15 U.S.C. § 78e

Transactions on unregistered exchanges

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It shall be unlawful for any broker, dealer, or exchange, directly or indirectly, to make use of the mails or any means or instrumentality of interstate commerce for the purpose of using any facility of an exchange within or subject to the jurisdiction of the United States to effect any transaction in a security, or to report any such transaction, unless such exchange (1) is registered as national securities exchange under section 78f of this title, or (2) is exempted from such registration upon application by the exchange because, in the opinion of the Commission, by reason of the limited volume of transactions effected on such exchange, it is not practicable and not necessary or appropriate in the public interest or for the protection of investors to require such registration.

Notes of Decisions

Cited in 104 cases (9 in the last 5 years), 1944–2025 · leading case: Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc., 532 U.S. 588 (2001).

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Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc., 532 U.S. 588 (2001). · cites it 2× “15 U.S.C. §78e(a)(10) (1994 ed., Supp. V); see also Blue Chip Stamps v.”

Silver v. New York Stock Exch., 373 U.S. 341 (1963). · cites it 2× “Instead of giving the Commission the power to curb specific instances of abuse, the Act placed in the exchanges a duty to register with the Commission, § 5, 15 U. S. C. § 78e, and decreed that registration could not be granted unless the exchange submitted copies of its rules, §…”

Sec. & Exch. Comm'n v. First Jersey Sec., Inc. & Robert E. Brennan, 101 F.3d 1450 (1st Cir. 1996). “See 15 U.S.C. § 78e(a)(38) (1994). For market makers, markups in the security “may be computed on the basis of the contemporaneous prices charged by the firm or other market makers in actual sales to other dealers or, if no such prices are available, on the basis of…”

Boston Stock Exch. v. State Tax Comm'n, 429 U.S. 318 (1977). “100 , amending § 3 (a) of the Securities Exchange Act of 1934, 15 U. S. C. §78e(a)(25) (1970 ed., Supp. V).”

Williams v. Binance, 96 F.4th 129 (2d Cir. 2024). · cites it 2× “Plaintiffs alleged that their contracts with Binance are voidable under Section 29(b) because Binance violated Section 5 of the Exchange Act by operating as an unregistered exchange, 15 U.S.C. § 78e, and Section 15(a)(1) of the Exchange Act by operating as an unregistered…”

Manuel KAPLAN; Carol Kaplan; MK Investments, Inc., Appellants, v. FIRST OPTIONS OF CHICAGO, INC., Appellee, 19 F.3d 1503 (1st Cir. 1994). “1987) (phrase “associated person” is “not defined in the NYSE rules, but its use therein is clearly meant to draw on the definition found in the Securities Exchange Act of 1934, which defines it to mean ‘any partner, officer, director, or branch manager’ of a member firm”)…”

McLaughlin v. CitiMortgage, Inc., 726 F. Supp. 2d 201 (D. Conn. 2010). “Count Six purports to state a claim for violations of Section 5 of the Securities and Exchange Act of 1934, 15 U.S.C. § 78e, based upon CitiMortgage’s alleged purchase of an “Unregistered Security.”

Baird v. Frankline, 141 F.2d 238 (2d Cir. 1944). · cites it 2× “XIV, § 16, c. XV, § 3. [4] Secs. 5, 6(a) (2), 7(d), 9(a) (6), 9(b), 9(c), 10(a), 10(b), 11(a), 11(b), 11(c), 12 (b) (1), 12(b) (2), 12(d), 12(e), 12(f), 13(a), 14(a), 14(b), 15(b), 15(c) (3), 15(d), 15A(a) (1), 15A(b) (3), 15A(b) (4), 15A(b) (7), 15A (c), 15A(h) (2), 15A(j),…”

Sec. & Exch. Comm'n v. Global Telecom Servs. L.L.C., 325 F. Supp. 2d 94 (D. Conn. 2004). “Investment Contracts Plaintiff argues that the first 42 investments sold by LaTouche and Car-telli in Medical Disposal are “investment contracts” under § 2(a)(1) of the Securities Act, 15 U.”

Warfield v. Alaniz, 569 F.3d 1015 (9th Cir. 2009). “If Congress’s intent in amending the definition of exempted securities at 15 U.S.C. § 78e(a)(12)(A) to include securities issued by certain charitable income funds was to exempt all persons selling these securities from the broker-dealer registration requirement at 15 U.”

Tcherepnin v. Knight, 389 U.S. 332 (1967). “5 15 U. S. C. §78e (a) (10). 6 15 TJ. S. C.”

Susquehanna Int'l Grp., LLP v. Sec. & Exch. Comm'n, 866 F.3d 442 (D.C. Cir. 2017). “In turn, a clearing agency’s rules are consistent with the Act only if “the Commission determines that” they meet certain specified requirements.”

Show all 104 citing cases →

— 15 U.S.C. § 78e(10) — 1 case

Sec. & Exch. Comm'n v. Physicians Guardian Unit Inv. Trust Ex Rel. Physicians Guardian, Inc., 72 F. Supp. 2d 1342 (M.D. Fla. 1999).

— 15 U.S.C. § 78e(18) — 1 case

Lawrence v. Richman Grp. Capital Corp., 358 F. Supp. 2d 29 (D. Conn. 2005).

— 15 U.S.C. § 78e(2) — 1 case

Bd. of Trade of Chicago v. Sec. & Exch. Comm'n, 883 F.2d 525 (7th Cir. 1989).

— 15 U.S.C. § 78e(a) — 8 cases

Fed. Sec. L. Rep. P 94,788 Jack Kerbs v. Fall River Indus., Inc., a Colorado Corp., 502 F.2d 731 (10th Cir. 1974).

Isadore Blau v. Max Factor & Co., 342 F.2d 304 (9th Cir. 1965).

Collins v. Rukin, 342 F. Supp. 1282 (D. Mass. 1972).

Davis v. Rio Rancho Estates, Inc., 401 F. Supp. 1045 (S.D.N.Y. 1975).

Heli-Coil Corp. v. Webster, 222 F. Supp. 831 (D.N.J. 1963).

— 15 U.S.C. § 78e(a)(10) — 30 cases

Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc., 532 U.S. 588 (2001). “15 U.S.C. §78e(a)(10) (1994 ed., Supp. V); see also Blue Chip Stamps v.”

John Daniel v. Int'l Bhd. of Teamsters, Chauffeurs, Warehousemen & Helpers of Am., 561 F.2d 1223 (7th Cir. 1977).

Sec. & Exch. Comm'n v. Liu, 262 F. Supp. 3d 957 (C.D. Cal. 2017).

Adams v. Hyannis Harborview, Inc., 838 F. Supp. 676 (D. Mass. 1993).

— 15 U.S.C. § 78e(a)(11) — 1 case

Levner v. Saud, 903 F. Supp. 452 (S.D.N.Y. 1994).

— 15 U.S.C. § 78e(a)(12)(A) — 1 case

— 15 U.S.C. § 78e(a)(13) — 6 cases

Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc., 532 U.S. 588 (2001). “15 U.S.C. §78e(a)(10) (1994 ed., Supp. V); see also Blue Chip Stamps v.”

Fin. Sec. Assurance, Inc. v. Stephens, Inc., 450 F.3d 1257 (11th Cir. 2006).

Jaksich v. Thomson McKinnon Sec., Inc., 582 F. Supp. 485 (S.D.N.Y. 1984).

In re Oxford Health Plans, Inc. Sec. Litig., 199 F.R.D. 119 (S.D.N.Y. 2001).

Blau v. Ogsbury, 210 F.2d 426 (2d Cir. 1954).

— 15 U.S.C. § 78e(a)(18) — 1 case

United States v. Emmenegger, 329 F. Supp. 2d 416 (S.D.N.Y. 2004).

— 15 U.S.C. § 78e(a)(21) — 4 cases

Thomas James Assocs., Inc. Barbara S. Miller Michelle K. Reichert Dave Kleber Michael G. Gomez & James A. Villa v. Harry Jameson, 102 F.3d 60 (2d Cir. 1996).

First Liberty Inv. Grp. v. Eric Scott Nicholsberg, 145 F.3d 647 (1st Cir. 1998).

Pitter v. Prudential Life Ins. Co. of Am., 906 F. Supp. 130 (E.D.N.Y 1995).

— 15 U.S.C. § 78e(a)(25) — 1 case

Boston Stock Exch. v. State Tax Comm'n, 429 U.S. 318 (1977). “100 , amending § 3 (a) of the Securities Exchange Act of 1934, 15 U. S. C. §78e(a)(25) (1970 ed., Supp. V).”

— 15 U.S.C. § 78e(a)(26) — 4 cases

In Re NYSE Specialists Sec. Litig., 405 F. Supp. 2d 281 (S.D.N.Y. 2005).

Fed. Sec. L. Rep. P 93,013 Leonard Brawer v. The Options Clearing Corp. & Am. Stock Exch., Inc., Defendants, 807 F.2d 297 (2d Cir. 1986).

California Pub. Employees' Ret. Sys. v. New York Stock Exch., Inc., 503 F.3d 89 (2d Cir. 2007).

— 15 U.S.C. § 78e(a)(34)(B)(iv) — 1 case

Riggs v. Schappell, 939 F. Supp. 321 (D.N.J. 1996).

— 15 U.S.C. § 78e(a)(35) — 1 case

Fin. Plan. Ass'n v. Sec. & Exch. Comm'n, 482 F.3d 481 (D.C. Cir. 2007).

— 15 U.S.C. § 78e(a)(38) — 2 cases

Fed. Sec. L. Rep. P 98,617 Sullivan & Long, Inc. v. Scattered Corp., 47 F.3d 857 (7th Cir. 1995).

— 15 U.S.C. § 78e(a)(39) — 1 case

United States v. Foont, 901 F. Supp. 729 (S.D.N.Y. 1995).

— 15 U.S.C. § 78e(a)(39)(B) — 1 case

Riggs v. Schappell, 939 F. Supp. 321 (D.N.J. 1996).

— 15 U.S.C. § 78e(a)(39)(F) — 1 case

Mathis v. United States Sec. & Exch. Comm'n, 671 F.3d 210 (2d Cir. 2012).

— 15 U.S.C. § 78e(a)(4) — 1 case

United States v. Manchel, Lundy & Lessin, 477 F. Supp. 326 (E.D. Pa. 1979).

— 15 U.S.C. § 78e(a)(4)(A) — 1 case

United States Sec. & Exch. Comm'n v. Bravata, 3 F. Supp. 3d 638 (E.D. Mich. 2014).

— 15 U.S.C. § 78e(a)(9) — 5 cases

Sonnenfeld v. City & Cnty. of Denver, 100 F.3d 744 (10th Cir. 1996).

In re St. Jude Med., Inc. Sec. Litig., 836 F. Supp. 2d 878 (D. Minnesota 2011).

Marciano v. MONY Life Ins., 470 F. Supp. 2d 518 (E.D. Pa. 2007).

Graphic Sciences, Inc. v. Int'l Mogul Mines Ltd., 397 F. Supp. 112 (D.D.C. 1974).

Alvarado v. Morgan Stanley Dean Witter, Inc., 448 F. Supp. 2d 333 (D.P.R. 2006).

— 15 U.S.C. § 78e(a)(ll) — 1 case

Dorfman v. Chem. Bank, 56 F.R.D. 363 (S.D.N.Y. 1972).

— 15 U.S.C. § 78e(c) — 1 case

United States Sec. & Exch. Comm'n v. Mudd, 885 F. Supp. 2d 654 (S.D.N.Y. 2012).

— 15 U.S.C. § 78e(f) — 1 case

Bus. Roundtable v. Sec. & Exch. Comm'n, 647 F.3d 1144 (D.C. Cir. 2011).

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