, or group of persons shall be exempt from the definition of the term “exchange” under section 3(a)(1) of the Act, (15 U.S.C. 78c(a)(1)), if such organization, association, or group of persons: (1) Is operated by a national securities association; (2) Is in compliance with Regulation ATS, 17 CFR 242.300 through 242.304; (3) Pursuant to paragraph (a) of § 242.301 of Regulation ATS, 17 CFR 242.301(a), is not required to comply with Regulation ATS, 17 CFR 242.300 through 242.304; (4) Has registered with the Commission as a security-based swap execution facility pursuant § 242.803 of this chapter and provides a market place or facilities for no securities other than security-based swaps; or (5) Has registered with the Commission as a clearing agency pursuant to section 17A of the Act (15 U.S.C. 78q-1) and limits its exchange functions to operation of a trading session that is designed to further the accuracy of end-of-day valuations of security-based swaps. (b) Notwithstanding paragraphs (a)(1) through (3) of this section, an organization, association, or group of persons shall not be exempt under this section from the definition of “exchange,” if: (1) During three of the preceding four calendar quarters such organization, association, or group of persons had: (i) Fifty percent or more of the average daily dollar trading volume in any security and five percent or more of the average daily dollar trading volume in any class of securities; or (ii) Forty percent or more of the average daily dollar trading volume in any class of securities; and (2) The Commission determines, after notice to the organization, association, or group of persons, and an opportunity for such organization, association, or group of persons to respond, that such an exemption would not be necessary or appropriate in the public interest or consistent with the protection of investors taking into account the requirements for exchange registration under section 6 of the Act, (15 U.S.C. 78f), and the objectives… | ||||
| 17:17:4.0.1.1.1.1.59.14 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a4-1 Associated persons of an issuer deemed not to be brokers. | SEC | [50 FR 27946, July 9, 1985] | (a) An associated person of an issuer of securities shall not be deemed to be a broker solely by reason of his participation in the sale of the securities of such issuer if the associated person: (1) Is not subject to a statutory disqualification, as that term is defined in section 3(a)(39) of the Act, at the time of his participation; and (2) Is not compensated in connection with his participation by the payment of commissions or other remuneration based either directly or indirectly on transactions in securities; and (3) Is not at the time of his participation an associated person of a broker or dealer; and (4) Meets the conditions of any one of paragraph (a)(4) (i), (ii), or (iii) of this section. (i) The associated person restricts his participation to transactions involving offers and sales of securities: (A) To a registered broker or dealer; a registered investment company (or registered separate account); an insurance company; a bank; a savings and loan association; a trust company or similar institution supervised by a state or federal banking authority; or a trust for which a bank, a savings and loan association, a trust company, or a registered investment adviser either is the trustee or is authorized in writing to make investment decisions; or (B) That are exempted by reason of section 3(a)(7), 3(a)(9) or 3(a)(10) of the Securities Act of 1933 from the registration provisions of that Act; or (C) That are made pursuant to a plan or agreement submitted for the vote or consent of the security holders who will receive securities of the issuer in connection with a reclassification of securities of the issuer, a merger or consolidation or a similar plan of acquisition involving an exchange of securities, or a transfer of assets of any other person to the issuer in exchange for securities of the issuer; or (D) That are made pursuant to a bonus, profit-sharing, pension, retirement, thrift, savings, incentive, stock purchase, stock ownership, stock appreciation, stock option, dividend reinvestment or s… | ||||
| 17:17:4.0.1.1.1.1.59.15 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | §§ 240.3a4-2--240.3a4-6 [Reserved] | SEC | ||||||
| 17:17:4.0.1.1.1.1.59.16 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a5-1 Exemption from the definition of “dealer” for a bank engaged in riskless principal transactions. | SEC | [68 FR 8700, Feb. 24, 2003] | (a) A bank is exempt from the definition of the term “dealer” to the extent that it engages in or effects riskless principal transactions if the number of such riskless principal transactions during a calendar year combined with transactions in which the bank is acting as an agent for a customer pursuant to section 3(a)(4)(B)(xi) of the Act (15 U.S.C. 78c(a)(4)(B)(xi)) during that same year does not exceed 500. (b) For purposes of this section, the term riskless principal transaction means a transaction in which, after having received an order to buy from a customer, the bank purchased the security from another person to offset a contemporaneous sale to such customer or, after having received an order to sell from a customer, the bank sold the security to another person to offset a contemporaneous purchase from such customer. | ||||
| 17:17:4.0.1.1.1.1.59.17 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a5-2 Exemption from the definition of “dealer” for banks effecting transactions in securities issued pursuant to Regulation S. | SEC | [72 FR 56567, Oct. 3, 2007] | (a) A bank is exempt from the definition of the term “dealer” under section 3(a)(5) of the Act (15 U.S.C. 78c(a)(5)), to the extent that, in a riskless principal transaction, the bank: (1) Purchases an eligible security from an issuer or a broker-dealer and sells that security in compliance with the requirements of 17 CFR 230.903 to a purchaser who is not in the United States; (2) Purchases from a person who is not a U.S. person under 17 CFR 230.902(k) an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903, and resells that security to a purchaser who is not in the United States or to a registered broker or dealer, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904; or (3) Purchases from a registered broker or dealer an eligible security after its initial sale with a reasonable belief that the eligible security was initially sold outside of the United States within the meaning of and in compliance with the requirements of 17 CFR 230.903, and resells that security to a purchaser who is not in the United States, provided that if the resale is made prior to the expiration of any applicable distribution compliance period specified in 17 CFR 230.903(b)(2) or (b)(3), the resale is made in compliance with the requirements of 17 CFR 230.904. (b) Definitions. For purposes of this section: (1) Distributor has the same meaning as in 17 CFR 230.902(d). (2) Eligible security means a security that: (i) Is not being sold from the inventory of the bank or an affiliate of the bank; and (ii) Is not being underwritten by the bank or an affiliate of the bank on a firm-commitment basis, unless the bank acquired the security from an unaffiliated distributor that did not purchase the… | ||||
| 17:17:4.0.1.1.1.1.59.18 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a5-3 Exemption from the definition of “dealer” for banks engaging in securities lending transactions. | SEC | [72 FR 56567, Oct. 3, 2007] | (a) A bank is exempt from the definition of the term “dealer” under section 3(a)(5) of the Act (15 U.S.C. 78c(a)(5)), to the extent that, as a conduit lender, it engages in or effects securities lending transactions, and any securities lending services in connection with such transactions, with or on behalf of a person the bank reasonably believes to be: (1) A qualified investor as defined in section 3(a)(54)(A) of the Act (15 U.S.C. 78c(a)(54)(A)); or (2) Any employee benefit plan that owns and invests, on a discretionary basis, not less than $25,000,000 in investments. (b) Securities lending transaction means a transaction in which the owner of a security lends the security temporarily to another party pursuant to a written securities lending agreement under which the lender retains the economic interests of an owner of such securities, and has the right to terminate the transaction and to recall the loaned securities on terms agreed by the parties. (c) Securities lending services means: (1) Selecting and negotiating with a borrower and executing, or directing the execution of the loan with the borrower; (2) Receiving, delivering, or directing the receipt or delivery of loaned securities; (3) Receiving, delivering, or directing the receipt or delivery of collateral; (4) Providing mark-to-market, corporate action, recordkeeping or other services incidental to the administration of the securities lending transaction; (5) Investing, or directing the investment of, cash collateral; or (6) Indemnifying the lender of securities with respect to various matters. (d) For the purposes of this section, the term conduit lender means a bank that borrows or loans securities, as principal, for its own account, and contemporaneously loans or borrows the same securities, as principal, for its own account. A bank that qualifies under this definition as a conduit lender at the commencement of a transaction will continue to qualify, notwithstanding whether: (1) The lending or borrowing transaction terminates and … | ||||
| 17:17:4.0.1.1.1.1.59.19 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a5-4 Further definition of “as a part of a regular business” in connection with certain liquidity providers. | SEC | [89 FR 15009, Feb. 29, 2024] | (a) A person that is engaged in buying and selling securities for its own account is engaged in such activity “as a part of a regular business” as the phrase is used in section 3(a)(5)(B) of the Act (15 U.S.C. 78c(a)(5)(B)) if that person: (1) Engages in a regular pattern of buying and selling securities that has the effect of providing liquidity to other market participants by: (i) Regularly expressing trading interest that is at or near the best available prices on both sides of the market for the same security and that is communicated and represented in a way that makes it accessible to other market participants; or (ii) Earning revenue primarily from capturing bid-ask spreads, by buying at the bid and selling at the offer, or from capturing any incentives offered by trading venues to liquidity-supplying trading interest; and (2) Is not: (i) A person that has or controls total assets of less than $50 million; (ii) An investment company registered under the Investment Company Act of 1940; or (iii) A central bank, sovereign entity, or international financial institution. (b) For purposes of this section: (1) The term person has the same meaning as prescribed in section 3(a)(9) of the Act (15 U.S.C. 78c(a)(9)). (2) A person's own account means any account: (i) Held in the name of that person; or (ii) Held for the benefit of that person. (3) The term central bank means a reserve bank or monetary authority of a central government (including the Board of Governors of the Federal Reserve System or any of the Federal Reserve Banks) and the Bank for International Settlements. (4) The term international financial institution means the African Development Bank; African Development Fund; Asian Development Bank; Banco Centroamericano de Integración Económica; Bank for Economic Cooperation and Development in the Middle East and North Africa; Caribbean Development Bank; Corporación Andina de Fomento; Council of Europe Development Bank; European Bank for Reconstruction and Development; European Investmen… | ||||
| 17:17:4.0.1.1.1.1.59.2 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-2 Business hours of the Commission. | SEC | [58 FR 14682, Mar. 18, 1993, as amended at 65 FR 24801, Apr. 27, 2000; 68 FR 25799, May 13, 2003; 73 FR 973, Jan. 4, 2008; 88 FR 12209, Feb. 27, 2023] | (a) The principal office of the Commission, at 100 F Street, NE, Washington, DC 20549, is open each day, except Saturdays, Sundays, and Federal holidays, from 9 a.m. to 5:30 p.m., Eastern Standard Time or Eastern Daylight Saving Time, whichever currently is in effect in Washington, DC, provided that hours for the filing of documents pursuant to the Act or the rules and regulations thereunder are as set forth in paragraphs (b) and (c) of this section. (b) Submissions made in paper. Paper documents filed with or otherwise furnished to the Commission may be submitted to the Commission each day, except Saturdays, Sundays and federal holidays, from 8 a.m. to 5:30 p.m., Eastern Standard Time or Eastern Daylight Saving Time, whichever is currently in effect. (c) Electronic filings. Filings made by direct transmission may be submitted to the Commission each day, except Saturdays, Sundays, and Federal holidays, from 6 a.m. to 10 p.m., Eastern Standard Time or Eastern Daylight Saving Time, whichever is currently in effect. For registration and exemption of exchanges, see §§ 240.6a-1 to 240.6a-3. For forms for permanent registration of securities, see § 240.12b-1. For regulations relating to registration of securities, see §§ 240.12b-1 to 240.12b-36. For forms for applications for registration of brokers and dealers, see §§ 240.15b1-1 to 240.15b9-1. | ||||
| 17:17:4.0.1.1.1.1.59.3 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-3 Filing of material with the Commission. | SEC | [44 FR 4666, Jan. 23, 1979, as amended at 45 FR 58828, Sept. 5, 1980] | (a) All papers required to be filed with the Commission pursuant to the Act or the rules and regulations thereunder shall be filed at the principal office in Washington, DC. Material may be filed by delivery to the Commission, through the mails or otherwise. The date on which papers are actually received by the Commission shall be the date of filing thereof if all of the requirements with respect to the filing have been complied with, except that if the last day on which papers can be accepted as timely filed falls on a Saturday, Sunday or holiday, such papers may be filed on the first business day following. (b) The manually signed original (or in the case of duplicate originals, one duplicate original) of all registrations, applications, statements, reports, or other documents filed under the Securities Exchange Act of 1934, as amended, shall be numbered sequentially (in addition to any internal numbering which otherwise may be present) by handwritten, typed, printed, or other legible form of notation from the facing page of the document through the last page of that document and any exhibits or attachments thereto. Further, the total number of pages contained in a numbered original shall be set forth on the first page of the document. (c) Each document filed shall contain an exhibit index, which should immediately precede the exhibits filed with such document. The index shall list each exhibit filed and identify by handwritten, typed, printed, or other legible form of notation in the manually signed original, the page number in the sequential numbering system described in paragraph (b) of this section where such exhibit can be found or where it is stated that the exhibit is incorporated by reference. Further, the first page of the manually signed document shall list the page in the filing where the exhibit index is located. | ||||
| 17:17:4.0.1.1.1.1.59.4 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-4 Nondisclosure of information obtained in examinations and investigations. | SEC | [44 FR 50836, Aug. 30, 1979, as amended at 53 FR 17459, May 17, 1988; 76 FR 71876, Nov. 21, 2011] | Information or documents obtained by officers or employees of the Commission in the course of any examination or investigation pursuant to section 17(a) (48 Stat. 897, section 4, 49 Stat. 1379; 15 U.S.C. 78q(a)) or 21(a) (48 Stat. 899; 15 U.S.C. 78u(a)) shall, unless made a matter of public record, be deemed confidential. Except as provided by 17 CFR 203.2, officers and employees are hereby prohibited from making such confidential information or documents or any other non-public records of the Commission available to anyone other than a member, officer or employee of the Commission, unless the Commission or the General Counsel, pursuant to delegated authority, authorizes the disclosure of such information or the production of such documents as not being contrary to the public interest. Any officer or employee who is served with a subpoena requiring the disclosure of such information or the production of such documents shall appear in court and, unless the authorization described in the preceding sentence shall have been given, shall respectfully decline to disclose the information or produce the documents called for, basing his or her refusal upon this section. Any officer or employee who is served with such a subpoena shall promptly advise the General Counsel of the service of such subpoena, the nature of the information or documents sought, and any circumstances which may bear upon the desirability of making available such information or documents. | ||||
| 17:17:4.0.1.1.1.1.59.5 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-5 Reference to rule by obsolete designation. | SEC | [13 FR 8179, Dec. 22, 1948] | Wherever in any rule, form, or instruction book specific reference is made to a rule by number or other designation which is now obsolete, such reference shall be deemed to be made to the corresponding rule or rules in the existing general rules and regulations. | ||||
| 17:17:4.0.1.1.1.1.59.6 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-6 Disclosure detrimental to the national defense or foreign policy. | SEC | [33 FR 7682, May 24, 1968] | (a) Any requirement to the contrary notwithstanding, no registration statement, report, proxy statement or other document filed with the Commission or any securities exchange shall contain any document or information which, pursuant to Executive order, has been classified by an appropriate department or agency of the United States for protection in the interests of national defense or foreign policy. (b) Where a document or information is omitted pursuant to paragraph (a) of this section, there shall be filed, in lieu of such document or information, a statement from an appropriate department or agency of the United States to the effect that such document or information has been classified or that the status thereof is awaiting determination. Where a document is omitted pursuant to paragraph (a) of this section, but information relating to the subject matter of such document is nevertheless included in material filed with the Commission pursuant to a determination of an appropriate department or agency of the United States that disclosure of such information would not be contrary to the interests of national defense or foreign policy, a statement from such department or agency to that effect shall be submitted for the information of the Commission. A registrant may rely upon any such statement in filing or omitting any document or information to which the statement relates. (c) The Commission may protect any information in its possession which may require classification in the interests of national defense or foreign policy pending determination by an appropriate department or agency as to whether such information should be classified. (d) It shall be the duty of the registrant to submit the documents or information referred to in paragraph (a) of this section to the appropriate department or agency of the United States prior to filing them with the Commission and to obtain and submit to the Commission, at the time of filing such documents or information, or in lieu thereof, as the case may be, the statements … | ||||
| 17:17:4.0.1.1.1.1.59.7 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-8 Application of rules to registered broker-dealers. | SEC | [29 FR 12555, Sept. 3, 1964] | Any provision of any rule or regulation under the Act which prohibits any act, practice, or course of business by any person if the mails or any means or instrumentality of interstate commerce are used in connection therewith, shall also prohibit any such act, practice, or course of business by any broker or dealer registered pursuant to section 15(b) of the Act, or any person acting on behalf of such a broker or dealer, irrespective of any use of the mails or any means or instrumentality of interstate commerce. | ||||
| 17:17:4.0.1.1.1.1.59.8 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-9 Payment of filing fees. | SEC | [86 FR 70251, Dec. 9, 2021] | All payment of filing fees shall be made by wire transfer, debit card, or credit card or via the Automated Clearing House Network. Payment of filing fees required by this section shall be made in accordance with the directions set forth in § 202.3a of this chapter. | ||||
| 17:17:4.0.1.1.1.1.59.9 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.0-10 Small entities under the Securities Exchange Act for purposes of the Regulatory Flexibility Act. | SEC | [47 FR 5222, Feb. 4, 1982, as amended at 51 FR 25362, July 14, 1986; 63 FR 35514, June 30, 1998; 70 FR 37617, June 29, 2005] | For purposes of Commission rulemaking in accordance with the provisions of Chapter Six of the Administrative Procedure Act (5 U.S.C. 601 et seq. ), and unless otherwise defined for purposes of a particular rulemaking proceeding, the term small business or small organization shall: (a) When used with reference to an “issuer” or a “person,” other than an investment company, mean an “issuer” or “person” that, on the last day of its most recent fiscal year, had total assets of $5 million or less; (b) When used with reference to an “issuer” or “person” that is an investment company, have the meaning ascribed to those terms by § 270.0-10 of this chapter; (c) When used with reference to a broker or dealer, mean a broker or dealer that: (1) Had total capital (net worth plus subordinated liabilities) of less than $500,000 on the date in the prior fiscal year as of which its audited financial statements were prepared pursuant to § 240.17a-5(d) or, if not required to file such statements, a broker or dealer that had total capital (net worth plus subordinated liabilities) of less than $500,000 on the last business day of the preceding fiscal year (or in the time that it has been in business, if shorter); and (2) Is not affiliated with any person (other than a natural person) that is not a small business or small organization as defined in this section; (d) When used with reference to a clearing agency, mean a clearing agency that: (1) Compared, cleared and settled less than $500 million in securities transactions during the preceding fiscal year (or in the time that it has been in business, if shorter); (2) Had less than $200 million of funds and securities in its custody or control at all times during the preceding fiscal year (or in the time that it has been in business, if shorter); and (3) Is not affiliated with any person (other than a natural person) that is not a small business or small organization as defined in this section; (e) When used with reference to an exchange, mean any exchange that: (1) Has… | ||||
| 17:17:4.0.1.1.1.1.60.20 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a11-1 Definition of the term “equity security.” | SEC | [67 FR 19673, Apr. 23, 2002] | The term equity security is hereby defined to include any stock or similar security, certificate of interest or participation in any profit sharing agreement, preorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any put, call, straddle, or other option or privilege of buying such a security from or selling such a security to another without being bound to do so. | ||||
| 17:17:4.0.1.1.1.1.61.21 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-1 Exemption of certain mortgages and interests in mortgages. | SEC | [37 FR 25167, Nov. 28, 1972] | Mortgages, as defined in section 302(d) of the Emergency Home Finance Act of 1970, which are or have been sold by the Federal Home Loan Mortgage Corporation are hereby exempted from the operation of such provisions of the Act as by their terms do not apply to an “exempted security” or to “exempted securities”. | ||||
| 17:17:4.0.1.1.1.1.61.22 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-2 [Reserved] | SEC | ||||||
| 17:17:4.0.1.1.1.1.61.23 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-3 Exemption from sections 14(a), 14(b), 14(c), 14(f) and 16 for securities of certain foreign issuers. | SEC | [44 FR 70137, Dec. 6, 1979, as amended at 47 FR 54780, Dec. 6, 1982; 56 FR 30067, July 1, 1991] | (a) Securities for which the filing of registration statements on Form 18 [17 CFR 249.218] are authorized shall be exempt from the operation of sections 14 and 16 of the Act. (b) Securities registered by a foreign private issuer, as defined in Rule 3b-4 (§ 240.3b-4 of this chapter), shall be exempt from sections 14(a), 14(b), 14(c), 14(f) and 16 of the Act. | ||||
| 17:17:4.0.1.1.1.1.61.24 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-4 Exemptions from sections 15(a) and 15(c)(3) for certain mortgage securities. | SEC | [39 FR 19945, June 5, 1974] | (a) When used in this Rule the following terms shall have the meanings indicated: (1) The term whole loan mortgage means an evidence of indebtedness secured by mortgage, deed of trust, or other lien upon real estate or upon leasehold interests therein where the entire mortgage, deed or other lien is transferred with the entire evidence of indebtedness. (2) The term aggregated whole loan mortgage means two or more whole loan mortgages that are grouped together and sold to one person in one transaction. (3) The term participation interest means an undivided interest representing one of only two such interests in a whole loan mortgage or in an aggregated whole loan mortgage, provided that the other interest is retained by the originator of such participation interest. (4) The term commitment means a contract to purchase a whole loan mortgage, an aggregated whole loan mortgage or a participation interest which by its terms requires that the contract be fully executed within 2 years. (5) The term mortgage security means a whole loan mortgage, an aggregated whole loan mortgage, a participation interest, or a commitment. (b) A mortgage security shall be deemed an “exempted security” for purposes of subsections (a) and (c)(3) of section 15 of the Act provided that, in the case of and at the time of any sale of the mortgage security by a broker or dealer, such mortgage security is not in default and has an unpaid principal amount of at least $50,000. | ||||
| 17:17:4.0.1.1.1.1.61.25 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-5 Exemption of certain investment contract securities from sections 7(c) and 11(d)(1). | SEC | [40 FR 6646, Feb. 13, 1975] | (a) An investment contract security involving the direct ownership of specified residential real property shall be exempted from the provisions of sections 7(c) and 11(d)(1) of the Act with respect to any transaction by a broker or dealer who, directly or indirectly, arranges for the extension or maintenance of credit on the security to or from a customer, if the credit: (1) Is secured by a lien, mortgage, deed of trust, or any other similar security interest related only to real property: Provided, however, That this provision shall not prevent a lender from requiring (i) a security interest in the common areas and recreational facilities or furniture and fixtures incidental to the investment contract if the purchase of such furniture and fixtures is required by, or subject to the approval of, the issuer, as a condition of purchase; or (ii) an assignment of future rentals in the event of default by the purchaser or a co-signer or guarantor on the debt obligation other than the issuer, its affiliates, or any broker or dealer offering such securities; (2) Is to be repaid by periodic payments of principal and interest pursuant to an amortization schedule established by the governing instruments: Provided, however, That this provision shall not prevent the extension of credit on terms which require the payment of interest only, if extended in compliance with the other provisions of this rule; and (3) Is extended by a lender which is not, directly or indirectly controlling, controlled by, or under common control with the broker or dealer or the issuer of the securities or affiliates thereof. (b) For purposes of this rule: (1) Residential real property shall mean real property containing living accommodations, whether used on a permanent or transient basis, and may include furniture or fixtures if required as a condition of purchase of the investment contract or if subject to the approval of the issuer. (2) Direct ownership shall mean ownership of a fee or leasehold estate or a beneficial interest in a t… | ||||
| 17:17:4.0.1.1.1.1.61.26 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-6 Definition of “common trust fund” as used in section 3(a)(12) of the Act. | SEC | [43 FR 2392, Jan. 17, 1978] | The term common trust fund as used in section 3(a)(12) of the Act (15 U.S.C. 78c(a)(12)) shall include a common trust fund which is maintained by a bank which is a member of an affiliated group, as defined in section 1504(a) of the Internal Revenue Code of 1954 (26 U.S.C. 1504(a)), and which is maintained exclusively for the collective investment and reinvestment of monies contributed thereto by one or more bank members of such affiliated group in the capacity of trustee, executor, administrator, or guardian; Provided, That: (a) The common trust fund is operated in compliance with the same state and federal regulatory requirements as would apply if the bank maintaining such fund and any other contributing banks were the same entity; and (b) The rights of persons for whose benefit a contributing bank acts as trustee, executor, administrator, or guardian would not be diminished by reason of the maintenance of such common trust fund by another bank member of the affiliated group. | ||||
| 17:17:4.0.1.1.1.1.61.27 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-7 Exemption for certain derivative securities traded otherwise than on a national securities exchange. | SEC | [49 FR 5073, Feb. 10, 1984] | Any put, call, straddle, option, or privilege traded exclusively otherwise than on a national securities exchange and for which quotations are not disseminated through an automated quotation system of a registered securities association, which relates to any securities which are direct obligations of, or obligations guaranteed as to principal or interest by, the United States, or securities issued or guaranteed by a corporation in which the United States has a direct or indirect interest as shall be designated for exemption by the Secretary of the Treasury pursuant to section 3(a)(12) of the Act, shall be exempt from all provisions of the Act which by their terms do not apply to any “exempted security” or “exempted securities,” provided that the securities underlying such put, call, straddle, option or privilege represent an obligation equal to or exceeding $250,000 principal amount. | ||||
| 17:17:4.0.1.1.1.1.61.28 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-8 Exemption for designated foreign government securities for purposes of futures trading. | SEC | [49 FR 8599, Mar. 8, 1984, as amended at 51 FR 25998, July 18, 1986; 52 FR 8877, Mar. 20, 1987; 52 FR 42279, Nov. 4, 1987; 53 FR 43863, Oct. 31, 1988; 57 FR 1378, Jan. 14, 1992; 59 FR 54815, Nov. 2, 1994; 60 FR 62326, Dec. 6, 1995; 61 FR 10274, Mar. 13, 1996; 64 FR 10567, Mar. 5, 1999; 64 FR 29553, June 2, 1999] | (a) When used in this Rule, the following terms shall have the meaning indicated: (1) The term designated foreign government security shall mean a security not registered under the Securities Act of 1933 nor the subject of any American depositary receipt so registered, and representing a debt obligation of the government of (i) The United Kingdom of Great Britain and Northern Ireland; (ii) Canada; (iii) Japan; (iv) The Commonwealth of Australia; (v) The Republic of France; (vi) New Zealand; (vii) The Republic of Austria; (viii) The Kingdom of Denmark; (ix) The Republic of Finland; (x) The Kingdom of the Netherlands; (xi) Switzerland; (xii) The Federal Republic of Germany; (xiii) The Republic of Ireland; (xiv) The Republic of Italy; (xv) The Kingdom of Spain; (xvi) The United Mexican States; (xvii) The Federative Republic of Brazil; (xviii) The Republic of Argentina; (xix) The Republic of Venezuela; (xx) The Kingdom of Belgium; or (xxi) The Kingdom of Sweden. (2) The term qualifying foreign futures contracts shall mean any contracts for the purchase or sale of a designated foreign government security for future delivery, as “future delivery” is defined in 7 U.S.C. 2, provided such contracts require delivery outside the United States, any of its possessions or territories, and are traded on or through a board of trade, as defined at 7 U.S.C. 2. (b) Any designated foreign government security shall, for purposes only of the offer, sale or confirmation of sale of qualifying foreign futures contracts, be exempted from all provisions of the Act which by their terms do not apply to an “exempted security” or “exempted securities.” | ||||
| 17:17:4.0.1.1.1.1.61.29 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-9 Exemption of certain direct participation program securities from the arranging provisions of sections 7(c) and 11(d)(1). | SEC | [51 FR 8801, Mar. 14, 1986] | (a) Direct participation program securities sold on a basis whereby the purchase price is paid to the issuer in one or more mandatory deferred payments shall be deemed to be exempted securities for purposes of the arranging provisions of sections 7(c) and 11(d)(1) of the Act, provided that: (1) The securities are registered under the Securities Act of 1933 or are sold or offered exclusively on an intrastate basis in reliance upon section 3(a)(11) of that Act; (2) The mandatory deferred payments bear a reasonable relationship to the capital needs and program objectives described in a business development plan disclosed to investors in a registration statement filed with the Commission under the Securities Act of 1933 or, where no registration statement is required to be filed with the Commission, as part of a statement filed with the relevant state securities administrator; (3) Not less than 50 percent of the purchase price of the direct participation program security is paid by the investor at the time of sale; (4) The total purchase price of the direct participation program security is due within three years in specified property programs or two years in non-specified property programs. Such pay-in periods are to be measured from the earlier of the completion of the offering or one year following the effective date of the offering. (b) For purposes of this rule: (1) Direct participation program shall mean a program financed through the sale of securities, other than securities that are listed on an exchange, quoted on NASDAQ, or will otherwise be actively traded during the pay-in period as a result of efforts by the issuer, underwriter, or other participants in the initial distribution of such securities, that provides for flow-through tax consequences to its investors; Provided, however, That the term “direct participation program” does not include real estate investment trusts, Subchapter S corporate offerings, tax qualified pension and profit sharing plans under sections 401 and 403(a) of the Intern… | ||||
| 17:17:4.0.1.1.1.1.61.30 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-10 Exemption of certain securities issued by the Resolution Funding Corporation. | SEC | [54 FR 37789, Sept. 13, 1989] | Securities that are issued by the Resolution Funding Corporation pursuant to section 21B(f) of the Federal Home Loan Bank Act (12 U.S.C. 1421 et seq. ) are exempt from the operation of all provisions of the Act that by their terms do not apply to any “exempted security” or to “exempted securities.” | ||||
| 17:17:4.0.1.1.1.1.61.31 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-11 Exemption from sections 8(a), 14(a), 14(b), and 14(c) for debt securities listed on a national securities exchange. | SEC | [59 FR 55347, Nov. 7, 1994] | (a) Debt securities that are listed for trading on a national securities exchange shall be exempt from the restrictions on borrowing of section 8(a) of the Act (15 U.S.C. 78h(a)). (b) Debt securities registered pursuant to the provisions of section 12(b) of the Act (15 U.S.C. 78 l (b)) shall be exempt from sections 14(a), 14(b), and 14(c) of the Act (15 U.S.C. 78n(a), (b), and (c)), except that §§ 240.14a-1, 240.14a-2(a), 240.14a-9, 240.14a-13, 240.14b-1, 240.14b-2, 240.14c-1, 240.14c-6 and 240.14c-7 shall continue to apply. (c) For purposes of this section, debt securities is defined to mean any securities that are not “equity securities” as defined in section 3(a)(11) of the Act (15 U.S.C. 78c(a)(11)) and § 240.3a11-1 thereunder. | ||||
| 17:17:4.0.1.1.1.1.61.32 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a12-12 Exemption from certain provisions of section 16 of the Act for asset-backed securities. | SEC | [70 FR 1620, Jan. 7, 2005] | Asset-backed securities, as defined in § 229.1101 of this chapter, are exempt from section 16 of the Act (15 U.S.C. 78p). | ||||
| 17:17:4.0.1.1.1.1.61.33 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a40-1 Designation of financial responsibility rules. | SEC | [44 FR 28318, May 15, 1979] | The term financial responsibility rules for purposes of the Securities Investor Protection Act of 1970 shall include: (a) Any rule adopted by the Commission pursuant to sections 8, 15(c)(3), 17(a) or 17(e)(1)(A) of the Securities Exchange Act of 1934; (b) Any rule adopted by the Commission relating to hypothecation or lending of customer securities; (c) Any rule adopted by any self-regulatory organization relating to capital, margin, recordkeeping, hypothecation or lending requirements; and (d) Any other rule adopted by the Commission or any self-regulatory organization relating to the protection of funds or securities. | ||||
| 17:17:4.0.1.1.1.1.61.34 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a43-1 Customer-related government securities activities incidental to the futures-related business of a futures commission merchant registered with the Commodity Futures Trading Commission. | SEC | [52 FR 27969, July 24, 1987] | (a) A futures commission merchant registered with the Commodity Futures Trading Commission (“CFTC”) is not a government securities broker or government securities dealer solely because such futures commission merchant effects transactions in government securities that are defined in paragraph (b) of this section as incidental to such person's futures-related business. (b) Provided that the futures commission merchant maintains in a regulated account all funds and securities associated with such government securities transactions (except funds and securities associated with transactions under paragraph (b)(1)(i) of this section and does not advertise that it is in the business of effecting transactions in government securities otherwise than in connection with futures or options on futures trading or the investment of margin or excess funds related to such trading or the trading of any other instrument subject to CFTC jurisdiction, the following transactions in government securities are incidental to the futures-related business of such a futures commission merchant: (1) Transactions as agent for a customer— (i) To effect delivery pursuant to a futures contract; or (ii) For risk reduction or arbitrage of existing or contemporaneously created postions in futures or options on futures; (2) Transactions as agent for a customer for investment of margin and excess funds related to futures or options on futures trading or the trading of other instruments subject to CFTC jurisdiction, provided further that, (i) Such transactions involve Treasury securities with a maturity of less than 93 days at the time of the transation. (ii) Such transactions generate no monetary profit for the futures commission merchant in excess of the costs of executing such transactions, or (iii) Such transactions are unsolicited, and commissions and other income generated on transactions pursuant to this paragraph (b)(2)(iii) (including transactional fees paid by the futures commission merchant and charged to its customer) do not exceed … | ||||
| 17:17:4.0.1.1.1.1.61.35 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a44-1 Proprietary government securities transactions incidental to the futures-related business of a CFTC-regulated person. | SEC | [52 FR 27970, July 24, 1987] | (a) A person registered with the Commodity Futures Trading Commission (“CFTC”), a contract market designated by the CFTC, such a contract market's affiliated clearing organization, or any floor trader or such a contract market (hereinafter referred to collectively as a “CFTC-regulated person”) is not a government securities dealer solely because such person effects transactions for its own account in government securities that are defined in paragraph (b) of this section as incidental to such person's futures-related business. (b) Provided that a CFTC-regulated person does not advertise or otherwise hold itself out as a government securities dealer except as permitted under rule 3a43-1 (§ 240.3a43-1) the following transactions in government securities for its own account are incidental to the futures-related business of such a CFTC-regulated person: (1) Transactions to effect delivery of a government security pursuant to a futures contract; (2) Exchange of futures for physicals transactions with (i) a government securities broker or government securities dealer that has registered with the Commission or filed notice pursuant to section 15C(a) of the Act or (ii) a CFTC-regulated person; (3) Transactions (including repurchase agreements and reverse repurchase agreements) involving segregated customer funds and securities or funds and securities held by a clearing organization with (i) a government securities broker or government securities dealer that has registered with the Commission of filed notice pursuant to section 15C(a) of the Act or (ii) a bank; (4) Transactions for risk reduction or arbitrage of existing or contemporaneously created positions in futures or options on futures with (i) a government securities broker or government securities dealer that has registered with the Commission or filed notice pursuant to section 15C(a) of the Act or (ii) a CFTC-regulated person; (5) Repurchase and reverse repurchase agreement transactions between a futures commission merchant acting in a proprietary capacity… | ||||
| 17:17:4.0.1.1.1.1.61.36 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a44-2 Further definition of “as a part of a regular business” in connection with certain liquidity providers. | SEC | [89 FR 15009, Feb. 29, 2024] | (a) A person that is engaged in buying and selling government securities for its own account is engaged in such activity “as a part of a regular business” as the phrase is used in section 3(a)(44)(A) of the Act (15 U.S.C. 78c(a)(44)(A)) if that person: (1) Engages in a regular pattern of buying and selling government securities that has the effect of providing liquidity to other market participants by: (i) Regularly expressing trading interest that is at or near the best available prices on both sides of the market for the same security and that is communicated and represented in a way that makes it accessible to other market participants; or (ii) Earning revenue primarily from capturing bid-ask spreads, by buying at the bid and selling at the offer, or from capturing any incentives offered by trading venues to liquidity-supplying trading interest; and (2) Is not: (i) A person that has or controls total assets of less than $50 million; or (ii) An investment company registered under the Investment Company Act of 1940; or (iii) A central bank, sovereign entity, or international financial institution. (b) For purposes of this section: (1) The term person has the same meaning as prescribed in section 3(a)(9) of the Act (15 U.S.C. 78c(a)(9)). (2) A person's own account means any account: (i) Held in the name of that person; or (ii) Held for the benefit of that person. (3) The term central bank means a reserve bank or monetary authority of a central government (including the Board of Governors of the Federal Reserve System or any of the Federal Reserve Banks) and the Bank for International Settlements. (4) The term international financial institution means the African Development Bank; African Development Fund; Asian Development Bank; Banco Centroamericano de Integración Económica; Bank for Economic Cooperation and Development in the Middle East and North Africa; Caribbean Development Bank; Corporación Andina de Fomento; Council of Europe Development Bank; European Bank for Reconstruction and Deve… | ||||
| 17:17:4.0.1.1.1.1.61.37 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a51-1 Definition of “penny stock”. | SEC | [57 FR 18032, Apr. 28, 1992, as amended at 58 FR 58101, Oct. 29, 1993; 70 FR 40631, July 13, 2005; 70 FR 46090, Aug. 9, 2005; 83 FR 50221, Oct. 4, 2018; 83 FR 58427, Nov. 19, 2018; 86 FR 18809, Apr. 9, 2021; 89 FR 26608, Apr. 15, 2024] | For purposes of section 3(a)(51) of the Act, the term “penny stock” shall mean any equity security other than a security: (a) That is an NMS stock, as defined in § 242.600(b)(65) of this chapter, provided that: (1) The security is registered, or approved for registration upon notice of issuance, on a national securities exchange that has been continuously registered as a national securities exchange since April 20, 1992 (the date of the adoption of Rule 3a51-1 (§ 240.3a51-1) by the Commission); and the national securities exchange has maintained quantitative listing standards that are substantially similar to or stricter than those listing standards that were in place on that exchange on January 8, 2004; or (2) The security is registered, or approved for registration upon notice of issuance, on a national securities exchange, or is listed, or approved for listing upon notice of issuance on, an automated quotation system sponsored by a registered national securities association, that: (i) Has established initial listing standards that meet or exceed the following criteria: (A) The issuer shall have: ( 1 ) Stockholders' equity of $5,000,000; ( 2 ) Market value of listed securities of $50 million for 90 consecutive days prior to applying for the listing (market value means the closing bid price multiplied by the number of securities listed); or ( 3 ) Net income of $750,000 (excluding non-recurring items) in the most recently completed fiscal year or in two of the last three most recently completed fiscal years; (B) The issuer shall have an operating history of at least one year or a market value of listed securities of $50 million (market value means the closing bid price multiplied by the number of securities listed); (C) The issuer's stock, common or preferred, shall have a minimum bid price of $4 per share; (D) In the case of common stock, there shall be at least 300 round lot holders of the security (a round lot holder means a holder of a normal unit of trading); (E) In the case of common stock, ther… | ||||
| 17:17:4.0.1.1.1.1.61.38 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a55-1 Method for determining market capitalization and dollar value of average daily trading volume; application of the definition of narrow-based security index. | SEC | [66 FR 44514, Aug. 23, 2001, as amended at 70 FR 43750, July 29, 2005] | (a) Market capitalization. For purposes of Section 3(a)(55)(C)(i)(III)(bb) of the Act (15 U.S.C. 78c(a)(55)(C)(i)(III)(bb)): (1) On a particular day, a security shall be 1 of 750 securities with the largest market capitalization as of the preceding 6 full calendar months when it is included on a list of such securities designated by the Commission and the CFTC as applicable for that day. (2) In the event that the Commission and the CFTC have not designated a list under paragraph (a)(1) of this section: (i) The method to be used to determine market capitalization of a security as of the preceding 6 full calendar months is to sum the values of the market capitalization of such security for each U.S. trading day of the preceding 6 full calendar months, and to divide this sum by the total number of such trading days. (ii) The 750 securities with the largest market capitalization shall be identified from the universe of all NMS securities as defined in § 242.600 of this chapter that are common stock or depositary shares. (b) Dollar value of ADTV. (1) For purposes of Section 3(a)(55)(B) of the Act (15 U.S.C. 78c(a)(55)(B)): (i)(A) The method to be used to determine the dollar value of ADTV of a security is to sum the dollar value of ADTV of all reported transactions in such security in each jurisdiction as calculated pursuant to paragraphs (b)(1)(ii) and (iii). (B) The dollar value of ADTV of a security shall include the value of all reported transactions for such security and for any depositary share that represents such security. (C) The dollar value of ADTV of a depositary share shall include the value of all reported transactions for such depositary share and for the security that is represented by such depositary share. (ii) For trading in a security in the United States, the method to be used to determine the dollar value of ADTV as of the preceding 6 full calendar months is to sum the value of all reported transactions in such security for each U.S. trading day during the preceding 6 full calendar m… | ||||
| 17:17:4.0.1.1.1.1.61.39 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a55-2 Indexes underlying futures contracts trading for fewer than 30 days. | SEC | [66 FR 44514, Aug. 23, 2001] | (a) An index on which a contract of sale for future delivery is trading on a designated contract market, registered derivatives transaction execution facility, or foreign board of trade is not a narrow-based security index under Section 3(a)(55) of the Act (15 U.S.C. 78c(a)(55)) for the first 30 days of trading, if: (1) Such index would not have been a narrow-based security index on each trading day of the preceding 6 full calendar months with respect to a date no earlier than 30 days prior to the commencement of trading of such contract; (2) On each trading day of the preceding 6 full calendar months with respect to a date no earlier than 30 days prior to the commencement of trading such contract: (i) Such index had more than 9 component securities; (ii) No component security in such index comprised more than 30 percent of the index's weighting; (iii) The 5 highest weighted component securities in such index did not comprise, in the aggregate, more than 60 percent of the index's weighting; and (iv) The dollar value of the trading volume of the lowest weighted 25% of such index was not less than $50 million (or in the case of an index with 15 or more component securities, $30 million); or (3) On each trading day of the preceding 6 full calendar months, with respect to a date no earlier than 30 days prior to the commencement of trading such contract: (i) Such index had at least 9 component securities; (ii) No component security in such index comprised more than 30 percent of the index's weighting; and (iii) Each component security in such index was: (A) Registered pursuant to Section 12 of the Act (15 U.S.C. 78) or was a depositary share representing a security registered pursuant to Section 12 of the Act; (B) 1 of 750 securities with the largest market capitalization that day; and (C) 1 of 675 securities with the largest dollar value of trading volume that day. (b) An index that is not a narrow-based security index for the first 30 days of trading pursuant to paragraph (a) of this section, shall bec… | ||||
| 17:17:4.0.1.1.1.1.61.40 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a55-3 Futures contracts on security indexes trading on or subject to the rules of a foreign board of trade. | SEC | [66 FR 44514, Aug. 23, 2001] | When a contract of sale for future delivery on a security index is traded on or subject to the rules of a foreign board of trade, such index shall not be a narrow-based security index if it would not be a narrow-based security index if a futures contract on such index were traded on a designated contract market or registered derivatives transaction execution facility. | ||||
| 17:17:4.0.1.1.1.1.61.41 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a55-4 Exclusion from definition of narrow-based security index for indexes composed of debt securities. | SEC | [71 FR 39542, July 13, 2006] | (a) An index is not a narrow-based security index if: (1)(i) Each of the securities of an issuer included in the index is a security, as defined in section 2(a)(1) of the Securities Act of 1933(15 U.S.C. 77b(a)(1)) and section 3(a)(10) of the Act (15 U.S.C. 78c(a)(10)) and the respective rules promulgated thereunder, that is a note, bond, debenture, or evidence of indebtedness; (ii) None of the securities of an issuer included in the index is an equity security, as defined in section 3(a)(11) of the Act (15 U.S.C. 78c(a)(11)) and the rules promulgated thereunder; (iii) The index is comprised of more than nine securities that are issued by more than nine non-affiliated issuers; (iv) The securities of any issuer included in the index do not comprise more than 30 percent of the index's weighting; (v) The securities of any five non-affiliated issuers included in the index do not comprise more than 60 percent of the index's weighting; (vi) Except as provided in paragraph (a)(1)(viii) of this section, for each security of an issuer included in the index one of the following criteria is satisfied: (A) The issuer of the security is required to file reports pursuant to section 13 or section 15(d) of the Act (15 U.S.C. 78m and 78 o (d)); (B) The issuer of the security has a [Worldwide market value of its outstanding common equity held by non-affiliates of $71 million or more; (C) The issuer of the security has outstanding securities that are notes, bonds, debentures, or evidences of indebtedness having a total remaining principal amount of at least $1 billion; (D) The security is an exempted security as defined in section 3(a)(12) of the Act (15 U.S.C. 78c(a)(12)) and the rules promulgated thereunder; or (E) The issuer of the security is a government of a foreign country or a political subdivision of a foreign country; (vii) Except as provided in paragraph (a)(1)(viii) of this section, for each security of an issuer included in the index one of the following criteria is satisfied (A) The security has a total r… | ||||
| 17:17:4.0.1.1.1.1.62.42 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-1 Definition of “major security-based swap participant.” | SEC | (a) General. Major security-based swap participant means any person: (1) That is not a security-based swap dealer; and (2)(i) That maintains a substantial position in security-based swaps for any of the major security-based swap categories, excluding both positions held for hedging or mitigating commercial risk, and positions maintained by any employee benefit plan (or any contract held by such a plan) as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002) for the primary purpose of hedging or mitigating any risk directly associated with the operation of the plan; (ii) Whose outstanding security-based swaps create substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets; or (iii) That is a financial entity that: (A) Is highly leveraged relative to the amount of capital such entity holds and that is not subject to capital requirements established by an appropriate Federal banking agency (as defined in 15 U.S.C. 78c(a)(72)); and (B) Maintains a substantial position in outstanding security-based swaps in any major security-based swap category. (b) Scope of designation. A person that is a major security-based swap participant in general shall be deemed to be a major security-based swap participant with respect to each security-based swap it enters into, regardless of the category of the security-based swap or the person's activities in connection with the security-based swap, unless the Commission limits the person's designation as a major security-based swap participant to specified categories of security-based swaps. | |||||
| 17:17:4.0.1.1.1.1.62.43 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-2 Categories of security-based swaps. | SEC | For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and the rules thereunder, the terms major security-based swap category, category of security-based swaps and any similar terms mean either of the following categories of security-based swaps: (a) Debt security-based swaps. Any security-based swap that is based, in whole or in part, on one or more instruments of indebtedness (including loans), or on a credit event relating to one or more issuers or securities, including but not limited to any security-based swap that is a credit default swap, total return swap on one or more debt instruments, debt swap, debt index swap, or credit spread. (b) Other security-based swaps. Any security-based swap not described in paragraph (a) of this section. | |||||
| 17:17:4.0.1.1.1.1.62.44 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-3 Definition of “substantial position.” | SEC | (a) General. For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and § 240.3a67-1, the term substantial position means security-based swap positions that equal or exceed either of the following thresholds in any major category of security-based swaps: (1) $1 billion in daily average aggregate uncollateralized outward exposure; or (2) $2 billion in: (i) Daily average aggregate uncollateralized outward exposure; plus (ii) Daily average aggregate potential outward exposure. (b) Aggregate uncollateralized outward exposure —(1) General. Aggregate uncollateralized outward exposure in general means the sum of the current exposure, obtained by marking-to-market using industry standard practices, of each of the person's security-based swap positions with negative value in a major security-based swap category, less the value of the collateral the person has posted in connection with those positions. (2) Calculation of aggregate uncollateralized outward exposure. In calculating this amount the person shall, with respect to each of its security-based swap counterparties in a given major security-based swap category: (i) Determine the dollar value of the aggregate current exposure arising from each of its security-based swap positions with negative value (subject to the netting provisions described below) in that major category by marking-to-market using industry standard practices; and (ii) Deduct from that dollar amount the aggregate value of the collateral the person has posted with respect to the security-based swap positions. (iii) The aggregate uncollateralized outward exposure shall be the sum of those uncollateralized amounts across all of the person's security-based swap counterparties in the applicable major category. (3) Relevance of netting agreements. (i) If a person has one or more master netting agreements with a counterparty, the person may measure the current exposure arising from its security-based swaps in any major category on a net basis, applying the terms of those agr… | |||||
| 17:17:4.0.1.1.1.1.62.45 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-4 Definition of “hedging or mitigating commercial risk.” | SEC | For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and § 240.3a67-1, a security-based swap position shall be deemed to be held for the purpose of hedging or mitigating commercial risk when: (a)(1) Such position is economically appropriate to the reduction of risks that are associated with the present conduct and management of a commercial enterprise (or of a majority owned affiliate of the enterprise), or are reasonably expected to arise in the future conduct and management of the commercial enterprise, where such risks arise from: (i) The potential change in the value of assets that a person owns, produces, manufactures, processes, or merchandises or reasonably anticipates owning, producing, manufacturing, processing, or merchandising in the ordinary course of business of the enterprise (or of an affiliate under common control with the enterprise); (ii) The potential change in the value of liabilities that a person has incurred or reasonably anticipates incurring in the ordinary course of business of the enterprise (or of an affiliate under common control with the enterprise); or (iii) The potential change in the value of services that a person provides, purchases, or reasonably anticipates providing or purchasing in the ordinary course of business of the enterprise (or of an affiliate under common control with the enterprise); (2) Depending on the applicable facts and circumstances, the security-based swap positions described in paragraph (a)(1) of this section may be expected to encompass, among other positions: (i) Positions established to manage the risk posed by a customer's, supplier's or counterparty's potential default in connection with: Financing provided to a customer in connection with the sale of real property or a good, product or service; a customer's lease of real property or a good, product or service; a customer's agreement to purchase real property or a good, product or service in the future; or a supplier's commitment to provide or sell a good, product or service in the … | |||||
| 17:17:4.0.1.1.1.1.62.46 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-5 Definition of “substantial counterparty exposure.” | SEC | (a) General. For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and § 240.3a67-1, the term substantial counterparty exposure that could have serious adverse effects on the financial stability of the United States banking system or financial markets means a security-based swap position that satisfies either of the following thresholds: (1) $2 billion in daily average aggregate uncollateralized outward exposure; or (2) $4 billion in: (i) Daily average aggregate uncollateralized outward exposure; plus (ii) Daily average aggregate potential outward exposure. (b) Calculation. For these purposes, daily average aggregate uncollateralized outward exposure and daily average aggregate potential outward exposure shall be calculated the same way as is prescribed in § 240.3a67-3, except that these amounts shall be calculated by reference to all of the person's security-based swap positions, rather than by reference to a specific major security-based swap category. | |||||
| 17:17:4.0.1.1.1.1.62.47 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-6 Definition of “financial entity.” | SEC | (a) General. For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and § 240.3a67-1, the term financial entity means: (1) A swap dealer; (2) A major swap participant; (3) A commodity pool as defined in section 1a(10) of the Commodity Exchange Act (7 U.S.C. 1a(10)); (4) A private fund as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)); (5) An employee benefit plan as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002); and (6) A person predominantly engaged in activities that are in the business of banking or financial in nature, as defined in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843k). (b) Exclusion for centralized hedging facilities —(1) General. Notwithstanding paragraph (a) of this section, for purposes of this section the term financial entity shall not encompass a person that would be a financial entity solely as a result of the person's activities that facilitate hedging and/or treasury functions on behalf of one or more majority-owned affiliates that themselves do not constitute a financial entity. (2) Meaning of majority-owned. For these purposes the counterparties to a security-based swap are majority-owned affiliates if one counterparty directly or indirectly owns a majority interest in the other, or if a third party directly or indirectly owns a majority interest in both counterparties to the security-based swap, where “majority interest” includes, but is not limited to, the right to vote or direct the vote of a majority of a class of voting securities of an entity, the power to sell or direct the sale of a majority of a class of voting securities of an entity, or the right to receive upon dissolution or the contribution of a majority of the capital of a partnership. | |||||
| 17:17:4.0.1.1.1.1.62.48 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-7 Definition of “highly leveraged.” | SEC | (a) General. For purposes of section 3(a)(67) of the Act, 15 U.S.C. 78c(a)(67), and § 240.3a67-1, the term highly leveraged means the existence of a ratio of an entity's total liabilities to equity in excess of 12 to 1 as measured at the close of business on the last business day of the applicable fiscal quarter. (b) Measurement of liabilities and equity. For purposes of this section, liabilities and equity generally should each be determined in accordance with U.S. generally accepted accounting principles; provided, however, that a person that is an employee benefit plan, as defined in paragraphs (3) and (32) of section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002), may, for purposes of this paragraph (b): (1) Exclude obligations to pay benefits to plan participants from the calculation of liabilities; and (2) Substitute the total value of plan assets for equity. | |||||
| 17:17:4.0.1.1.1.1.62.49 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-8 Timing requirements, reevaluation period, and termination of status. | SEC | (a) Timing requirements. A person that is not registered as a major security-based swap participant, but that meets the criteria in § 240.3a67-1 to be a major security-based swap participant as a result of its security-based swap activities in a fiscal quarter, will not be deemed to be a major security-based swap participant until the earlier of the date on which it submits a complete application for registration pursuant to section 15F of the Act (15 U.S.C. 78o-10) or two months after the end of that quarter. (b) Reevaluation period. Notwithstanding paragraph (a) of this section, if a person that is not registered as a major security-based swap participant meets the criteria in § 240.3a67-1 to be a major security-based swap participant in a fiscal quarter, but does not exceed any applicable threshold by more than twenty percent in that quarter: (1) That person will not immediately be deemed a major security-based swap participant pursuant to the timing requirements specified in paragraph (a) of this section; but (2) That person will be deemed a major security-based swap participant pursuant to the timing requirements specified in paragraph (a) of this section at the end of the next fiscal quarter if the person exceeds any of the applicable daily average thresholds in that next fiscal quarter. (c) Termination of status. A person that is deemed to be a major security-based swap participant shall continue to be deemed a major security-based swap participant until such time that its security-based swap activities do not exceed any of the daily average thresholds set forth within § 240.3a67-1 for four consecutive fiscal quarters after the date on which the person becomes registered as a major security-based swap participant. | |||||
| 17:17:4.0.1.1.1.1.62.50 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-9 Calculation of major participant status by certain persons. | SEC | A person shall not be deemed to be a major security-based swap participant, regardless of whether the criteria in § 240.3a67-1 otherwise would cause the person to be a major security-based swap participant, provided the person meets the conditions set forth in paragraph (a) of this section. (a) Conditions —(1) Caps on uncollateralized exposure and notional positions —(i) Maximum potential uncollateralized exposure. The express terms of the person's agreements or arrangements relating to security-based swaps with its counterparties at no time would permit the person to maintain a total uncollateralized exposure of more than $100 million to all such counterparties, including any exposure that may result from thresholds or minimum transfer amounts established by credit support annexes or similar arrangements; and (ii) Maximum notional amount of security-based swap positions. The person does not maintain security-based swap positions in an effective notional amount of more than $2 billion in any major category of security-based swaps, or more than $4 billion in aggregate; or (2) Caps on uncollateralized exposure plus monthly calculation —(i) Maximum potential uncollateralized exposure. The express terms of the person's agreements or arrangements relating to security-based swaps with its counterparties at no time would permit the person to maintain a total uncollateralized exposure of more than $200 million to all such counterparties (with regard to security-based swaps and any other instruments by which the person may have exposure to those counterparties), including any exposure that may result from thresholds or minimum transfer amounts established by credit support annexes or similar arrangements; and (ii) Calculation of positions. (A) At the end of each month, the person performs the calculations prescribed by §§ 240.3a67-3 and 240.3a67-5 with regard to whether the aggregate uncollateralized outward exposure plus aggregate potential outward exposure as of that day constitute a substantial position … | |||||
| 17:17:4.0.1.1.1.1.62.51 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a67-10 Foreign major security-based swap participants. | SEC | [79 FR 47369, Aug. 12, 2014, as amended at 81 FR 30142, May 13, 2016] | (a) Definitions. As used in this section, the following terms shall have the meanings indicated: (1) Conduit affiliate has the meaning set forth in § 240.3a71-3(a)(1). (2) Foreign branch has the meaning set forth in § 240.3a71-3(a)(2). (3) Transaction conducted through a foreign branch has the meaning set forth in § 240.3a71-3(a)(3). (4) U.S. person has the meaning set forth in § 240.3a71-3(a)(4). (5) U.S. major security-based swap participant means a major security-based swap participant, as defined in section 3(a)(67) of the Act (15 U.S.C. 78c(a)(67)), and the rules and regulations thereunder, that is a U.S. person. (6) Foreign major security-based swap participant means a major security-based swap participant, as defined in section 3(a)(67) of the Act (15 U.S.C. 78c(a)(67)), and the rules and regulations thereunder, that is not a U.S. person. (b) Application of major security-based swap participant tests in the cross-border context. For purposes of calculating a person's status as a major security-based swap participant as defined in section 3(a)(67) of the Act (15 U.S.C. 78c(a)(67)), and the rules and regulations thereunder, a person shall include the following security-based swap positions: (1) If such person is a U.S. person, all security-based swap positions that are entered into by the person, including positions entered into through a foreign branch; (2) If such person is a conduit affiliate, all security-based swap positions that are entered into by the person; and (3) If such person is a non-U.S. person other than a conduit affiliate, all of the following types of security-based swap positions that are entered into by the person: (i) Security-based swap positions that are entered into with a U.S. person; provided, however, that this paragraph (b)(3)(i) shall not apply to: (A) Positions with a U.S. person counterparty that arise from transactions conducted through a foreign branch of the counterparty, when the counterparty is a registered security-based swap dealer; and (B) … | ||||
| 17:17:4.0.1.1.1.1.63.52 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-1a Meaning of “issuers of securities in a narrow-based security index” as used in section 3(a)(68)(A)(ii)(III) of the Act. | SEC | [77 FR 48356, Aug. 13, 2012, as amended at 79 FR 57344, Sept. 24, 2014] | (a) Notwithstanding § 240.3a68-3(a), and solely for purposes of determining whether a credit default swap is a security-based swap under section 3(a)(68)(A)(ii)(III) of the Act (15 U.S.C. 78c(a)(68)(A)(ii)(III)), the term issuers of securities in a narrow-based security index as used in section 3(a)(68)(A)(ii)(III) of the Act means issuers of securities included in an index (including an index referencing loan borrowers or loans of such borrowers) in which: (1)(i) There are nine or fewer non-affiliated issuers of securities that are reference entities included in the index, provided that an issuer of securities shall not be deemed a reference entity included in the index for purposes of this section unless: (A) A credit event with respect to such reference entity would result in a payment by the credit protection seller to the credit protection buyer under the credit default swap based on the related notional amount allocated to such reference entity; or (B) The fact of such credit event or the calculation in accordance with paragraph (a)(1)(i)(A) of this section of the amount owed with respect to such credit event is taken into account in determining whether to make any future payments under the credit default swap with respect to any future credit events; (ii) The effective notional amount allocated to any reference entity included in the index comprises more than 30 percent of the index's weighting; (iii) The effective notional amount allocated to any five non-affiliated reference entities included in the index comprises more than 60 percent of the index's weighting; or (iv) Except as provided in paragraph (b) of this section, for each reference entity included in the index, none of the criteria in paragraphs (a)(1)(iv)(A) through (a)(1)(iv)(H) of this section is satisfied: (A) The reference entity included in the index is required to file reports pursuant to section 13 or section 15(d) of the Act (15 U.S.C. 78m or 78o(d)); (B) The reference entity included in the index is eligible to rely on the exe… | ||||
| 17:17:4.0.1.1.1.1.63.53 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-1b Meaning of “narrow-based security index” as used in section 3(a)(68)(A)(ii)(I) of the Act. | SEC | [77 FR 48356, Aug. 13, 2012, as amended at 79 FR 57344, Sept. 24, 2014] | (a) Notwithstanding § 240.3a68-3(a), and solely for purposes of determining whether a credit default swap is a security-based swap under section 3(a)(68)(A)(ii)(I) of the Act (15 U.S.C. 78c(a)(68)(A)(ii)(I)), the term narrow-based security index as used in section 3(a)(68)(A)(ii)(I) of the Act means an index in which: (1)(i) The index is composed of nine or fewer securities or securities that are issued by nine or fewer non-affiliated issuers, provided that a security shall not be deemed a component of the index for purposes of this section unless: (A) A credit event with respect to the issuer of such security or a credit event with respect to such security would result in a payment by the credit protection seller to the credit protection buyer under the credit default swap based on the related notional amount allocated to such security; or (B) The fact of such credit event or the calculation in accordance with paragraph (a)(1)(i)(A) of this section of the amount owed with respect to such credit event is taken into account in determining whether to make any future payments under the credit default swap with respect to any future credit events; (ii) The effective notional amount allocated to the securities of any issuer included in the index comprises more than 30 percent of the index's weighting; (iii) The effective notional amount allocated to the securities of any five non-affiliated issuers included in the index comprises more than 60 percent of the index's weighting; or (iv) Except as provided in paragraph (b) of this section, for each security included in the index none of the criteria in paragraphs (a)(1)(iv)(A) through (a)(1)(iv)(H) of this section is satisfied: (A) The issuer of the security included in the index is required to file reports pursuant to section 13 or section 15(d) of the Act (15 U.S.C. 78m or 78o(d)); (B) The issuer of the security included in the index is eligible to rely on the exemption provided in § 240.12g3-2(b); (C) The issuer of the security included in the index has a wo… | ||||
| 17:17:4.0.1.1.1.1.63.54 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-2 Requests for interpretation of swaps, security-based swaps, and mixed swaps. | SEC | [77 FR 48356, Aug. 13, 2012] | (a) In general. Any person may submit a request to the Commission and the Commodity Futures Trading Commission to provide a joint interpretation of whether a particular agreement, contract, or transaction (or class thereof) is: (1) A swap, as that term is defined in section 3(a)(69) of the Act (15 U.S.C. 78c(a)(69)) and the rules and regulations promulgated thereunder; (2) A security-based swap, as that term is defined in section 3(a)(68) of the Act (15 U.S.C. 78c(a)(68)) and the rules and regulations promulgated thereunder; or (3) A mixed swap, as that term is defined in section 3(a)(68)(D) of the Act and the rules and regulations promulgated thereunder. (b) Request process. In making a request pursuant to paragraph (a) of this section, the requesting person must provide the Commission and the Commodity Futures Trading Commission with the following: (1) All material information regarding the terms of the agreement, contract, or transaction (or class thereof); (2) A statement of the economic characteristics and purpose of the agreement, contract, or transaction (or class thereof); (3) The requesting person's determination as to whether the agreement, contract, or transaction (or class thereof) should be characterized as a swap, a security-based swap, or both (i.e., a mixed swap), including the basis for such determination; and (4) Such other information as may be requested by the Commission or the Commodity Futures Trading Commission. (c) Request withdrawal. A person may withdraw a request made pursuant to paragraph (a) of this section at any time prior to the issuance of a joint interpretation or joint proposed rule by the Commission and the Commodity Futures Trading Commission in response to the request; provided, however, that notwithstanding such withdrawal, the Commission and the Commodity Futures Trading Commission may provide a joint interpretation of whether the agreement, contract, or transaction (or class thereof) is a swap, a security-based swap, or both (i.e., a mixed swap). (d) Reque… | ||||
| 17:17:4.0.1.1.1.1.63.55 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-3 Meaning of “narrow-based security index” as used in the definition of “security-based swap.” | SEC | [77 FR 48356, Aug. 13, 2012] | (a) In general. Except as otherwise provided in § 240.3a68-1a and § 240.3a68-1b, for purposes of section 3(a)(68) of the Act (15 U.S.C. 78c(a)(68)), the term narrow-based security index has the meaning set forth in section 3(a)(55) of the Act (15 U.S.C. 78c(a)(55)), and the rules, regulations, and orders of the Commission thereunder. (b) Tolerance period for swaps traded on designated contract markets, swap execution facilities and foreign boards of trade. Notwithstanding paragraph (a) of this section, solely for purposes of swaps traded on or subject to the rules of a designated contract market, swap execution facility, or foreign board of trade pursuant to the Commodity Exchange Act (7 U.S.C. 1 et seq. ), a security index underlying such swaps shall not be considered a narrow-based security index if: (1)(i) A swap on the index is traded on or subject to the rules of a designated contract market, swap execution facility, or foreign board of trade pursuant to the Commodity Exchange Act (7 U.S.C. 1 et seq. ) for at least 30 days as a swap on an index that was not a narrow-based security index; or (ii) Such index was not a narrow-based security index during every trading day of the six full calendar months preceding a date no earlier than 30 days prior to the commencement of trading of a swap on such index on a market described in paragraph (b)(1)(i) of this section; and (2) The index has been a narrow-based security index for no more than 45 business days over three consecutive calendar months. (c) Tolerance period for security-based swaps traded on national securities exchanges or security-based swap execution facilities. Notwithstanding paragraph (a) of this section, solely for purposes of security-based swaps traded on a national securities exchange or security-based swap execution facility, a security index underlying such security-based swaps shall be considered a narrow-based security index if: (1)(i) A security-based swap on the index is traded on a national securities exchange or security-b… | ||||
| 17:17:4.0.1.1.1.1.63.56 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-4 Regulation of mixed swaps. | SEC | [77 FR 48356, Aug. 13, 2012] | (a) In general. The term mixed swap has the meaning set forth in section 3(a)(68)(D) of the Act (15 U.S.C. 78c(a)(68)(D)). (b) Regulation of bilateral uncleared mixed swaps entered into by dually-registered dealers or major participants. A mixed swap: (1) That is neither executed on nor subject to the rules of a designated contract market, national securities exchange, swap execution facility, security-based swap execution facility, or foreign board of trade; (2) That will not be submitted to a derivatives clearing organization or registered or exempt clearing agency to be cleared; and (3) Where at least one party is registered with the Commission as a security-based swap dealer or major security-based swap participant and also with the Commodity Futures Trading Commission as a swap dealer or major swap participant, shall be subject to: (i) The following provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq. ), and the rules and regulations promulgated thereunder, set forth in the rules and regulations of the Commodity Futures Trading Commission: (A) Examinations and information sharing: 7 U.S.C. 6s(f) and 12; (B) Enforcement: 7 U.S.C. 2(a)(1)(B), 6(b), 6b, 6c, 6s(h)(1)(A), 6s(h)(4)(A), 9, 13b, 13a-1, 13a-2, 13, 13c(a), 13c(b), 15 and 26; (C) Reporting to a swap data repository: 7 U.S.C. 6r; (D) Real-time reporting: 7 U.S.C. 2(a)(13); (E) Capital: 7 U.S.C. 6s(e); and (F) Position Limits: 7 U.S.C. 6a; and (ii) The provisions of the Federal securities laws, as defined in section 3(a)(47) of the Act (15 U.S.C. 78c(a)(47)), and the rules and regulations promulgated thereunder. (c) Process for determining regulatory treatment for other mixed swaps —(1) In general. Any person who desires or intends to list, trade, or clear a mixed swap (or class thereof) that is not subject to paragraph (b) of this section may request the Commission and the Commodity Futures Trading Commission to issue a joint order permitting the requesting person (and any other person or persons that subsequently lists, tra… | ||||
| 17:17:4.0.1.1.1.1.63.57 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a68-5 Regulation of certain futures contracts on foreign sovereign debt. | SEC | [77 FR 48356, Aug. 13, 2012] | The term security-based swap as used in section 3(a)(68) of the Act (15 U.S.C. 78c(a)(68)) does not include an agreement, contract, or transaction that is based on or references a qualifying foreign futures contract (as defined in § 240.3a12-8 on the debt securities of any one or more of the foreign governments enumerated in § 240.3a12-8, provided that such agreement, contract, or transaction satisfies the following conditions: (a) The futures contract that the agreement, contract, or transaction references or upon which the agreement, contract, or transaction is based is a qualifying foreign futures contract that satisfies the conditions of § 240.3a12-8 applicable to qualifying foreign futures contracts; (b) The agreement, contract, or transaction is traded on or through a board of trade (as defined in 7 U.S.C. 2); (c) The debt securities upon which the qualifying foreign futures contract is based or referenced and any security used to determine the cash settlement amount pursuant to paragraph (d) of this section were not registered under the Securities Act of 1933 (15 U.S.C. 77 et seq. ) or the subject of any American depositary receipt registered under the Securities Act of 1933; (d) The agreement, contract, or transaction may only be cash settled; and (e) The agreement, contract or transaction is not entered into by the issuer of the debt securities upon which the qualifying foreign futures contract is based or referenced (including any security used to determine the cash payment due on settlement of such agreement, contract or transaction), an affiliate (as defined in the Securities Act of 1933 (15 U.S.C. 77 et seq. ) and the rules and regulations thereunder) of the issuer, or an underwriter of such issuer's debt securities. | ||||
| 17:17:4.0.1.1.1.1.63.58 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a69-1 Safe Harbor Definition of “security-based swap” and “swap” as used in sections 3(a)(68) and 3(a)(69) of the Act—insurance. | SEC | [77 FR 48356, Aug. 13, 2012] | (a) This paragraph is a non-exclusive safe harbor. The terms security-based swap as used in section 3(a)(68) of the Act (15 U.S.C. 78c(a)(68)) and swap as used in section 3(a)(69) of the Act (15 U.S.C. 78c(a)(69)) do not include an agreement, contract, or transaction that: (1) By its terms or by law, as a condition of performance on the agreement, contract, or transaction: (i) Requires the beneficiary of the agreement, contract, or transaction to have an insurable interest that is the subject of the agreement, contract, or transaction and thereby carry the risk of loss with respect to that interest continuously throughout the duration of the agreement, contract, or transaction; (ii) Requires that loss to occur and to be proved, and that any payment or indemnification therefor be limited to the value of the insurable interest; (iii) Is not traded, separately from the insured interest, on an organized market or over the counter; and (iv) With respect to financial guaranty insurance only, in the event of payment default or insolvency of the obligor, any acceleration of payments under the policy is at the sole discretion of the insurer; and (2) Is provided: (i)(A) By a person that is subject to supervision by the insurance commissioner (or similar official or agency) of any State, as defined in section 3(a)(16) of the Act (15 U.S.C. 78c(a)(16)), or by the United States or an agency or instrumentality thereof; and (B) Such agreement, contract, or transaction is regulated as insurance under applicable State law or the laws of the United States; (ii)(A) Directly or indirectly by the United States, any State or any of their respective agencies or instrumentalities; or (B) Pursuant to a statutorily authorized program thereof; or (iii) In the case of reinsurance only by a person to another person that satisfies the conditions set forth in paragraph (a)(2) of this section, provided that: (A) Such person is not prohibited by applicable State law or the laws of the United States from offering such agreement, c… | ||||
| 17:17:4.0.1.1.1.1.63.59 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a69-2 Definition of “swap” as used in section 3(a)(69) of the Act—additional products. | SEC | [77 FR 48356, Aug. 13, 2012] | (a) In general. The term swap has the meaning set forth in section 3(a)(69) of the Act (15 U.S.C. 78c(a)(69)). (b) Inclusion of particular products. (1) The term swap includes, without limiting the meaning set forth in section 3(a)(69) of the Act (15 U.S.C. 78c(a)(69)), the following agreements, contracts, and transactions: (i) A cross-currency swap; (ii) A currency option, foreign currency option, foreign exchange option and foreign exchange rate option; (iii) A foreign exchange forward; (iv) A foreign exchange swap; (v) A forward rate agreement; and (vi) A non-deliverable forward involving foreign exchange. (2) The term swap does not include an agreement, contract, or transaction described in paragraph (b)(1) of this section that is otherwise excluded by section 1a(47)(B) of the Commodity Exchange Act (7 U.S.C. 1a(47)(B)). (c) Foreign exchange forwards and foreign exchange swaps. Notwithstanding paragraph (b)(2) of this section: (1) A foreign exchange forward or a foreign exchange swap shall not be considered a swap if the Secretary of the Treasury makes a determination described in section 1a(47)(E)(i) of the Commodity Exchange Act (7 U.S.C. 1a(47)(E)(i)). (2) Notwithstanding paragraph (c)(1) of this section: (i) The reporting requirements set forth in section 4r of the Commodity Exchange Act (7 U.S.C. 6r) and regulations promulgated thereunder shall apply to a foreign exchange forward or foreign exchange swap; and (ii) The business conduct standards set forth in section 4s(h) of the Commodity Exchange Act (7 U.S.C. 6s) and regulations promulgated thereunder shall apply to a swap dealer or major swap participant that is a party to a foreign exchange forward or foreign exchange swap. (3) For purposes of section 1a(47)(E) of the Commodity Exchange Act (7 U.S.C. 1a(47)(E)) and this section, the term foreign exchange forward has the meaning set forth in section 1a(24) of the Commodity Exchange Act (7 U.S.C. 1a(24)). (4) For purposes of section 1a(47)(E) of the Commodity Exchange Act (7… | ||||
| 17:17:4.0.1.1.1.1.63.60 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a69-3 Books and records requirements for security-based swap agreements. | SEC | [77 FR 48356, Aug. 13, 2012] | (a) A person registered as a swap data repository under section 21 of the Commodity Exchange Act (7 U.S.C. 24a) and the rules and regulations thereunder: (1) Shall not be required to keep and maintain additional books and records regarding security-based swap agreements other than the books and records regarding swaps required to be kept and maintained pursuant to section 21 of the Commodity Exchange Act (7 U.S.C. 24a) and the rules and regulations thereunder; and (2) Shall not be required to collect and maintain additional data regarding security-based swap agreements other than the data regarding swaps required to be collected and maintained by such persons pursuant to section 21 of the Commodity Exchange Act (7 U.S.C. 24a) and the rules and regulations thereunder. (b) A person shall not be required to keep and maintain additional books and records, including daily trading records, regarding security-based swap agreements other than the books and records regarding swaps required to be kept and maintained by such persons pursuant to section 4s of the Commodity Exchange Act (7 U.S.C. 6s) and the rules and regulations thereunder if such person is registered as: (1) A swap dealer under section 4s(a)(1) of the Commodity Exchange Act (7 U.S.C. 6s(a)(1)) and the rules and regulations thereunder; (2) A major swap participant under section 4s(a)(2) of the Commodity Exchange Act (7 U.S.C. 6s(a)(2)) and the rules and regulations thereunder; (3) A security-based swap dealer under section 15F(a)(1) of the Act (15 U.S.C. 78o-10(a)(1)) and the rules and regulations thereunder; or (4) A major security-based swap participant under section 15F(a)(2) of the Act (15 U.S.C. 78o-10(a)(2)) and the rules and regulations thereunder. (c) The term security-based swap agreement has the meaning set forth in section 3(a)(78) of the Act (15 U.S.C. 78c(a)(78)). | ||||
| 17:17:4.0.1.1.1.1.63.61 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-1 Definition of “security-based swap dealer.” | SEC | [78 FR 30751, May 23, 2013] | (a) General. The term security-based swap dealer in general means any person who: (1) Holds itself out as a dealer in security-based swaps; (2) Makes a market in security-based swaps; (3) Regularly enters into security-based swaps with counterparties as an ordinary course of business for its own account; or (4) Engages in any activity causing it to be commonly known in the trade as a dealer or market maker in security-based swaps. (b) Exception. The term security-based swap dealer does not include a person that enters into security-based swaps for such person's own account, either individually or in a fiduciary capacity, but not as a part of regular business. (c) Scope of designation. A person that is a security-based swap dealer in general shall be deemed to be a security-based swap dealer with respect to each security-based swap it enters into, regardless of the type, class, or category of the security-based swap or the person's activities in connection with the security-based swap, unless the Commission limits the person's designation as a security-based swap dealer to specified types, classes, or categories of security-based swaps or specified activities of the person in connection with security-based swaps. (d) Inter-affiliate activities —(1) General. In determining whether a person is a security-based swap dealer, that person's security-based swaps with majority-owned affiliates shall not be considered. (2) Meaning of majority-owned. For these purposes the counterparties to a security-based swap are majority-owned affiliates if one counterparty directly or indirectly owns a majority interest in the other, or if a third party directly or indirectly owns a majority interest in both counterparties to the security-based swap, where “majority interest” is the right to vote or direct the vote of a majority of a class of voting securities of an entity, the power to sell or direct the sale of a majority of a class of voting securities of an entity, or the right to receive upon dissolution or … | ||||
| 17:17:4.0.1.1.1.1.63.62 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-2 | SEC | [78 FR 30751, May 23, 2013] | (a) Requirements. For purposes of section 3(a)(71) of the Act (15 U.S.C. 78c(a)(71)) and § 240.3a71-1, a person that is not currently registered as a security-based swap dealer shall be deemed not to be a security-based swap dealer, and, therefore, shall not be subject to section 15F of the Act (15 U.S.C. 78o-10) and the rules, regulations and interpretations issued thereunder, as a result of security-based swap dealing activity that meets the following conditions: (1) Notional thresholds. The security-based swap positions connected with the dealing activity in which the person—or any other entity controlling, controlled by or under common control with the person—engages over the course of the immediately preceding 12 months (or following the effective date of final rules implementing section 3(a)(68) of the Act (15 U.S.C. 78c(a)(68)) if that period is less than 12 months) have: (i) An aggregate gross notional amount of no more than $3 billion, subject to a phase-in level of an aggregate gross notional amount of no more than $8 billion applied in accordance with paragraph (a)(2)(i) of this section, with regard to credit default swaps that constitute security-based swaps; (ii) An aggregate gross notional amount of no more than $150 million, subject to a phase-in level of an aggregate gross notional amount of no more than $400 million applied in accordance with paragraph (a)(2)(i) of this section, with regard to security-based swaps not described in paragraph (a)(1)(i) of this section; and (iii) An aggregate gross notional amount of no more than $25 million with regard to all security-based swaps in which the counterparty is a special entity (as that term is defined in section 15F(h)(2)(C) of the Act (15 U.S.C. 78o-10(h)(2)(C)). (2) Phase-in procedure —(i) Phase-in period. For purposes of paragraphs (a)(1)(i) and (ii) of this section, a person that engages in security-based swap dealing activity that does not exceed either of the phase-in levels set forth in paragraphs (a)(1)(i) and (ii) of this section… | ||||
| 17:17:4.0.1.1.1.1.63.63 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-2A Report regarding the “security-based swap dealer” and “major security-based swap participant” definitions (Appendix A to 17 CFR 240.3a71-2). | SEC | Appendix A to § 240.3a71-2 sets forth guidelines applicable to a report that the Commission has directed its staff to make in connection with the rules and interpretations further defining the Act's definitions of the terms “security-based swap dealer” (including the de minimis exception to that definition) and “major security-based swap participant.” The Commission intends to consider this report in reviewing the effect and application of these rules based on the evolution of the security-based swap market following the implementation of the registration and regulatory requirements of Section 15F of the Act (15 U.S.C. 78o-10). The report may also be informative as to potential changes to the rules further defining those terms. In producing this report, the staff shall consider security-based swap data collected by the Commission pursuant to other Title VII rules, as well as any other applicable information as the staff may determine to be appropriate for its analysis. (a) Report topics. As appropriate, based on the availability of data and information, the report should address the following topics: (1) De minimis exception. In connection with the de minimis exception to the definition of “security-based swap dealer,” the report generally should assess whether any of the de minimis thresholds set forth in paragraph (a)(1) of § 240.3a71-2 should be increased or decreased; (2) General security-based swap dealer analysis. In connection with the definition of “security-based swap dealer,” the report generally should consider the factors that are useful for identifying security-based swap dealing activity, including the application of the dealer-trader distinction for that purpose, and the potential use of more objective tests or safe harbors as part of the analysis; (3) General major security-based swap participant analysis. In connection with the definition of “major security-based swap participant,” the report generally should consider the tests used to identify the presence of a “substantial pos… | |||||
| 17:17:4.0.1.1.1.1.63.64 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-3 Cross-border security-based swap dealing activity. | SEC | [79 FR 47370, Aug. 12, 2014, as amended at 81 FR 8637, Feb. 19, 2016, 81 FR 30142, May 13, 2016; 85 FR 6350, Feb. 4, 2020; 90 FR 7632, Jan. 21, 2025] | (a) Definitions. As used in this section, the following terms shall have the meanings indicated: (1) Conduit affiliate —(i) Definition. Conduit affiliate means a person, other than a U.S. person, that: (A) Is directly or indirectly majority-owned by one or more U.S. persons; and (B) In the regular course of business enters into security-based swaps with one or more other non-U.S. persons, or with foreign branches of U.S. banks that are registered as security-based swap dealers, for the purpose of hedging or mitigating risks faced by, or otherwise taking positions on behalf of, one or more U.S. persons (other than U.S. persons that are registered as security-based swap dealers or major security-based swap participants) who are controlling, controlled by, or under common control with the person, and enters into offsetting security-based swaps or other arrangements with such U.S. persons to transfer risks and benefits of those security-based swaps. (ii) Majority-ownership standard. The majority-ownership standard in paragraph (a)(1)(i)(A) of this section is satisfied if one or more persons described in § 240.3a71-3(a)(4)(i)(B) directly or indirectly own a majority interest in the non-U.S. person, where “majority interest” is the right to vote or direct the vote of a majority of a class of voting securities of an entity, the power to sell or direct the sale of a majority of a class of voting securities of an entity, or the right to receive upon dissolution, or the contribution of, a majority of the capital of a partnership. (2) Foreign branch means any branch of a U.S. bank if: (i) The branch is located outside the United States; (ii) The branch operates for valid business reasons; and (iii) The branch is engaged in the business of banking and is subject to substantive banking regulation in the jurisdiction where located. (3) Transaction conducted through a foreign branch —(i) Definition. Transaction conducted through a foreign branch means a security-based swap transaction that is arranged, nego… | ||||
| 17:17:4.0.1.1.1.1.63.65 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-4 Exception from aggregation for affiliated groups with registered security-based swap dealers. | SEC | [79 FR 47370, Aug. 12, 2014] | Notwithstanding §§ 240.3a71-2(a)(1) and 240.3a71-3(b)(2), a person shall not include the security-based swap transactions of another person (an “affiliate”) controlling, controlled by, or under common control with such person where such affiliate either is: (a) Registered with the Commission as a security-based swap dealer; or (b) Deemed not to be a security-based swap dealer pursuant to § 240.3a71-2(b). | ||||
| 17:17:4.0.1.1.1.1.63.66 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-5 Exception for cleared transactions executed on a swap execution facility. | SEC | [79 FR 47370, Aug. 12, 2014, as amended at 81 FR 8637, Feb. 19, 2016] | (a) For purposes of § 240.3a71-3(b)(1), a non-U.S. person, other than a conduit affiliate, shall not include its security-based swap transactions that are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency; and (b) For purposes of § 240.3a71-3(b)(2), a person shall not include security-based swap transactions of an affiliated non-U.S. person, other than a conduit affiliate, when such transactions are entered into anonymously on an execution facility or national securities exchange and are cleared through a clearing agency. (c) The exceptions in paragraphs (a) and (b) of this section shall not apply to any security-based swap transactions of a non-U.S. person or of an affiliated non-U.S. person connected with the person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such non-U.S. person located in a U.S. branch or office, or by personnel of an agent of such non-U.S. person located in a U.S. branch or office. | ||||
| 17:17:4.0.1.1.1.1.63.67 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3a71-6 Substituted compliance for security-based swap dealers and major security-based swap participants. | SEC | [81 FR 30143, May 13, 2016, as amended at 81 FR 39844, June 17, 2016; 84 FR 44041, Aug. 22, 2019; 84 FR 68646, Dec. 16, 2019; 85 FR 6412, Feb. 4, 2020] | (a) Determinations —(1) In general. Subject to paragraph (a)(2) of this section, the Commission may, conditionally or unconditionally, by order, make a determination with respect to a foreign financial regulatory system that compliance with specified requirements under such foreign financial regulatory system by a registered security-based swap dealer and/or by a registered major security-based swap participant (each a “security-based swap entity”), or class thereof, may satisfy the corresponding requirements identified in paragraph (d) of this section that would otherwise apply to such security-based swap entity (or class thereof). (2) Standard. The Commission shall not make a substituted compliance determination under paragraph (a)(1) of this section unless the Commission: (i) Determines that the requirements of such foreign financial regulatory system applicable to such security-based swap entity (or class thereof) or to the activities of such security-based swap entity (or class thereof) are comparable to otherwise applicable requirements, after taking into account such factors as the Commission determines are appropriate, such as the scope and objectives of the relevant foreign regulatory requirements (taking into account the applicable criteria set forth in paragraph (d) of this section), as well as the effectiveness of the supervisory compliance program administered, and the enforcement authority exercised, by a foreign financial regulatory authority or authorities in such system to support its oversight of such security-based swap entity (or class thereof) or of the activities of such security-based swap entity (or class thereof); and (ii) Has entered into a supervisory and enforcement memorandum of understanding and/or other arrangement with the relevant foreign financial regulatory authority or authorities under such foreign financial regulatory system addressing supervisory and enforcement cooperation and other matters arising under the substituted compliance determination. (3) Withdrawal or … | ||||
| 17:17:4.0.1.1.1.1.64.68 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-1 Definition of “listed”. | SEC | [13 FR 8179, Dec. 22, 1948] | The term listed means admitted to full trading privileges upon application by the issuer or its fiscal agent or, in the case of the securities of a foreign corporation, upon application by a banker engaged in distributing them; and includes securities for which authority to add to the list on official notice of issuance has been granted. | ||||
| 17:17:4.0.1.1.1.1.64.69 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-2 Definition of “officer”. | SEC | [47 FR 11464, Mar. 16, 1982; 47 FR 11819, Mar. 19, 1982] | The term officer means a president, vice president, secretary, treasury or principal financial officer, comptroller or principal accounting officer, and any person routinely performing corresponding functions with respect to any organization whether incorporated or unincorporated. | ||||
| 17:17:4.0.1.1.1.1.64.70 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-3 [Reserved] | SEC | ||||||
| 17:17:4.0.1.1.1.1.64.71 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-4 Definition of “foreign government,” “foreign issuer” and “foreign private issuer”. | SEC | [32 FR 7848, May 30, 1967, as amended at 48 FR 46739, Oct. 14, 1983; 64 FR 53912, Oct. 5, 1999; 73 FR 58323, Oct. 6, 2008; 81 FR 28705, May 10, 2016] | (a) The term foreign government means the government of any foreign country or of any political subdivision of a foreign country. (b) The term foreign issuer means any issuer which is a foreign government, a national of any foreign country or a corporation or other organization incorporated or organized under the laws of any foreign country. (c) The term foreign private issuer means any foreign issuer other than a foreign government except for an issuer meeting the following conditions as of the last business day of its most recently completed second fiscal quarter: (1) More than 50 percent of the issuer's outstanding voting securities are directly or indirectly held of record by residents of the United States; and (2) Any of the following: (i) The majority of the executive officers or directors are United States citizens or residents; (ii) More than 50 percent of the assets of the issuer are located in the United States; or (iii) The business of the issuer is administered principally in the United States. To determine the percentage of outstanding voting securities held by U.S. residents: A. Use the method of calculating record ownership in § 240.12g3-2(a), except that: (1) Your inquiry as to the amount of shares represented by accounts of customers resident in the United States may be limited to brokers, dealers, banks and other nominees located in: (i) The United States, (ii) Your jurisdiction of incorporation, and (iii) The jurisdiction that is the primary trading market for your voting securities, if different than your jurisdiction of incorporation; and (2) Notwithstanding § 240.12g5-1(a)(8) of this chapter, you shall not exclude securities held by persons who received the securities pursuant to an employee compensation plan. B. If, after reasonable inquiry, you are unable to obtain information about the amount of shares represented by accounts of customers resident in the United States, you may assume, for purposes of this definition, that the customers are residents of the jurisdictio… | ||||
| 17:17:4.0.1.1.1.1.64.72 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-5 Non-exempt securities issued under governmental obligations. | SEC | [33 FR 12648, Sept. 6, 1968, as amended at 35 FR 6000, Apr. 11, 1970] | (a) Any part of an obligation evidenced by any bond, note, debenture, or other evidence of indebtedness issued by any governmental unit specified in section 3(a)(12) of the Act which is payable from payments to be made in respect of property or money which is or will be used, under a lease, sale, or loan arrangement, by or for industrial or commercial enterprise, shall be deemed to be a separate “security” within the meaning of section 3(a)(10) of the Act, issued by the lessee or obligor under the lease, sale or loan arrangement. (b) An obligation shall not be deemed a separate “security” as defined in paragraph (a) of this section if, (1) the obligation is payable from the general revenues of a governmental unit, specified in section 3(a)(12) of the Act, having other resources which may be used for the payment of the obligation, or (2) the obligation relates to a public project or facility owned and operated by or on behalf of and under the control of a governmental unit specified in such section, or (3) the obligation relates to a facility which is leased to and under the control of an industrial or commercial enterprise but is a part of a public project which, as a whole, is owned by and under the general control of a governmental unit specified in such section, or an instrumentality thereof. (c) This rule shall apply to transactions of the character described in paragraph (a) of this section only with respect to bonds, notes, debentures or other evidences of indebtedness sold after December 31, 1968. | ||||
| 17:17:4.0.1.1.1.1.64.73 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-6 Liability for certain statements by issuers. | SEC | [46 FR 13990, Feb. 25, 1981, as amended at 46 FR 19457, Mar. 31, 1981; 47 FR 11464, Mar. 16, 1982; 47 FR 54780, Dec. 6, 1982; 47 FR 57915, Dec. 29, 1982; 48 FR 19876, May 3, 1983; 56 FR 30067, July 1, 1991; 57 FR 36494, Aug. 13, 1992; 64 FR 53912, Oct. 5, 1999; 73 FR 973, Jan. 4, 2008; 76 FR 50122, Aug. 12, 2011] | (a) A statement within the coverage of paragraph (b) of this section which is made by or on behalf of an issuer or by an outside reviewer retained by the issuer shall be deemed not to be a fraudulent statement (as defined in paragraph (d) of this section), unless it is shown that such statement was made or reaffirmed without a reasonable basis or was disclosed other than in good faith. (b) This rule applies to the following statements: (1) A forward-looking statement (as defined in paragraph (c) of this section) made in a document filed with the Commission, in Part I of a quarterly report on Form 10-Q, § 249.308a of this chapter, or in an annual report to security holders meeting the requirements of Rules 14a-3(b) and (c) or 14c-3(a) and (b) (§ 240.14a-3(b) and (c) or § 240.14c-3(a) and (b)), a statement reaffirming such forward-looking statement after the date the document was filed or the annual report was made publicly available, or a forward-looking statement made before the date the document was filed or the date the annual report was made publicly available if such statement is reaffirmed in a filed document, in Part I of a quarterly report on Form 10-Q, or in an annual report made publicly available within a reasonable time after the making of such forward-looking statement; Provided, that: (i) At the time such statements are made or reaffirmed, either the issuer is subject to the reporting requirements of Section 13(a) or 15(d) of the Act and has complied with the requirements of Rule 13a-1 or 15d-1 thereunder, if applicable, to file its most recent annual report on Form 10-K, Form 20-F or Form 40-F; or if the issuer is not subject to the reporting requirements of Section 13(a) or 15(d) of the Act, the statements are made in a registration statement filed under the Securities Act of 1933 offering statement or solicitation of interest, written document or broadcast script under Regulation A or pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934; and (ii) The statements are not mad… | ||||
| 17:17:4.0.1.1.1.1.64.74 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-7 Definition of “executive officer”. | SEC | [47 FR 11464, Mar. 16, 1982, as amended at 56 FR 7265, Feb. 21, 1991] | The term executive officer, when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant. Executive officers of subsidiaries may be deemed executive officers of the registrant if they perform such policy making functions for the registrant. | ||||
| 17:17:4.0.1.1.1.1.64.75 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-8 Definitions of “Qualified OTC Market Maker, Qualified Third Market Maker” and “Qualified Block Positioner”. | SEC | [48 FR 39606, Sept. 1, 1983] | For the purposes of Regulation U under the Act (12 CFR part 221): (a) The term Qualified OTC Market Maker in an over-the-counter (“OTC”) margin security means a dealer in any “OTC Margin Security” (as that term is defined in section 2(j) of Regulation U (12 CFR 221.2(j)) who (1) is a broker or dealer registered pursuant to section 15 of the Act, (2) is subject to and is in compliance with Rule 15c3-1 (17 CFR 240.15c3-1), (3) has and maintains minimum net capital, as defined in Rule 15c3-1, of the lesser of (i) $250,000 or (ii) $25,000 plus $5,000 for each security in excess of five with regard to which the broker or dealer is, or is seeking to become a Qualified OTC Market Maker, and (4) except when such activity is unlawful, meets all of the following conditions with respect to such security: (i) He regularly publishes bona fide, competitive bid and offer quotations in a recognized inter-dealer quotation system, (ii) he furnishes bona fide, competitive bid and offer quotations to other brokers and dealers on request, (iii) he is ready, willing and able to effect transactions in reasonable amounts, and at his quoted prices, with other brokers and dealers, and (iv) he has a reasonable average rate of inventory turnover in such security. (b) The term Qualified Third Market Maker means a dealer in any stock registered on a national securities exchange (“exchange”) who (1) is a broker or dealer registered pursuant to section 15 of the Act, (2) is subject to and is in compliance with Rule 15c3-1 (17 CFR 240.15c3-1), (3) has and maintains minimum net capital, as defined in Rule 15c3-1, of the lesser of (i) $500,000 or (ii) $100,000 plus $20,000 for each security in excess of five with regard to which the broker or dealer is, or is seeking to become, a Qualified Third Market Maker, and (4) except when such activity is unlawful, meets all of the following conditions with respect to such security: (i) He furnishes bona fide, competitive bid and offer quotations at all times to other brokers and dealers on request, (… | ||||
| 17:17:4.0.1.1.1.1.64.76 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | §§ 240.3b-9--240.3b-10 [Reserved] | SEC | ||||||
| 17:17:4.0.1.1.1.1.64.77 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-11 Definitions relating to limited partnership roll-up transactions for purposes of sections 6(b)(9), 14(h) and 15A(b)(12)-(13). | SEC | [59 FR 63684, Dec. 8, 1994] | For purposes of sections 6(b)(9), 14(h) and 15A(b)(12)-(13) of the Act (15 U.S.C. 78f(b)(9), 78n(h) and 78o-3(b)(12)-(13)): (a) The term limited partnership roll-up transaction does not include a transaction involving only entities that are not “finite-life” as defined in Item 901(b)(2) of Regulation S-K (§ 229.901(b)(2) of this chapter). (b) The term limited partnership roll-up transaction does not include a transaction involving only entities registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq. ) or any Business Development Company as defined in section 2(a)(48) of that Act (15 U.S.C. 80a-2(a)(48)). (c) The term regularly traded shall be defined as in Item 901(c)(2)(v)(C) of Regulation S-K (§ 229.901(c)(2)(v)(C) of this chapter). | ||||
| 17:17:4.0.1.1.1.1.64.78 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-12 Definition of OTC derivatives dealer. | SEC | [63 FR 59394, Nov. 3, 1998] | The term OTC derivatives dealer means any dealer that is affiliated with a registered broker or dealer (other than an OTC derivatives dealer), and whose securities activities: (a) Are limited to: (1) Engaging in dealer activities in eligible OTC derivative instruments that are securities; (2) Issuing and reacquiring securities that are issued by the dealer, including warrants on securities, hybrid securities, and structured notes; (3) Engaging in cash management securities activities; (4) Engaging in ancillary portfolio management securities activities; and (5) Engaging in such other securities activities that the Commission designates by order pursuant to § 240.15a-1(b)(1); and (b) Consist primarily of the activities described in paragraphs (a)(1), (a)(2), and (a)(3) of this section; and (c) Do not consist of any other securities activities, including engaging in any transaction in any security that is not an eligible OTC derivative instrument, except as permitted under paragraphs (a)(3), (a)(4), and (a)(5) of this section. (d) For purposes of this section, the term hybrid security means a security that incorporates payment features economically similar to options, forwards, futures, swap agreements, or collars involving currencies, interest or other rates, commodities, securities, indices, quantitative measures, or other financial or economic interests or property of any kind, or any payment or delivery that is dependent on the occurrence or nonoccurrence of any event associated with a potential financial, economic, or commercial consequence (or any combination, permutation, or derivative of such contract or underlying interest). | ||||
| 17:17:4.0.1.1.1.1.64.79 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-13 Definition of eligible OTC derivative instrument. | SEC | [63 FR 59395, Nov. 3, 1998] | (a) Except as otherwise provided in paragraph (b) of this section, the term eligible OTC derivative instrument means any contract, agreement, or transaction that: (1) Provides, in whole or in part, on a firm or contingent basis, for the purchase or sale of, or is based on the value of, or any interest in, one or more commodities, securities, currencies, interest or other rates, indices, quantitative measures, or other financial or economic interests or property of any kind; or (2) Involves any payment or delivery that is dependent on the occurrence or nonoccurrence of any event associated with a potential financial, economic, or commercial consequence; or (3) Involves any combination or permutation of any contract, agreement, or transaction or underlying interest, property, or event described in paragraphs (a)(1) or (a)(2) of this section. (b) The term eligible OTC derivative instrument does not include any contract, agreement, or transaction that: (1) Provides for the purchase or sale of a security, on a firm basis, unless: (i) The settlement date for such purchase or sale occurs at least one year following the trade date or, in the case of an eligible forward contract, at least four months following the trade date; or (ii) The material economic features of the contract, agreement, or transaction consist primarily of features of a type described in paragraph (a) of this section other than the provision for the purchase or sale of a security on a firm basis; or (2) Provides, in whole or in part, on a firm or contingent basis, for the purchase or sale of, or is based on the value of, or any interest in, any security (or group or index of securities), and is: (i) Listed on, or traded on or through, a national securities exchange or registered national securities association, or facility or market thereof; or (ii) Except as otherwise determined by the Commission by order pursuant to § 240.15a-1(b)(2), one of a class of fungible instruments that are standardized as to their material economic terms. (c)… | ||||
| 17:17:4.0.1.1.1.1.64.80 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-14 Definition of cash management securities activities. | SEC | [63 FR 59395, Nov. 3, 1998] | The term cash management securities activities means securities activities that are limited to transactions involving: (a) Any taking possession of, and any subsequent sale or disposition of, collateral provided by a counterparty, or any acquisition of, and any subsequent sale or disposition of, collateral to be provided to a counterparty, in connection with any securities activities of the dealer permitted under § 240.15a-1 or any non-securities activities of the dealer that involve eligible OTC derivative instruments or other financial instruments; (b) Cash management, in connection with any securities activities of the dealer permitted under § 240.15a-1 or any non-securities activities of the dealer that involve eligible OTC derivative instruments or other financial instruments; or (c) Financing of positions of the dealer acquired in connection with any securities activities of the dealer permitted under § 240.15a-1 or any non-securities activities that involve eligible OTC derivative instruments or other financial instruments. | ||||
| 17:17:4.0.1.1.1.1.64.81 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-15 Definition of ancillary portfolio management securities activities. | SEC | [63 FR 59395, Nov. 3, 1998] | (a) The term ancillary portfolio management securities activities means securities activities that: (1) Are limited to transactions in connection with: (i) Dealer activities in eligible OTC derivative instruments; (ii) The issuance of securities by the dealer; or (iii) Such other securities activities that the Commission designates by order pursuant to § 240.15a-1(b)(1); and (2) Are conducted for the purpose of reducing the market or credit risk of the dealer or consist of incidental trading activities for portfolio management purposes; and (3) Are limited to risk exposures within the market, credit, leverage, and liquidity risk parameters set forth in: (i) The trading authorizations granted to the associated person (or to the supervisor of such associated person) who executes a particular transaction for, or on behalf of, the dealer; and (ii) The written guidelines approved by the governing body of the dealer and included in the internal risk management control system for the dealer pursuant to § 240.15c3-4; and (4) Are conducted solely by one or more associated persons of the dealer who perform substantial duties for, or on behalf of, the dealer in connection with its dealer activities in eligible OTC derivative instruments. (b) The Commission may issue an order pursuant to § 240.15a-1(b)(4) clarifying whether certain securities activities are within the scope of ancillary portfolio management securities activities. | ||||
| 17:17:4.0.1.1.1.1.64.82 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-16 Definitions of terms used in Section 3(a)(1) of the Act. | SEC | [63 FR 70918, Dec. 22, 1998, as amended at 70 FR 37617, June 29, 2005] | (a) An organization, association, or group of persons shall be considered to constitute, maintain, or provide “a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange,” as those terms are used in section 3(a)(1) of the Act, (15 U.S.C. 78c(a)(1)), if such organization, association, or group of persons: (1) Brings together the orders for securities of multiple buyers and sellers; and (2) Uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of a trade. (b) An organization, association, or group of persons shall not be considered to constitute, maintain, or provide “a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange,” solely because such organization, association, or group of persons engages in one or more of the following activities: (1) Routes orders to a national securities exchange, a market operated by a national securities association, or a broker-dealer for execution; or (2) Allows persons to enter orders for execution against the bids and offers of a single dealer; and (i) As an incidental part of these activities, matches orders that are not displayed to any person other than the dealer and its employees; or (ii) In the course of acting as a market maker registered with a self-regulatory organization, displays the limit orders of such market maker's, or other broker-dealer's, customers; and (A) Matches customer orders with such displayed limit orders; and (B) As an incidental part of its market making activities, crosses or matches orders that are not displayed to any person other than the market maker and its employees. (c) For purposes of this sectio… | ||||
| 17:17:4.0.1.1.1.1.64.83 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-17 [Reserved] | SEC | ||||||
| 17:17:4.0.1.1.1.1.64.84 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-18 Definitions of terms used in Section 3(a)(5) of the Act. | SEC | [68 FR 8700, Feb. 24, 2003] | For the purposes of section 3(a)(5)(C) of the Act (15 U.S.C. 78c(a)(5)(C): (a) The term affiliate means any company that controls, is controlled by, or is under common control with another company. (b) The term consumer-related receivable means any obligation incurred by any natural person to pay money arising out of a transaction in which the money, property, insurance, or services (being purchased) are primarily for personal, family, or household purposes. (c) The term member as it relates to the term “syndicate of banks” means a bank that is a participant in a syndicate of banks and together with its affiliates, other than its broker or dealer affiliates, originates no less than 10% of the value of the obligations in a pool of obligations used to back the securities issued through a grantor trust or other separate entity. (d) The term obligation means any note, draft, acceptance, loan, lease, receivable, or other evidence of indebtedness that is not a security issued by a person other than the bank. (e) The term originated means: (1) Funding an obligation at the time that the obligation is created; or (2) Initially approving and underwriting the obligation, or initially agreeing to purchase the obligation, provided that: (i) The obligation conforms to the underwriting standards or is evidenced by the loan documents of the bank or its affiliates, other than its broker or dealer affiliates; and (ii) The bank or its affiliates, other than its broker or dealer affiliates, fund the obligation in a timely manner, not to exceed six months after the obligation is created. (f) The term pool means more than one obligation or type of obligation grouped together to provide collateral for a securities offering. (g) The term predominantly originated means that no less than 85% of the value of the obligations in any pool were originated by: (1) The bank or its affiliates, other than its broker or dealer affiliates; or (2) Banks that are members of a syndicate of banks and affiliates of such banks, … | ||||
| 17:17:4.0.1.1.1.1.64.85 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3b-19 Definition of “issuer” in section 3(a)(8) of the Act in relation to asset-backed securities. | SEC | [70 FR 1620, Jan. 7, 2005] | The following applies with respect to asset-backed securities under the Act. Terms used in this section have the same meaning as in Item 1101 of Regulation AB (§ 229.1101 of this chapter). (a) The depositor for the asset-backed securities acting solely in its capacity as depositor to the issuing entity is the “issuer” for purposes of the asset-backed securities of that issuing entity. (b) The person acting in the capacity as the depositor specified in paragraph (a) of this section is a different “issuer” from that same person acting as a depositor for another issuing entity or for purposes of that person's own securities. | ||||
| 17:17:4.0.1.1.1.1.65.86 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3Ca-1 Stay of clearing requirement and review by the Commission. | SEC | [77 FR 41647, July 13, 2012] | (a) After making a determination pursuant to a clearing agency's security-based swap submission that a security-based swap, or any group, category, type or class of security-based swaps, is required to be cleared, the Commission, on application of a counterparty to a security-based swap or on the Commission's own initiative, may stay the clearing requirement until the Commission completes a review of the terms of the security-based swap (or group, category, type, or class of security-based swaps) and the clearing of the security-based swap (or group, category, type, or class of security-based swaps) by the clearing agency that has accepted it for clearing. (b) A counterparty to a security-based swap applying for a stay of the clearing requirement for a security-based swap (or group, category, type, or class of security-based swaps) shall submit a written statement to the Commission that includes: (1) A request for a stay of the clearing requirement; (2) The identity of the counterparties to the security-based swap and a contact at the counterparty requesting the stay; (3) The identity of the clearing agency clearing the security-based swap; (4) The terms of the security-based swap subject to the clearing requirement and a description of the clearing arrangement; and (5) Reasons why such stay should be granted and why the security-based swap should not be subject to a clearing requirement, specifically addressing the same factors a clearing agency must address in its security-based-swap submission pursuant to § 240.19b-4(o)(3). (c) A stay of the clearing requirement may be granted with respect to a security-based swap, or the group, category, type, or class of security-based swaps, as determined by the Commission. (d) The Commission's review shall include a quantitative and qualitative assessment of the factors specified in § 240.19b-4(o)(3). Any clearing agency that has accepted for clearing a security-based swap, or any group, category, type or class of security-based swaps, that is subject to the stay o… | ||||
| 17:17:4.0.1.1.1.1.65.87 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.3Ca-2 Submission of security-based swaps for clearing. | SEC | [77 FR 41647, July 13, 2012] | Pursuant to section 3C(a)(1) of the Act (15 U.S.C. 78c-3(a)(1)), it shall be unlawful for any person to engage in a security-based swap unless that person submits such security-based swap for clearing to a clearing agency that is registered under this Act or a clearing agency that is exempt from registration under the Act if the security-based swap is required to be cleared. The phrase submits such security-based swap for clearing to a clearing agency in the clearing requirement of Section 3C(a)(1) of the Act shall mean that the security-based swap will be submitted for central clearing to a clearing agency that functions as a central counterparty. | ||||
| 17:17:4.0.1.1.1.1.66.88 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.6a-1 Application for registration as a national securities exchange or exemption from registration based on limited volume. | SEC | [14 FR 7759, Dec. 29, 1949, as amended at 63 FR 70918, Dec. 22, 1998; 90 FR 7363, Jan. 21, 2025] | (a) An application for registration as a national securities exchange, or for exemption from such registration based on limited volume, shall be filed on Form 1 (§ 249.1 of this chapter), in accordance with the instructions contained therein. (b) Promptly after the discovery that any information filed on Form 1 was inaccurate when filed, the exchange shall file with the Commission an amendment correcting such inaccuracy. (c) Promptly after the discovery that any information in the statement, any exhibit, or any amendment was inaccurate when filed, the exchange shall file with the Commission an amendment correcting such inaccuracy. (d) Whenever the number of changes to be reported in an amendment, or the number of amendments filed, are so great that the purpose of clarity will be promoted by the filing of a new complete statement and exhibits, an exchange may, at its election, or shall, upon request of the Commission, file as an amendment a complete new statement together with all exhibits which are prescribed to be filed in connection with Form 1. (e) Filings on Form 1 (§ 249.1 of this chapter) submitted pursuant to this chapter shall be filed electronically on EDGAR in accordance with the requirements of 17 CFR part 232 (Regulation S-T). Except as otherwise specified on Form 1, the disclosure required to be included in Exhibits D, E, and I must be provided as an Interactive Data File in accordance with § 232.405 of this chapter (Rule 405 of Regulation S-T). | ||||
| 17:17:4.0.1.1.1.1.66.89 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.6a-2 Amendments to application. | SEC | [63 FR 70918, Dec. 22, 1998, as amended at 66 FR 43741, Aug. 20, 2001; 90 FR 7363, Jan. 21, 2025] | (a) A national securities exchange, or an exchange exempted from such registration based on limited volume, shall electronically file an amendment to Form 1 (§ 249.1 of this chapter), in accordance with § 240.6a-1(e), which shall set forth the nature and effective date of the action taken and shall provide any new information and correct any information rendered inaccurate, on Form 1 (§ 249.1 of this chapter), within 10 days after any action is taken that renders inaccurate, or that causes to be incomplete, any of the following: (1) Information filed on Sections I and II of Form 1, or amendment thereto; or (2) Information filed as part of Exhibits C, F, G, H, J, K or M, or any amendments thereto. (b) On or before June 30 of each year, a national securities exchange, or an exchange exempted from such registration based on limited volume, shall electronically file, as an amendment to Form 1, in accordance with § 240.6a-1(e), the following: (1) Exhibits D and I as of the end of the latest fiscal year of the exchange; and (2) Exhibits K, M, and N, which shall be up to date as of the latest date practicable within 3 months of the date the amendment is filed. (c) On or before June 30, 2025, and every three years thereafter, a national securities exchange, or an exchange exempted from such registration based on limited volume, shall electronically file, as an amendment to Form 1, in accordance with § 240.6a-1(e), complete Exhibits A, B, C, and J. The information filed under this paragraph (c) shall be current as of the latest practicable date, but shall, at a minimum, be up to date within 3 months as of the date the amendment is filed. (d)(1) If an exchange, on an annual or more frequent basis, publishes, or cooperates in the publication of, any of the information required to be filed by paragraphs (b)(2) and (c) of this section, in lieu of filing such information, an exchange may: (i) Identify on Form 1 the publication in which such information is available, the name, address, and telephone number of the person… | ||||
| 17:17:4.0.1.1.1.1.66.90 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.6a-3 Supplemental material to be filed by exchanges. | SEC | [63 FR 70919, Dec. 22, 1998, as amended at 66 FR 43741, Aug. 20, 2001; 90 FR 7363, Jan. 21, 2025] | (a)(1) A national securities exchange, or an exchange exempted from such registration based on limited volume, shall file with the Commission any material (including notices, circulars, bulletins, lists, and periodicals) issued or made generally available to members of, or participants or subscribers to, the exchange. Such material shall be electronically filed with the Commission on Form 1 (§ 249.1 of this chapter), in accordance with § 240.6a-1(e), within 10 days after issuing or making such material available to members, participants or subscribers. (2) If the information required to be filed under paragraph (a)(1) of this section is available continuously on an internet website controlled by an exchange, in lieu of filing such information with the Commission, such exchange may: (i) Provide on Form 1 the Uniform Resource Locator(s) (URL(s)) of the location(s) on the internet website where such information may be found; and (ii) Certify on Form 1 that the information available at such location(s) is accurate as of its date and is free and accessible (without any encumbrances or restrictions) by the general public. (b) Within 15 days after the end of each calendar month, a national securities exchange or an exchange exempted from such registration based on limited volume, shall electronically file on Form 1 (§ 249.1 of this chapter), in accordance with § 240.6a-1(e), a report concerning the securities sold on such exchange during the calendar month. Such report shall set forth: (1) The number of shares of stock sold and the aggregate dollar amount of such stock sold; (2) The principal amount of bonds sold and the aggregate dollar amount of such bonds sold; and (3) The number of rights and warrants sold and the aggregate dollar amount of such rights and warrants sold. (c) A national securities exchange registered pursuant to Section 6(g)(1) of the Act (15 U.S.C. 78f(g)(1)) shall be exempt from the requirements of this section. | ||||
| 17:17:4.0.1.1.1.1.66.91 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.6a-4 Notice of registration under Section 6(g) of the Act, amendment to such notice, and supplemental materials to be filed by exchanges registered under Section 6(g) of the Act. | SEC | [66 FR 43741, Aug. 20, 2001; 90 FR 7364, Jan. 21, 2025] | (a) Notice of registration. (1) An exchange may register as a national securities exchange solely for the purposes of trading security futures products by filing Form 1-N (§ 249.10 of this chapter) (“notice of registration”), in accordance with the instructions contained therein, if: (i) The exchange is a board of trade, as that term is defined in the Commodity Exchange Act (7 U.S.C. 1a(6)), that: (A) Has been designated a contract market by the Commodity Futures Trading Commission and such designation is not suspended by order of the Commodity Futures Trading Commission; or (B) Is registered as a derivative transaction execution facility under Section 6(a) of the Commodity Exchange Act (7 U.S.C. 8(a)) and such registration is not suspended by the Commodity Futures Trading Commission; and (ii) Such exchange does not serve as a marketplace for transactions in securities other than: (A) Security futures products; or (B) Futures on exempted securities or on groups or indexes of securities or options thereon that have been authorized under Section 2(a)(1)(C) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)(C)). (2) Promptly after the discovery that any information filed on Form 1-N (§ 249.10 of this chapter) was inaccurate when filed, the exchange shall file with the Commission an amendment correcting such inaccuracy. (b) Amendment to notice of registration. (1) A national securities exchange registered pursuant to Section 6(g)(1) of the Act (15 U.S.C. 78f(g)(1)) (“Security Futures Product Exchange”) shall file an amendment to Form 1-N (§ 249.10 of this chapter), which shall set forth the nature and effective date of the action taken and shall provide any new information and correct any information rendered inaccurate, on Form 1-N (§ 249.10 of this chapter), within: (i) Ten days after any action is taken that renders inaccurate, or that causes to be incomplete, any information filed on Sections I through III of Form 1-N (§ 249.10 of this chapter), or amendment thereto; or (ii) 30 days after any action is… | ||||
| 17:17:4.0.1.1.1.1.66.92 | 17 | Commodity and Securities Exchanges | II | 240 | PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 | A | Subpart A—Rules and Regulations Under the Securities Exchange Act of 1934 | § 240.6h-1 Settlement and regulatory halt requirements for security futures products. | SEC | [67 FR 36762, May 24, 2002] | (a) For the purposes of this section: (1) Opening price means the price at which a security opened for trading, or a price that fairly reflects the price at which a security opened for trading, during the regular trading session of the national securities exchange or national securities association that lists the security. If the security is not listed on a national securities exchange or a national securities association, then opening price shall mean the price at which a security opened for trading, or a price that fairly reflects the price at which a security opened for trading, on the primary market for the security. (2) Regular trading session of a security means the normal hours for business of a national securities exchange or national securities association that lists the security. (3) Regulatory halt means a delay, halt, or suspension in the trading of a security, that is instituted by the national securities exchange or national securities association that lists the security, as a result of: (i) A determination that there are matters relating to the security or issuer that have not been adequately disclosed to the public, or that there are regulatory problems relating to the security which should be clarified before trading is permitted to continue; or (ii) The operation of circuit breaker procedures to halt or suspend trading in all equity securities trading on that national securities exchange or national securities association. (b) Final settlement prices for security futures products. (1) The final settlement price of a cash-settled security futures product must fairly reflect the opening price of the underlying security or securities. (2) Notwithstanding paragraph (b)(1) of this section, if an opening price for one or more securities underlying a security futures product is not readily available, the final settlement price of the security futures product shall fairly reflect: (i) The price of the underlying security or securities during the most recent regular trading session for … |
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title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
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