Source: https://www.law.cornell.edu/uscode/text/15/78c
Timestamp: 2017-02-19 12:00:06
Document Index: 529652607

Matched Legal Cases: ['§ 78', '§\u202f3', '§\u202f203', '§\u202f12', '§\u202f7', '§\u202f2', '§\u202f401', '§\u202f28', '§\u202f6', '§\u202f3', '§\u202f16', '§\u202f702', '§\u202f2', '§\u202f6', '§\u202f101', '§\u202f2', '§\u202f102', '§\u202f301', '§\u202f6', '§\u202f744', '§\u202f503', '§\u202f203', '§\u202f106', '§\u202f202', '§\u202f347', '§\u202f4', '§\u202f106', '§\u202f508', '§\u202f301', '§\u202f201', '§\u202f1', '§\u202f201', '§\u202f2', '§\u202f205', '§\u202f604', '§\u202f1', '§\u202f8', '§\u202f520', '§\u202f3', '§\u202f101', '§\u202f401', '§\u202f376', '§\u202f761', '§\u202f932', '§\u202f101', '§\u202f304', '§\u202f3101', 'art 200', 'art 201', 'art 210', 'art 229', 'art 230', 'art 232', 'art 239', 'art 240', 'art 242', 'art 243', 'art 244', 'art 247', 'art 249', 'art 249', 'art 270', 'art 274']

15 U.S. Code § 78c - Definitions and application | US Law | LII / Legal Information Institute
(a) DefinitionsWhen used in this chapter, unless the context otherwise requires—
(B)Exception for certain bank activities.—A bank shall not be considered to be a broker because the bank engages in any one or more of the following activities under the conditions described:
(i)Third party brokerage arrangements.—The bank enters into a contractual or other written arrangement with a broker or dealer registered under this chapter under which the broker or dealer offers brokerage services on or off the premises of the bank if—
(ii)Trust activities.—The bank effects transactions in a trustee capacity, or effects transactions in a fiduciary capacity in its trust department or other department that is regularly examined by bank examiners for compliance with fiduciary principles and standards, and—
(iii)Permissible securities transactions.—The bank effects transactions in—
(I)Employee benefit plans.—
(II)Dividend reinvestment plans.—The bank effects transactions, as part of its transfer agency activities, in the securities of an issuer as part of that issuer’s dividend reinvestment plan, if—
(III)Issuer plans.—The bank effects transactions, as part of its transfer agency activities, in the securities of an issuer as part of a plan or program for the purchase or sale of that issuer’s shares, if—
(IV)Permissible delivery of materials.—The exception to being considered a broker for a bank engaged in activities described in subclauses (I), (II), and (III) will not be affected by delivery of written or electronic plan materials by a bank to employees of the issuer, shareholders of the issuer, or members of affinity groups of the issuer, so long as such materials are—
(v)Sweep accounts.—
(vi)Affiliate transactions.—The bank effects transactions for the account of any affiliate of the bank (as defined in section 1841 of title 12) other than—
(vii)Private securities offerings.—The bank—
effects sales as part of a primary offering of securities not involving a public offering, pursuant to section 3(b), 4(2),[1] or 4(5) [1] of the Securities Act of 1933 [15 U.S.C. 77c(b), 77d(a)(2), 77d(a)(5)] or the rules and regulations issued thereunder;
(I)In general.—The bank, as part of customary banking activities—
(II)Exception for carrying broker activities.—
(ix)Identified banking products.—
(x)Municipal securities.—
(xi)De minimis exception.—
(C)Execution by broker or dealer.—The exception to being considered a broker for a bank engaged in activities described in clauses (ii), (iv), and (viii) of subparagraph (B) shall not apply if the activities described in such provisions result in the trade in the United States of any security that is a publicly traded security in the United States, unless—
(D)Fiduciary capacity.—For purposes of subparagraph (B)(ii), the term “fiduciary capacity” means—
(E)Exception for entities subject to section 78o(e).1 —The term “broker” does not include a bank that—
(F)Joint rulemaking required.—
(B)Exception for person not engaged in the business of dealing.—
(C)Exception for certain bank activities.—A bank shall not be considered to be a dealer because the bank engages in any of the following activities under the conditions described:
(i)Permissible securities transactions.—The bank buys or sells—
(ii)Investment, trustee, and fiduciary transactions.—The bank buys or sells securities for investment purposes—
(iii)Asset-backed transactions.—The bank engages in the issuance or sale to qualified investors, through a grantor trust or other separate entity, of securities backed by or representing an interest in notes, drafts, acceptances, loans, leases, receivables, other obligations (other than securities of which the bank is not the issuer), or pools of any such obligations predominantly originated by—
(iv)Identified banking products.—
(A) The term “exempted security” or “exempted securities” includes—
The Comptroller of the Currency, in the case of a national bank or a Federal savings association (as defined in section 3(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)(2))), the deposits of which are insured by the Federal Deposit Insurance Corporation [2] when the appropriate regulatory agency for such clearing agency is not the Commission;
the Federal Deposit Insurance Corporation, in the case of a bank insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System) or a State savings association (as defined in section 3(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)(3))), the deposits of which are insured by the Federal Deposit Insurance Corporation; and [3] when the appropriate regulatory agency for such clearing agency is not the Commission; [4]
(F) When used with respect to a person exercising investment discretion with respect to an account; [5]
For the purpose of this paragraph, the term “promissory note”, when used in connection with a manufactured home, shall also include a loan, advance, or credit sale as evidence [6] by a retail installment sales contract or other instrument.
(A) The term “penny stock” means any equity security other than a security that is—
(A) The term “small business related security” means a security that meets standards of credit-worthiness as established by the Commission, and either—
(A)Definition.—Except as provided in subparagraph (B), for purposes of this chapter, the term “qualified investor” means—
(B)Altered thresholds for asset-backed securities and loan participations.—
(C)Additional authority.—
(58)Audit committee.—The term “audit committee” means—
(59)Registered public accounting firm.—
(60)Credit rating.—
(61)Credit rating agency.—The term “credit rating agency” means any person—
(62)Nationally recognized statistical rating organization.—The term “nationally recognized statistical rating organization” means a credit rating agency that—
(63)Person associated with a nationally recognized statistical rating organization.—
(64)Qualified institutional buyer.—
(65)Eligible contract participant.—
(66)Major swap participant.—
(A)In general.—The term “major security-based swap participant” means any person—
(B)Definition of substantial position.—
(C)Scope of designation.—
(A)In general.—Except as provided in subparagraph (B), the term “security-based swap” means any agreement, contract, or transaction that—
(B)Rule of construction regarding master agreements.—
(C)Exclusions.—
(D)Mixed swap.—
(E)Rule of construction regarding use of the term index.—
(69)Swap.—
(A)In general.—The term “person associated with a security-based swap dealer or major security-based swap participant” or “associated person of a security-based swap dealer or major security-based swap participant” means—
(A)In general.—The term “security-based swap dealer” means any person who—
(B)Designation by type or class.—
(D)De minimis exception.—
(72)Appropriate federal banking agency.—
(73)Board.—
(74)Prudential regulator.—
(75)Security-based swap data repository.—
(76)Swap dealer.—
(77)Security-based swap execution facility.—The term “security-based swap execution facility” means a trading system or platform in which multiple participants have the ability to execute or trade security-based swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce, including any trading facility, that—
(B)Exclusions.—
(79)Asset-backed security.—The term “asset-backed security”—
(80) [7]Emerging growth company.—The term “emerging growth company” means an issuer that had total annual gross revenues of less than $1,000,000,000 (as such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000) during its most recently completed fiscal year. An issuer that is an emerging growth company as of the first day of that fiscal year shall continue to be deemed an emerging growth company until the earliest of—
(80) 7Funding portal.—The term “funding portal” means any person acting as an intermediary in a transaction involving the offer or sale of securities for the account of others, solely pursuant to section 4(6) 1 of the Securities Act of 1933 (15 U.S.C. 77d(6)), that does not—
(1) ExemptionNotwithstanding any other provision of this chapter, but subject to paragraph (2) of this subsection, a charitable organization, as defined in section 3(c)(10)(D) of the Investment Company Act of 1940 [15 U.S.C. 80a–3(c)(10)(D)], or any trustee, director, officer, employee, or volunteer of such a charitable organization acting within the scope of such person’s employment or duties with such organization, shall not be deemed to be a “broker”, “dealer”, “municipal securities broker”, “municipal securities dealer”, “government securities broker”, or “government securities dealer” for purposes of this chapter solely because such organization or person buys, holds, sells, or trades in securities for its own account in its capacity as trustee or administrator of, or otherwise on behalf of or for the account of—
(g) Church plansNo church plan described in section 414(e) of title 26, no person or entity eligible to establish and maintain such a plan under title 26, no company or account that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 [15 U.S.C. 80a–3(c)(14)], and no trustee, director, officer or employee of or volunteer for such plan, company, account, person, or entity, acting within the scope of that person’s employment or activities with respect to such plan, shall be deemed to be a “broker”, “dealer”, “municipal securities broker”, “municipal securities dealer”, “government securities broker”, “government securities dealer”, “clearing agency”, or “transfer agent” for purposes of this chapter—
(1) In generalThe Commission shall, by rule, exempt, conditionally or unconditionally, a registered funding portal from the requirement to register as a broker or dealer under section 78o(a)(1) of this title, provided that such funding portal—
(June 6, 1934, ch. 404, title I, § 3, 48 Stat. 882; Aug. 23, 1935, ch. 614, § 203(a), 49 Stat. 704; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517,60 Stat. 1352; Pub. L. 86–70, § 12(b), June 25, 1959, 73 Stat. 143; Pub. L. 86–624, § 7(b), July 12, 1960, 74 Stat. 412; Pub. L. 88–467, § 2, Aug. 20, 1964, 78 Stat. 565; Pub. L. 91–373, title IV, § 401(b), Aug. 10, 1970, 84 Stat. 718; Pub. L. 91–547, § 28(a), (b), Dec. 14, 1970, 84 Stat. 1435; Pub. L. 91–567, § 6(b), Dec. 22, 1970, 84 Stat. 1499; Pub. L. 94–29, § 3, June 4, 1975, 89 Stat. 97; Pub. L. 95–283, § 16, May 21, 1978, 92 Stat. 274; Pub. L. 96–477, title VII, § 702, Oct. 21, 1980, 94 Stat. 2295; Pub. L. 97–303, § 2, Oct. 13, 1982, 96 Stat. 1409; Pub. L. 98–376, § 6(a), Aug. 10, 1984, 98 Stat. 1265; Pub. L. 98–440, title I, § 101, Oct. 3, 1984, 98 Stat. 1689; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 99–571, title I, § 102(a)–(d), Oct. 28, 1986, 100 Stat. 3214–3216; Pub. L. 100–181, title III, §§ 301–306, Dec. 4, 1987, 101 Stat. 1253, 1254; Pub. L. 100–704, § 6(a), Nov. 19, 1988, 102 Stat. 4681; Pub. L. 101–73, title VII, § 744(u)(1), Aug. 9, 1989, 103 Stat. 441; Pub. L. 101–429, title V, § 503, Oct. 15, 1990, 104 Stat. 952; Pub. L. 101–550, title II, §§ 203(b), 204, Nov. 15, 1990, 104 Stat. 2717, 2718; Pub. L. 103–202, title I, §§ 106(b)(2)(A), 109(a), Dec. 17, 1993, 107 Stat. 2350, 2352; Pub. L. 103–325, title II, § 202, title III, § 347(a), Sept. 23, 1994, 108 Stat. 2198, 2241; Pub. L. 104–62, § 4(a), (b), Dec. 8, 1995, 109 Stat. 684; Pub. L. 104–290, title I, § 106(b), title V, § 508(c), Oct. 11, 1996, 110 Stat. 3424, 3447; Pub. L. 105–353, title III, § 301(b)(1)–(4), Nov. 3, 1998, 112 Stat. 3235, 3236; Pub. L. 106–102, title II, §§ 201, 202, 207, 208, 221(b), 231(b)(1), Nov. 12, 1999, 113 Stat. 1385, 1390, 1394, 1395, 1401, 1406; Pub. L. 106–554, § 1(a)(5) [title II, § 201], Dec. 21, 2000, 114 Stat. 2763, 2763A–413; Pub. L. 107–204, § 2(b), title II, § 205(a), title VI, § 604(c)(1)(A), July 30, 2002, 116 Stat. 749, 773, 796; Pub. L. 108–359, § 1(c)(1), Oct. 25, 2004, 118 Stat. 1666; Pub. L. 108–386, § 8(f)(1)–(3), Oct. 30, 2004, 118 Stat. 2232; Pub. L. 108–447, div. H, title V, § 520(1), Dec. 8, 2004, 118 Stat. 3267; Pub. L. 109–291, § 3(a), Sept. 29, 2006, 120 Stat. 1328; Pub. L. 109–351, title I, § 101(a)(1), title IV, § 401(a)(1), (2), Oct. 13, 2006, 120 Stat. 1968, 1971, 1972; Pub. L. 111–203, title III, § 376(1), title VII, § 761(a), title IX, §§ 932(b), 939(e), 941(a), 944(b), 985(b)(2), 986(a)(1), July 21, 2010, 124 Stat. 1566, 1754, 1883, 1886, 1890, 1898, 1933, 1935; Pub. L. 112–106, title I, § 101(b), title III, § 304(a)(1), (b), Apr. 5, 2012, 126 Stat. 307, 321, 322.)
[1]  See References in Text note below.[2]  So in original. Probably should be followed by a comma.[3]  So in original. The “; and” probably should be a comma.[4]  So in original. Probably should be followed by “and”.[5]  So in original. The semicolon probably should be a colon.[6]  So in original. Probably should be “evidenced”.[7]  So in original. Two pars. (80) have been enacted.
The International Banking Act of 1978, referred to in subsec. (a)(34)(G)(i) to (iii), (46)(B), is Pub. L. 95–369, Sept. 17, 1978, 92 Stat. 607, which enacted chapter 32 (§ 3101 et seq.) and sections 347d and 611a of Title 12, Banks and Banking, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of Title 12, and enacted provisions set out as notes under sections 247, 611a, and 3101 of Title 12and formerly set out as notes under sections 36, 247, and 601 of Title 12. For complete classification of this Act to the Code, see Short Title note set out under section 3101 of Title 12 and Tables.
“(3)Rulemaking supersedes previous rulemaking.—A final single set of rules or regulations jointly adopted in accordance with this section shall supersede any other proposed or final rule issued by the Commission on or after the date of enactment of section 201 of the Gramm-Leach-Bliley Act [Nov. 12, 1999] with regard to the exceptions to the definition of a broker under section 3(a)(4)(B) of the Securities Exchange Act of 1934. No such other rule, whether or not issued in final form, shall have any force or effect on or after that date of enactment.
“(b)Special Rule.—Notwithstanding subsection (a), with respect to the extension of time to comply with new or revised financial accounting standards provided under section 7(a)(2)(B) of the Securities Act of 1933 [15 U.S.C. 77g(a)(2)(B)] and section 13(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78m(a)], as added by section 102(b), if an emerging growth company chooses to comply with such standards to the same extent that a non-emerging growth company is required to comply with such standards, the emerging growth company—
“(2)Initial public offering date.—
“(a)Definition of Identified Banking Product.—Except as provided in subsection (e) [sic], for purposes of paragraphs (4) and (5) of section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(4), (5)), the term ‘identified banking product’ means—
“(b)Definition of Swap Agreement.—
“(c)Classification Limited.—
“(d)Incorporated Definitions.—
“(a)In General.—Except as provided in subsection (b), as used in this section, the term ‘swap agreement’ means any agreement, contract, or transaction that—
“(b)Exclusions.—The term ‘swap agreement’ does not include—
“(c)Rule of Construction Regarding Master Agreements.—
17 CFR - Commodity and Securities Exchanges17 CFR Part 200 - ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS17 CFR Part 201 - RULES OF PRACTICE17 CFR Part 210 - FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 197517 CFR Part 229 - STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975 - REGULATION S-K17 CFR Part 230 - GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 193317 CFR Part 232 - REGULATION S-T - GENERAL RULES AND REGULATIONS FOR ELECTRONIC FILINGS17 CFR Part 239 - FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 193317 CFR Part 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 193417 CFR Part 242 - REGULATIONS M, SHO, ATS, AC, NMS, AND SBSR AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES17 CFR Part 243 - REGULATION FD17 CFR Part 244 - REGULATION G17 CFR Part 247 - REGULATION R - EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER17 CFR Part 249 - FORMS, SECURITIES EXCHANGE ACT OF 193417 CFR Part 249b - FURTHER FORMS, SECURITIES EXCHANGE ACT OF 193417 CFR Part 270 - RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 194017 CFR Part 274 - FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940
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