# 17 C.F.R. § 240.12a-10 (2026): Exemption of security-based swaps from section 12(a) of the Act

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_12a_10

## Section

- **Citation:** 17 C.F.R. § 240.12a-10 (2026)
- **Heading:** Exemption of security-based swaps from section 12(a) of the Act
- **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 240: GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 / Subpart A: Rules and Regulations Under the Securities Exchange Act of 1934 / § 240.12a-10: § 240.12a-10   Exemption of security-based swaps from section 12(a) of the Act.

## Text

The 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]

## Nearby sections

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- [17 C.F.R. § 240.3a5-3 (2026) § 240.3a5-3   Exemption from the definition of “dealer” for banks engaging in securities lending transactions.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_3a5_3.md)
- [17 C.F.R. § 240.3a11-1 (2026) § 240.3a11-1   Definition of the term “equity security.”](https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_3a11_1.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_12a_10. Check the current official text before relying on it. Not legal advice.