15 U.S.C. § 78mm — General exemptive authority

Page 473 TITLE 15—COMMERCE AND TRADE § 78nn § 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–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; pro- vided that the Commission shall have exemptive authority under this chapter with respect to se- curity-based swaps as to the same matters that the Commodity Futures Trading Commission has under the Wall Street Transparency and Ac- countability Act of 2010 with respect to swaps, including under section 6(c) of title 7. (June 6, 1934, ch. 404, title I, § 36, as added Pub. L. 104–290, title I, § 105(b), Oct. 11, 1996, 110 Stat. 3424; amended Pub. L. 111–203, title VII, § 772(a), July 21, 2010, 124 Stat. 1801.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (a)(1) and (c), was in the original ‘‘this title’’. See References in Text note set out under section 78a of this title. The Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (c), is title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641, which enacted chapter 109 (§ 8301 et seq.) of this title and enacted and amended numerous other sections and notes in the Code. Subtitle B of the Act enacted subchapter II (§ 8341 et seq.) of chapter 109 and sections 78c–3 to 78c–5, 78j–2, 78m–1, and 78o–10 of this title, amended sections 77b, 77b–1, 77e, 77q, 78c, 78c–1, 78f, 78i, 78j, 78m, 78o, 78p, 78q–1, 78t, 78u–1, 78u–2, 78bb, 78dd, 78mm, 80a–2, and 80b–2 of this title, enacted provisions set out as a note under section 77b of this title, and amended provisions set out as a note under section 78c of this title. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of this title and Tables. AMENDMENTS 2010—Subsec. (c). Pub. L. 111–203 added subsec. (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provi- sion of subtitle B (§§ 761–774) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation imple- menting such provision of subtitle B, see section 774 of Pub. L. 111–203, set out as a note under section 77b of this title. § 78nn. Tennessee Valley Authority (a) In general Commencing with the issuance by the Ten- nessee Valley Authority of an annual report on Commission Form 10–K (or any successor there- to) for fiscal year 2006 and thereafter, the Ten- nessee Valley Authority shall file with the Com- mission, in accordance with such rules and regu- lations as the Commission has prescribed or may prescribe, such periodic, current, and sup- plementary information, documents, and reports as would be required pursuant to section 78m of this title if the Tennessee Valley Authority were an issuer of a security registered pursuant to section 78l of this title. Notwithstanding the preceding sentence, the Tennessee Valley Au- thority shall not be required to register any se- curities under this chapter, and shall not be deemed to have registered any securities under this chapter. (b) Limited treatment as issuer Commencing with the issuance by the Ten- nessee Valley Authority of an annual report on Commission Form 10–K (or any successor there- to) for fiscal year 2006 and thereafter, the Ten- nessee Valley Authority shall be deemed to be an issuer for purposes of section 78j–1 of this title, other than for subsection (m)(1) or (m)(3) of section 78j–1 of this title. The Tennessee Val- ley Authority shall not be required by this sub- section to comply with the rules issued by any national securities exchange or national securi- ties association in response to rules issued by the Commission pursuant to section 78j–1(m)(1) of this title. (c) No effect on TVA authority Nothing in this section shall be construed to diminish, impair, or otherwise affect the author- ity of the Board of Directors of the Tennessee Valley Authority to carry out its statutory functions under the Tennessee Valley Authority Act of 1933 [16 U.S.C. 831 et seq.]. (June 6, 1934, ch. 404, title I, § 37, as added Pub. L. 108–447, div. H, title V, § 520(2), Dec. 8, 2004, 118 Stat. 3267.)