A bill to clarify the jurisdiction of the Securities and Exchange Commission and the definition of security, and for other purposes.
PL 97-303 (H.R.6156), enacted 10/13/1982

PUBLIC LAW 97-303—OCT. 13, 1982 
96 STAT. 1409 
Public Law 97-803 
97th Congress 
An Act 
To clarify the jurisdiction of the Securities and Exchange Commission and the 
definition of security, and for other purposes. 
Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled. 
SECTION 1. Section 2(1) of the Securities Act of 1933 (15 U.S.C. 
77b(l)) is amended by inserting after "mineral rights," the following: 
"any put, call, straddle, option, or privilege on any security, certifi-
cate 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,". 
SEC. 2. Section 3(aX10) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(10)) is amended by inserting after "for a security," the 
following: "any put, call, straddle, option, or privilege on any secu-
rity, 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,". 
SEC. 3. Section 9 of the Securities Exchange Act of 1934 (15 U.S.C. 
78i) is amended— 
(1) by striking out "this section" in subsection (f) and inserting 
in lieu thereof subsection (a)"; and 
(2) by inserting after subsection (f) the following new subsec-
tion: 
"(g) Notwithstanding any other provision of law, the Commission 
shall have the authority to regulate the trading of 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 (but not, with respect to any of the foregoing, an 
option on a contract for future delivery).". 
SEC. 4. Section 28(a) of the Securities Exchange Act of 1934 (15 
U.S.C. 78bb(a)) is amended by adding at the end thereof the follow-
ing new sentence: "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 19(b) of this Act.". 
SEC. 5. Section 2(a)(36) of the Investment Company Act of 1940 (15 
U.S.C. 80a-2(a)(36)) is amended by inserting after "mineral rights," 
the following: "any put, call, straddle, option, or privilege on any 
security (including a certificate of deposit) or on any group or index 
of securities (including any interest therein or based on the value 
Oct. 13, 1982 
[H.R. 6156] 
Securities and 
Exchange 
Commission, 
jurisdiction 
clarification. 
Authority to 
regulate trading. 
15 u s e 79s. 
96 STAT. 1410 
PUBLIC LAW 97-303—OCT. 13, 1982 
thereof), or any put, call, straddle, option, or privilege entered into 
on a national securities exchange relating to foreign currency,". 
SEC. 6. Section 202(aX18) of the Investment Advisers Act of 1940 
(15 U.S.C. 80b-2(aX18)) is amended by inserting after "mineral 
rights," the following: "any put, call, straddle, option, or privilege on 
any security (incluc^g a certificate of deposit) or on any 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,". 
SEC. 7. Section 16(14) of the Securities Investor Protection Act (15 
15 use mil 
U.S.C. 78111(14)) is amended— 
(1) by inserting after "Securities Act of 1933)," the following: 
"any put, call, straddle, option, or privilege on any security, 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,"; and 
(2) by striking out "The" in the last sentence and inserting in 
lieu thereof "Except as specifically provided above, the". 
Approved October 13, 1982. 
LEGISLATIVE HISTORY—H.R. 6156 (S. 2260): 
HOUSE REPORTS: No. 97-626 Pt. I (Comm. on Energy and Commerce), Pt. II (Comm. 
on Agriculture). 
SENATE REPORT No. 97-390 accompanying S. 2260 (Comm. on Banking, Housing, 
and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 128 (1982): 
Sept. 23, considered and passed House. 
Oct. 1, considered and passed Senate.