Source: http://www.law.cornell.edu/uscode/text/15/78bb?qt-us_code_tabs=1
Timestamp: 2014-07-13 04:07:43
Document Index: 131793459

Matched Legal Cases: ['§ 78', '§ 28', '§ 21', '§ 4', '§ 327', '§ 103', '§ 101', '§ 1', '§ 203', '§ 767', '§ 77', '§ 201', '§ 1', '§ 210', '§ 1', '§ 203', '§ 101', '§ 101', '§ 327', '§ 328', '§ 329', '§ 21', '§ 21']

15 U.S. Code § 78bb - Effect on existing law | LII / Legal Information Institute
Limitation on judgments (1)
In general No person permitted to maintain a suit for damages under the provisions of this chapter shall recover, through satisfaction of judgment in 1 or more actions, a total amount in excess of the actual damages to that person on account of the act complained of. Except as otherwise specifically provided in this chapter, nothing in this chapter shall affect the jurisdiction of the securities commission (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this chapter or the rules and regulations under this chapter.
Rule of construction Except as provided in subsection (f), the rights and remedies provided by this chapter shall be in addition to any and all other rights and remedies that may exist at law or in equity.
State bucket shop laws No State law which prohibits or regulates the making or promoting of wagering or gaming contracts, or the operation of “bucket shops” or other similar or related activities, shall invalidate—
any security-based swap effected on a national securities exchange registered pursuant to section 78f
Other State provisions No provision of State law regarding the offer, sale, or distribution of securities shall apply to any transaction in a security-based swap or a security futures product, except that this paragraph may not be construed as limiting any State antifraud law of general applicability. A security-based swap may not be regulated as an insurance contract under any provision of State law.
Modification of disciplinary procedures Nothing in this chapter shall be construed to modify existing law with regard to the binding effect (1)
on any member of or participant in any self-regulatory organization of any action taken by the authorities of such organization to settle disputes between its members or participants, (2)
on any municipal securities dealer or municipal securities broker of any action taken pursuant to a procedure established by the Municipal Securities Rulemaking Board to settle disputes between municipal securities dealers and municipal securities brokers, or (3)
of any action described in paragraph (1) or (2) on any person who has agreed to be bound thereby.
Continuing validity of disciplinary sanctions The stay, setting aside, or modification pursuant to section 78s
(e) of this title of any disciplinary sanction imposed by a self-regulatory organization on a member thereof, person associated with a member, or participant therein, shall not affect the validity or force of any action taken as a result of such sanction by the self-regulatory organization prior to such stay, setting aside, or modification: Provided, That such action is not inconsistent with the provisions of this chapter or the rules or regulations thereunder. The rights of any person acting in good faith which arise out of any such action shall not be affected in any way by such stay, setting aside, or modification.
Physical location of facilities of registered clearing agencies or registered transfer agents not to subject changes in beneficial or record ownership of securities to State or local taxes No State or political subdivision thereof shall impose any tax on any change in beneficial or record ownership of securities effected through the facilities of a registered clearing agency or registered transfer agent or any nominee thereof or custodian therefor or upon the delivery or transfer of securities to or through or receipt from such agency or agent or any nominee thereof or custodian therefor, unless such change in beneficial or record ownership or such transfer or delivery or receipt would otherwise be taxable by such State or political subdivision if the facilities of such registered clearing agency, registered transfer agent, or any nominee thereof or custodian therefor were not physically located in the taxing State or political subdivision. No State or political subdivision thereof shall impose any tax on securities which are deposited in or retained by a registered clearing agency, registered transfer agent, or any nominee thereof or custodian therefor, unless such securities would otherwise be taxable by such State or political subdivision if the facilities of such registered clearing agency, registered transfer agent, or any nominee thereof or custodian therefor were not physically located in the taxing State or political subdivision.
Exchange, broker, and dealer commissions; brokerage and research services (1)
Limitations on remedies (1)
Removal of covered class actions Any covered class action brought in any State court involving a covered security, as set forth in paragraph (1), shall be removable to the Federal district court for the district in which the action is pending, and shall be subject to paragraph (1).
Preservation of certain actions (A)
Actions under State law of State of incorporation (i)
State actions (i)
Actions under contractual agreements between issuers and indenture trustees Notwithstanding paragraph (1) or (2), a covered class action that seeks to enforce a contractual agreement between an issuer and an indenture trustee may be maintained in a State or Federal court by a party to the agreement or a successor to such party.
Remand of removed actions In an action that has been removed from a State court pursuant to paragraph (2), if the Federal court determines that the action may be maintained in State court pursuant to this subsection, the Federal court shall remand such action to such State court.
Covered class action The term “covered class action” means—
Exception for derivative actions Notwithstanding subparagraph (B), the term “covered class action” does not include an exclusively derivative action brought by one or more shareholders on behalf of a corporation.
Covered security The term “covered security” means a security that satisfies the standards for a covered security specified in paragraph (1) or (2) of section 18(b) of the Securities Act of 1933 [15 U.S.C. 77r
(b)], at the time during which it is alleged that the misrepresentation, omission, or manipulative or deceptive conduct occurred, except that such term shall not include any debt security that is exempt from registration under the Securities Act of 1933 [15 U.S.C. 77a et seq.] pursuant to rules issued by the Commission under section 4(2) [1]
of that Act [15 U.S.C. 77d
(June 6, 1934, ch. 404, title I, § 28,48 Stat. 903; Pub. L. 94–29, § 21,June 4, 1975, 89 Stat. 160; Pub. L. 97–303, § 4,Oct. 13, 1982, 96 Stat. 1409; Pub. L. 100–181, title III, §§ 327–329,Dec. 4, 1987, 101 Stat. 1259; Pub. L. 104–290, title I, § 103(b),Oct. 11, 1996, 110 Stat. 3422; Pub. L. 105–353, title I, § 101(b)(1),Nov. 3, 1998, 112 Stat. 3230; Pub. L. 106–554, § 1(a)(5) [title II, §§ 203(a)(2), 210], Dec. 21, 2000, 114 Stat. 2763, 2763A–422, 2763A–436; Pub. L. 111–203, title VII, § 767,July 21, 2010, 124 Stat. 1799.)
The Securities Act of 1933, referred to in subsec. (f)(5)(E), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of this title. Section 4(2) of the Act was redesignated section 4
(a)(2) by Pub. L. 112–106, title II, § 201(b)(1), (c)(1),Apr. 5, 2012, 126 Stat. 314, and is classified to section 77d
(a)(2) of this title. For complete classification of this Act to the Code, see section 77a of this title and Tables.
2010—Subsec. (a). Pub. L. 111–203amended subsec. (a) generally. Prior to amendment, subsec. (a) related to rights and remedies provided by this chapter and applicability of certain State securities laws.
2000—Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 210], inserted “subject to this chapter” after “privilege, or other security”, substituted “any such security” for “any such instrument, if such instrument is traded pursuant to rules and regulations of a self-regulatory organization that are filed with the Commission pursuant to section 78s
(b) of this title”, and inserted at end “No provision of State law regarding the offer, sale, or distribution of securities shall apply to any transaction in a security futures product, except that this sentence shall not be construed as limiting any State antifraud law of general applicability.”
Subsec. (e)(4). Pub. L. 106–554, § 1(a)(5) [title II, § 203(a)(2)], added par. (4).
1998—Subsec. (a). Pub. L. 105–353, § 101(b)(1)(A), substituted “Except as provided in subsection (f) of this section, the rights and remedies” for “The rights and remedies”.
Subsec. (f). Pub. L. 105–353, § 101(b)(1)(B), added subsec. (f).
1996—Subsec. (a). Pub. L. 104–290substituted “Except as otherwise specifically provided in this chapter, nothing” for “Nothing”.
1987—Subsec. (c). Pub. L. 100–181, § 327, substituted “on” for “or” after “self-regulatory organization”.
Subsec. (d). Pub. L. 100–181, § 328, substituted “change in beneficial” for “change is beneficial”.
Subsec. (e)(1). Pub. L. 100–181, § 329, substituted “subsequent to the date of enactment of the Securities Acts Amendments of 1975” for “subsequent to the date of enactment of the Securities Acts Amendments in 1975”, which for purposes of codification was translated as “subsequent to June 4, 1975,” thus requiring no change in text.
1982—Subsec. (a). Pub. L. 97–303inserted provision that no State law which prohibits or regulates the making or promoting of wagering or gaming contracts, or the operation of “bucket shops” or other similar or related activities, shall invalidate any put, call, straddle, option, privilege, or other security, or apply to any activity which is incidental or related to the offer, purchase, sale, exercise, settlement, or closeout of any such instrument, if such instrument is traded pursuant to rules and regulations of a self-regulatory organization that are filed with the Commission pursuant to section 78s
1975—Subsec. (b). Pub. L. 94–29, § 21(1), struck out provisions that nothing in this chapter be construed to modify existing law with regard to the binding effect on any member of an exchange of any disciplinary action taken by the authorities of an exchange and made the remaining provisions applicable to all members of and participants in all self-regulatory organizations as well as municipal securities professionals.
Subsecs. (c) to (e). Pub. L. 94–29, § 21(2), added subsecs. (c) to (e).