**(a) Authority**
(1) **In general** — Except as provided in subsection (b), but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this chapter or of any rule or regulation thereunder, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.
(2) **Procedures** — The Commission shall, by rule or regulation, determine the procedures under which an exemptive order under this section shall be granted and may, in its sole discretion, decline to entertain any application for an order of exemption under this section.
**(b) Limitation** The Commission may not, under this section, exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions from section 78o–5 of this title or the rules or regulations issued thereunder or (for purposes of section 78o–5 of this title and the rules and regulations issued thereunder) from any definition in paragraph (42), (43), (44), or (45) of [section 78c(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim).
**(c) Derivatives** Unless the Commission is expressly authorized by any provision described in this subsection to grant exemptions, the Commission shall not grant exemptions, with respect to amendments made by subtitle B of the Wall Street Transparency and Accountability Act of 2010, with respect to paragraphs (65), (66), (68), (69), (70), (71), (72), (73), (74), (75), (76), and (79) of [section 78c(a) of this title
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Stable record: federal_law:legal_authorities:record_usc_2e7d7587bfbc36b6873f7b27 Source file: Laws/federal/codes/united-states-code/title-15/section-78mm-general-exemptive-authority--b5a3a39ef8.md Pages: Not recorded – Not recorded Passage SHA-256: 490796352969089054c50a0dc20807afe1669107b0bea1910aa475bf5eb400bc Retained source evidence SHA-256: 99478128f09007f11fd9d8620047c62d1e1701b7f75a6c3c1d99d778aa0ff1b6
Source location: Title 15, Chapter 2B, § 78mm; chapter-2b-securities-exchanges.md
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**(a) Authority**
(1) **In general** — Except as provided in subsection (b), but notwithstanding any other provision of this chapter, the Commission, by rule, regulation, or order, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this chapter or of any rule or regulation thereunder, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.
(2) **Procedures** — The Commission shall, by rule or regulation, determine the procedures under which an exemptive order under this section shall be granted and may, in its sole discretion, decline to entertain any application for an order of exemption under this section.
**(b) Limitation** The Commission may not, under this section, exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions from section 78o–5 of this title or the rules or regulations issued thereunder or (for purposes of section 78o–5 of this title and the rules and regulations issued thereunder) from any definition in paragraph (42), (43), (44), or (45) of [section 78c(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim).
**(c) Derivatives** Unless the Commission is expressly authorized by any provision described in this subsection to grant exemptions, the Commission shall not grant exemptions, with respect to amendments made by subtitle B of the Wall Street Transparency and Accountability Act of 2010, with respect to paragraphs (65), (66), (68), (69), (70), (71), (72), (73), (74), (75), (76), and (79) of [section 78c(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim), and sections 78j–2(a), 78j–2(b), 78j–2(c), 78m–1, 78o–10, 78q–1(g), 78q–1(h), 78q–1(i), 78q–1(j), 78q–1(k), and 78q–1(l) of this title; provided that the Commission shall have exemptive authority under this chapter with respect to security-based swaps as to the same matters that the Commodity Futures Trading Commission has under the Wall Street Transparency and Accountability Act of 2010 with respect to swaps, including under [section 6(c) of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6/c&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
§ 78mm. General exemptive authority
(a) Authority
(1) In general
Except as provided in subsection (b), but
notwithstanding any other provision of this
chapter, the Commission, by rule, regulation,
or order, may conditionally or unconditionally
exempt any person, security, or transaction,
or any class or classes of persons, securities,
or transactions, from any provision or provi-
sions of this chapter or of any rule or regula-
tion thereunder, to the extent that such ex-
emption is necessary or appropriate in the
public interest, and is consistent with the pro-
tection of investors.
(2) Procedures
The Commission shall, by rule or regulation,
determine the procedures under which an ex-
emptive order under this section shall be
granted and may, in its sole discretion, decline
to entertain any application for an order of ex-
emption under this section.
(b) Limitation
The Commission may not, under this section,
exempt any person, security, or transaction, or
any class or classes of persons, securities, or
transactions from section 78o–5 of this title or
the rules or regulations issued thereunder or
(for purposes of section 78o–5 of this title and
the rules and regulations issued thereunder)
from any definition in paragraph (42), (43), (44),
or (45) of section 78c(a) of this title.
(c) Derivatives
Unless the Commission is expressly authorized
by any provision described in this subsection to
grant exemptions, the Commission shall not
grant exemptions, with respect to amendments
made by subtitle B of the Wall Street Trans-
parency and Accountability Act of 2010, with re-
spect to paragraphs (65), (66), (68), (69), (70), (71),
(72), (73), (74), (75), (76), and (79) of section 78c(a)
of this title, and sections 78j–2(a), 78j–2(b),
78j–2(c), 78m