15 U.S.C. § 78mm : US Code - Section 78MM: General exemptive authority

Search 15 U.S.C. § 78mm : US Code - Section 78MM: General exemptive authority

(a) Authority
(1) In general
Except as provided in subsection (b) of this section, but
notwithstanding any other provision of this chapter, the
Commission, by rule, regulation, or order, 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 chapter or of any rule
or regulation thereunder, to the extent that such exemption is
necessary or appropriate in the public interest, and is
consistent with the protection of investors.
(2) Procedures
The Commission shall, by rule or regulation, determine the
procedures under which an exemptive order under this section
shall be granted and may, in its sole discretion, decline to
entertain any application for an order of exemption under this
section.
(b) Limitation
The Commission may not, under this section, exempt any person,
security, or transaction, or any class or classes of persons,
securities, or transactions from section 78o-5 of this title or the
rules or regulations issued thereunder or (for purposes of section
78o-5 of this title and the rules and regulations issued
thereunder) from any definition in paragraph (42), (43), (44), or
(45) of section 78c(a) of this title.