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15 U.S.C. § 78e — Transactions on unregistered exchanges
Federal law — U.S. Code and appendices · legal_authorities
It shall be unlawful for any broker, dealer, or exchange, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce for the purpose of using any facility of an exchange within or subject to the jurisdiction of the United States to effect any transaction in a security, or to report any such transaction, unless such exchange (1) is registered as national securities exchange under [section 78f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78f&num=0&edition=prelim), or (2) is exempted from such registration upon application by the exchange because, in the opinion of the Commission, by reason of the limited volume of transactions effected on such exchange, it is not practicable and not necessary or appropriate in the public interest or for the protection of investors to require such registration.
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Stable record: federal_law:legal_authorities:record_usc_0b731dac675aaf0f1b7bc27c
Source file: Laws/federal/codes/united-states-code/title-15/section-78e-transactions-on-unregistered-exchanges--8564f5b0fa.md
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Source location: Title 15, Chapter 2B, § 78e; chapter-2b-securities-exchanges.md
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It shall be unlawful for any broker, dealer, or exchange, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce for the purpose of using any facility of an exchange within or subject to the jurisdiction of the United States to effect any transaction in a security, or to report any such transaction, unless such exchange (1) is registered as national securities exchange under [section 78f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78f&num=0&edition=prelim), or (2) is exempted from such registration upon application by the exchange because, in the opinion of the Commission, by reason of the limited volume of transactions effected on such exchange, it is not practicable and not necessary or appropriate in the public interest or for the protection of investors to require such registration.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration; application** An exchange may be registered as a national securities exchange under the terms and conditions hereinafter provided in this section and in accordance with the provisions of [section 78s(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78s/a&num=0&edition=prelim), by filing with the Commission an application for registration in such form as the Commission, by rule, may prescribe containing the rules of the exchange and such other information and documents as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors.
**(b) Determination by Commission requisite to registration of applicant as a national securities exchange** An exchange shall not be registered as a national securities exchange unless the Commission determines that—
(1) Such exchange is so organized and has the capacity to be able to carry out the purposes of this chapter and to comply, and (subject to any rule or order of the Commission pursuant to section 78q(d) or 78s(g)(2) of this title) to enforce compliance by its members and persons associated with its members, with the provisions of this chapter, the rules and regulations thereunder, and the rules of the exchange.
(2) Subject to the provisions of subsection (c) of this section, the rules of the exchange provide that any registered broker or dealer or natural person associated with a registered broker or dealer may become a member of such exchange and any person may become associated with a member thereof.
(3) The rules of the exchange assure a fair representation of its members in the selection of its directors and administration of its affairs and provide that one or more directors shall be representa
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78f
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934.
**(b) Appointment and compensation of staff and leasing authority**
(1) **Appointment and compensation** — The Commission shall appoint and compensate offic
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78d
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration of all persons utilizing exchange facilities to effect transactions; exemptions**
(1) It shall be unlawful for any broker or dealer which is either a person other than a natural person or a natural person not associated with a broker or dealer which is a person other than a natural person (other than such a broker or dealer whose business is exclusively intrastate and who does not make use of any facility of a national securities exchange) to make use of the mails or any means or instrumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security (other than an exempted security or commercial paper, bankers’ acceptances, or commercial bills) unless such broker or dealer is registered in accordance with subsection (b) of this section.
(2) The Commission, by rule or order, as it deems consistent with the public interest and the protection of investors, may conditionally or unconditionally exempt from paragraph (1) of this subsection any broker or dealer or class of brokers or dealers specified in such rule or order.
**(b) Manner of registration of brokers and dealers**
(1) A broker or dealer may be registered by filing with the Commission an application for registration in such form and containing such information and documents concerning such broker or dealer and any persons associated with such broker or dealer as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. Within forty-five days of the date of the filing of such application (or within such longer period as to which the applicant consents), the Commission shall—
(A) by order grant registration, or
(B) institute proceedings to determine wh
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78o
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration of municipal securities dealers**
(1)
(A) It shall be unlawful for any municipal securities dealer (other than one registered as a broker or dealer under section 78o of this title) to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any municipal security unless such municipal securities dealer is registered in accordance with this subsection.
(B) It shall be unlawful for a municipal advisor to provide advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, or to undertake a solicitation of a municipal entity or obligated person, unless the municipal advisor is registered in accordance with this subsection.
(2) A municipal securities dealer or municipal advisor may be registered by filing with the Commission an application for registration in such form and containing such information and documents concerning such municipal securities dealer or municipal advisor and any persons associated with such municipal securities dealer or municipal advisor as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. Within forty-five days of the date of the filing of such application (or within such longer period as to which the applicant consents), the Commission shall—
(A) by order grant registration, or
(B) institute proceedings to determine whether registration should be denied. Such proceedings shall include notice of the grounds for denial under consideration and opportunity for hearing and shall be concluded within one hundred twenty days of the date of the filing of
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78o–4
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration requirements; notice to regulatory agencies; manner of registration; exemption from registration requirements**
(1)
(A) It shall be unlawful for any government securities broker or government securities dealer (other than a registered broker or dealer or a financial institution) to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer is registered in accordance with paragraph (2) of this subsection.
(B)
(i) It shall be unlawful for any government securities broker or government securities dealer that is a registered broker or dealer or a financial institution to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer has filed with the appropriate regulatory agency written notice that it is a government securities broker or government securities dealer. When such a government securities broker or government securities dealer ceases to act as such it shall file with the appropriate regulatory agency a written notice that it is no longer acting as a government securities broker or government securities dealer.
(ii) Such notices shall be in such form and contain such information concerning a government securities broker or government securities dealer that is a financial institution and any persons associated with such government securities broker or government securities dealer as the Board of Governors of the Federal Reserve S
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78o–5
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosures required**
(1) **Directors, officers, and principal stockholders required to file** — Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 78l of this title, or who is a director or an officer of the issuer of such security (including, solely for the purposes of this subsection, every person who is a director or an officer of a foreign private issuer, as that term is defined in section 240.3b–4 of title 17, Code of Federal Regulations, or any successor regulation), shall file the statements required by this subsection with the Commission.
(2) **Time of filing** — The statements required by this subsection shall be filed—
(A) at the time of the registration of such security on a national securities exchange or by the effective date of a registration statement filed pursuant to section 78l(g) of this title;
(B) within 10 days after he or she becomes such beneficial owner, director, or officer, or within such shorter time as the Commission may establish by rule;
(C) if there has been a change in such ownership, or if such person shall have purchased or sold a security-based swap agreement involving such equity security, before the end of the second business day following the day on which the subject transaction has been executed, or at such other time as the Commission shall establish, by rule, in any case in which the Commission determines that such 2-day period is not feasible; or
(D) with respect to a foreign private issuer, the securities of which are, as of December 18, 2025, registered pursuant to subsection (b) or (g) of section 78l of this title, on the date that is 90 days after December 18
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78p
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Federal law — U.S. Code and appendices · legal_authorities
Page 254
TITLE 15—COMMERCE AND TRADE
§ 78e
(b) Reimbursements for cost of reports
(1) Reimbursements required
The Commission shall reimburse the Gov-
ernment Accountability Office for the full cost
of making the reports under subsection (a), as
billed therefor by the Comptroller General.
(2) Crediting and use of reimbursements
Such reimbursements shall—
(A) be credited to the appropriation ac-
count ‘‘Salaries and Expenses, Government
Accountability Office’’ current when the
payment is received; and
(B) remain available until expended.
(Pub. L. 111–203, title IX, § 964, July 21, 2010, 124
Stat. 1910.)
Editorial Notes
CODIFICATION
Section was enacted as part of the Investor Protec-
tion and Securities Reform Act of 2010 and also as part
of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, and not as part of the Securities Ex-
change Act of 1934 which comprises this chapter.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 1 day after July 21, 2010, except as
otherwise provided, see section 4 of Pub. L. 111–203, set
out as a note under section 5301 of Title 12, Banks and
Banking.
DEFINITIONS
For definitions of terms used in this section, see sec-
tion 5301 of Title 12, Banks and Banking.
§ 78e. Transactions on unregistered exchanges
It shall be unlawful for any broker, dealer, or
exchange, directly or indirectly, to make use of
the mails or any means or instrumentality of
interstate commerce for the purpose of using
any facility of an exchange within or subject to
the jurisdiction of the United States to effect
any transaction in a security, or to report any
such transaction, unless such exchange (1) is
registered as national securities exchange under
section 78f of this title, or (2) is exempted from
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78e
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