Code of Federal Regulations · Section
§ 240.15a-12 — a-12 Exemption For Certain Security-based Swap Execution Facilities From Certain Broker Requirements
17 C.F.R. § 240.15a-12
(a) For purposes of this section, an SBSEF-B means a security-based swap execution facility that does not engage in any securities activity other than facilitating the trading of security-based swaps on or through the security-based swap execution facility.
(b) An SBSEF-B that registers with the Commission pursuant to § 242.803 of this chapter shall be deemed also to have registered with the Commission pursuant to sections 15(a) and (b) of the Act (15 U.S.C. 78o(a)(1) and (b)).
(c) Except as provided in paragraph (d) of this section, an SBSEF-B shall be exempt from any provision of the Act or the Commission's rules thereunder applicable to brokers that, by its terms, requires, prohibits, restricts, limits, conditions, or affects the activities of a broker, unless such provision specifies that it applies to a security-based swap execution facility.
(d) Notwithstanding paragraph (c) of this section, the following provisions of the Act and the Commission's rules thereunder shall apply to an SBSEF-B:
(1) Section 15(b)(4) of the Act (15 U.S.C. 78o(b)(4));
(2) Section 15(b)(6) of the Act (15 U.S.C. 78o(b)(6)); and
(3) Section 17(b) of the Act (15 U.S.C. 78q(b)).
(e) An SBSEF-B shall be exempt from the Securities Investor Protection Act.
Authorizing Statute
-
Records and reports15 U.S.C. § 78q
-
Registration of securities15 U.S.C. § 77f
-
Registration and regulation of brokers and dealers15 U.S.C. § 78o
-
Foreign securities exchanges15 U.S.C. § 78dd
-
Information required in registration statement15 U.S.C. § 77g
-
General provisions of a liquidation proceeding15 U.S.C. § 78fff
-
Necessity for regulation15 U.S.C. § 78b
-
Proxies15 U.S.C. § 78n
-
Classes of securities under this subchapter15 U.S.C. § 77c
-
Registration requirements for securities15 U.S.C. § 78l
-
Executive compensation and corporate governance12 U.S.C. § 5221
-
Findings and purposes12 U.S.C. § 5461
-
Creation; membership; compensation and expenses12 U.S.C. § 241
-
Short title15 U.S.C. § 78a
-
Trading by members of exchanges, brokers, and dealers15 U.S.C. § 78k
-
Manipulative and deceptive devices15 U.S.C. § 78j
-
Operations of designated financial market utilities12 U.S.C. § 5465
-
Definitions and application15 U.S.C. § 78c
-
National securities exchanges15 U.S.C. § 78f
-
Rules, regulations, and orders; annual reports15 U.S.C. § 78w
-
Comprehensive energy plan15 U.S.C. § 781
-
Transaction fees15 U.S.C. § 78ee
-
Failure of corporate officers to certify financial reports18 U.S.C. § 1350