Section 240.12a-10 - Exemption of security-based swaps from section 12(a) of the ActThe provisions of Section 12(a) of the Act (15 U.S.C. 78l(a) ) do not apply to any security-based swap that:
(a) Is issued or will be issued by a clearing agency registered as a clearing agency under Section 17A of the Act (15 U.S.C. 78q-1 ) or exempt from registration under Section 17A of the Act pursuant to a rule, regulation, or order of the Commission, in its function as a central counterparty with respect to the security-based swap;(b) The Commission has determined is required to be cleared or that is permitted to be cleared pursuant to the clearing agency's rules;(c) Is sold to an eligible contract participant (as defined in Section 1a(18) of the Commodity Exchange Act (7 U.S.C. 1a(18) ) ) in reliance on Rule 239 under the Securities Act of 1933 (17 CFR 230.239 ) ; and(d) Is traded on a national securities exchange registered pursuant to Section 6(a) of the Act (15 U.S.C. 78f(a) ). 77 FR 20549 , Apr. 5, 2012