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15 U.S.C. § 78j — Manipulative and deceptive devices
Federal law — U.S. Code and appendices · legal_authorities
It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange—
**(a)**
(1) To effect a short sale, or to use or employ any stop-loss order in connection with the purchase or sale, of any security other than a government security, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
(2) Paragraph (1) of this subsection shall not apply to security futures products.
**(b)** To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, or any securities-based swap agreement 11 So in original. Probably should be followed by a comma. any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
**(c)**
(1) To effect, accept, or facilitate a transaction involving the loan or borrowing of securities in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
(2) Nothing in paragraph (1) may be construed to limit the authority of the appropriate Federal banking agency (as defined in [section 1813(q) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)), the National Credit Union Administration, or any other Federal department or agency having a responsibility under Federal law to prescribe rules or regulations restr
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78j
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Stable record: federal_law:legal_authorities:record_usc_3f33ee5e81ab6f1c50717d2d
Source file: Laws/federal/codes/united-states-code/title-15/section-78j-manipulative-and-deceptive-devices--9de60c0229.md
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Source location: Title 15, Chapter 2B, § 78j; chapter-2b-securities-exchanges.md
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It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange—
**(a)**
(1) To effect a short sale, or to use or employ any stop-loss order in connection with the purchase or sale, of any security other than a government security, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
(2) Paragraph (1) of this subsection shall not apply to security futures products.
**(b)** To use or employ, in connection with the purchase or sale of any security registered on a national securities exchange or any security not so registered, or any securities-based swap agreement 11 So in original. Probably should be followed by a comma. any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
**(c)**
(1) To effect, accept, or facilitate a transaction involving the loan or borrowing of securities in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
(2) Nothing in paragraph (1) may be construed to limit the authority of the appropriate Federal banking agency (as defined in [section 1813(q) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)), the National Credit Union Administration, or any other Federal department or agency having a responsibility under Federal law to prescribe rules or regulations restricting transactions involving the loan or borrowing of securities in order to protect the safety and soundness of a financial institution or to protect the financial system from systemic risk.
Rules promulgated under subsection (b) that prohibit fraud, manipulation, or insider trading (but not rules imposing or specifying reporting or recordkeeping requirements, procedures, or standards as prophylactic measures against fraud, manipulation, or insider trading), and judicial precedents decided under subsection (b) and rules promulgated thereunder that prohibit fraud, manipulation, or insider trading, shall apply to security-based swap agreements to the same extent as they apply to securities. Judicial precedents decided under [section 77q(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77q/a&num=0&edition=prelim) and sections 78i, 78o, 78p, 78t, and 78u–1 of this title, and judicial precedents decided under applicable rules promulgated under such sections, shall apply to security-based swap agreements to the same extent as they apply to securities.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter:
(1) **Congressional ethics committees.—** — The term “congressional ethics committees” means the Select Committee on Ethics of the Senate and the Committee on Ethics of the House of Representatives.
(2) **Dependent child.—** — The term “dependent child” means, when used with respect to any reporting individual, any individual who is a son, daughter, stepson, or stepdaughter and who—
(A) is unmarried and under age 21 and is living in the household of such reporting individual; or
(B) is a dependent of such reporting individual within the meaning of section 152 of the Internal Revenue Code of 1986 ([26 U.S.C. 152](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section152&num=0&edition=prelim)).
(3) **Designated agency ethics official.—** — The term “designated agency ethics official” means an officer or employee who is designated to administer the provisions of this subchapter within an agency.
(4) **Executive branch.—** — The term “executive branch” includes each Executive agency (as defined in [section 105 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section105&num=0&edition=prelim)), other than the Government Accountability Office, and any other entity or administrative unit in the executive branch.
(5) **Gift.—** — The term “gift” means a payment, advance, forbearance, rendering, or deposit of money, or any thing of value, unless consideration of equal or greater value is received by the donor, but does not include—
(A) bequest and other forms of inheritance;
(B) suitable mementos of a function honoring the reporting individual;
(C) food, lodging, transportation, and entertainment provided by a foreign government within a foreign country or by the United States Governme
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 13101
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this subchapter, unless the context otherwise requires—
(1) The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
(2) The term “person” means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.
(3) The term “sale” or “sell” shall include every contract of sale or disposition of a security or interest in a security, for value. The term “offer to sell”, “offer for sale”, or “offer” shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interes
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77b
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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) Ownership interest of members in risk retention groups** The ownership interests of members in a risk retention group shall be—
(1) considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 [[15 U.S.C. 77e](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77e&num=0&edition=prelim)] and for purposes of section 12 of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)l]; and
(2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [[15 U.S.C. 77q](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77q&num=0&edition=prelim)] and the provisions of section 10 of the Securities Exchange Act of 1934 [[15 U.S.C. 78j](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j&num=0&edition=prelim)].
**(b) Investment companies** A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ([15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-1&num=0&edition=prelim) et seq.).
**(c) State blue sky laws** The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 3904
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ownership interests** The ownership interests of members of a risk retention group shall be considered to be—
(1) exempted securities for purposes of [section 77e of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77e&num=0&edition=prelim) and for purposes of section 78l of title 15; and
(2) securities for purposes of the provisions of [section 77q of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77q&num=0&edition=prelim) and the provisions of [section 78j of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78j&num=0&edition=prelim).
**(b) Investment Company Act** A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 ([15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.).
**(c) Blue sky law** The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 9675
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Federal law — U.S. Code and appendices · legal_authorities
Page 269
TITLE 15—COMMERCE AND TRADE
§ 78j
1 So in original. Probably should be followed by a comma.
Subsec. (b)(1) to (3). Pub. L. 111–203, § 763(f), added
pars. (1) to (3) and struck out former pars. (1) to (3)
which read as follows:
‘‘(1) any transaction in connection with any security
whereby any party to such transaction acquires (A) any
put, call, straddle, or other option or privilege of buy-
ing the security from or selling the security to another
without being bound to do so; or (B) any security fu-
tures product on the security; or
‘‘(2) any transaction in connection with any security
with relation to which he has, directly or indirectly,
any interest in any (A) such put, call, straddle, option,
or privilege; or (B) such security futures product; or
‘‘(3) any transaction in any security for the account
of any person who he has reason to believe has, and who
actually has, directly or indirectly, any interest in any
(A) such put, call, straddle, option, or privilege; or (B)
such security futures product with relation to such se-
curity.’’
Subsec. (c). Pub. L. 111–203, § 929L(1)(C), inserted
‘‘broker, dealer, or’’ after ‘‘unlawful for any’’.
Pub. L. 111–203, § 929L(1)(A), substituted ‘‘other than a
government security’’ for ‘‘registered on a national se-
curities exchange’’.
Subsecs. (d) to (i). Pub. L. 111–203, § 929X(b), added
subsec. (d) and redesignated former subsecs. (d) to (h)
as (e) to (i), respectively. Former subsec. (i), relating to
limitation on Commission authority, redesignated (j).
Subsec. (j). Pub. L. 111–203, § 929X(b)(1), redesignated
subsec. (i), relating to limitation on Commission au-
thority, as (j).
Pub. L. 111–203, § 763(g), added subsec. (j) relating to
regulations relating to security-based swaps.
Pub. L. 111
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78j
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.