15 U.S.C. § 77z–3 — General exemptive authority

submitted 93 years ago by Pub. L. 104-290 to r/title-15-COMMERCE-AND-TRADE · 66 words · no verdicts yet

in plain englishAI-generated · not legal advice

The SEC may exempt any person, security, or transaction from parts of this subchapter, with or without conditions. It must find the exemption is necessary or appropriate in the public interest and consistent with protecting investors.

By rule or regulation, the SEC may exempt any person, security, or transaction — or any class of persons, securities, or transactions — from one or more provisions of this subchapter, or from a rule or regulation issued under it. The SEC can attach conditions to the exemption, or grant it with no conditions at all. It can only do this to the extent the exemption is necessary or appropriate in the public interest and consistent with protecting investors.

the actual law source: uscode.house.gov ↗public domain

The Commission, by rule or regulation, 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 subchapter or of any rule or regulation issued under this subchapter, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.

Source credit: (May 27, 1933, ch. 38, title I, § 28, as added Pub. L. 104–290, title I, § 105(a), Oct. 11, 1996, 110 Stat. 3424; amended Pub. L. 105–353, title III, § 301(a)(5), Nov. 3, 1998, 112 Stat. 3235.)

history & why it existsrecord from the source credit

1933Enacted · Pub. L. 104-290 · 110 Stat. 3424
1998Amended · Pub. L. 105-353 · 112 Stat. 3235

A history note hasn’t been published yet. The record shows enactment by Pub. L. 104-290 on 1933-05-27.

all 0 arguments · sorted by: best

no arguments yet — make the first case