# 17 C.F.R. § 230.135d (2026): Communications involving security-based swaps > Federal · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_135d ## Section - **Citation:** 17 C.F.R. § 230.135d (2026) - **Heading:** Communications involving security-based swaps - **Jurisdiction:** Federal - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Title 17 CFR: Commodity and Securities Exchanges / Chapter II: SECURITIES AND EXCHANGE COMMISSION / Part 230: GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933 / § 230.135d: § 230.135d Communications involving security-based swaps. ## Text (a) For the purposes only of Section 5 of the Act (15 U.S.C. 77e), the publication or distribution of quotes relating to security-based swaps that may be purchased only by persons who are eligible contract participants (as defined in Section 1a(18) of the Commodity Exchange Act (7 U.S.C. 1a(18))) and are traded or processed on or through a trading system or platform that either is registered as a national securities exchange under Section 6(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(a)) or as a security-based swap execution facility under Section 3D(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c-4(a)), or is exempt from registration as a security-based swap execution facility under Section 3D(a) of the Securities Exchange Act of 1934 pursuant to a rule, regulation, or order of the Commission shall not be deemed to constitute an offer, an offer to sell, or a solicitation of an offer to buy or purchase any security-based swap or any guarantee of such security-based swap that is a security; and (b) For the purposes only of Section 5 of the Act (15 U.S.C. 77e), a broker, dealer, or security-based swap dealer's publication or distribution of a research report (as defined in § 230.139(d)) that discusses security-based swaps that may be purchased only by persons who are eligible contract participants (as defined in Section 1a(18) of the Commodity Exchange Act (7 U.S.C. 1a(18))) shall not be deemed to constitute an offer, an offer to sell, or a solicitation of an offer to buy or purchase any security-based swap or any guarantee of such security-based swap that is a security, provided that the broker, dealer, or security-based swap dealer publishes or distributes research reports on the issuer underlying the security-based swap or its securities in the regular course of its business and the publication or distribution of the research report does not represent the initiation of publication of research reports about such issuer or its securities or the reinitiation of such publication following disco er, or security-based swap dealer publishes or distributes research reports on the issuer underlying the security-based swap or its securities in the regular course of its business and the publication or distribution of the research report does not represent the initiation of publication of research reports about such issuer or its securities or the reinitiation of such publication following discontinuation of publication of such research reports. For purposes of this section, the term issuer as used in the definition of “research report” means the issuer of any security or loan referenced in the security-based swap, each issuer of a security in a narrow-based security index referenced in the security-based swap, or each issuer referenced in the security-based swap. [83 FR 2056, Jan. 16, 2018] ## Nearby sections - [17 C.F.R. § 230.100 (2026) § 230.100 Definitions of terms used in the rules and regulations.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_100.md) - [17 C.F.R. § 230.110 (2026) § 230.110 Business hours of the Commission.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_110.md) - [17 C.F.R. § 230.111 (2026) § 230.111 Payment of filing fees.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_111.md) - [17 C.F.R. § 230.120 (2026) § 230.120 Inspection of registration statements.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_120.md) - [17 C.F.R. § 230.122 (2026) § 230.122 Non-disclosure of information obtained in the course of examinations and investigations.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_122.md) - [17 C.F.R. § 230.130 (2026) § 230.130 Definition of “rules and regulations” as used in certain sections of the Act.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_130.md) - [17 C.F.R. § 230.131 (2026) § 230.131 Definition of security issued under governmental obligations.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_131.md) - [17 C.F.R. § 230.132 (2026) § 230.132 Definition of “common trust fund” as used in section 3(a)(2) of the Act.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_132.md) - [17 C.F.R. § 230.133 (2026) § 230.133 Definition for purposes of section 5 of the Act, of “sale”, “offer”, “offer to sell”, and “offer for sale”.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_133.md) - [17 C.F.R. § 230.134 (2026) § 230.134 Communications not deemed a prospectus.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_134.md) - [17 C.F.R. § 230.134a (2026) § 230.134a Options material not deemed a prospectus.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_134a.md) - [17 C.F.R. § 230.134b (2026) § 230.134b Statements of additional information.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_134b.md) - [17 C.F.R. § 230.135 (2026) § 230.135 Notice of proposed registered offerings.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_135.md) - [17 C.F.R. § 230.135a (2026) § 230.135a Generic advertising.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_135a.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_135d. Check the current official text before relying on it. Not legal advice.