17 CFR § 230.150 - Definition of “commission or other remuneration” in section 3(a)(9), for certain transactions.

---
identifier: "/us/cfr/t17/s230.150"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 230.150 - Definition of “commission or other remuneration” in section 3(a)(9), for certain transactions."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "230.150"
section_name: "Definition of “commission or other remuneration” in section 3(a)(9), for certain transactions."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "230"
part_name: "GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h, 77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78 78m, 78n, 78o, 78o-7 note, 78t, 78w, 78(d), 78mm, 80a-8, 80a-24, 80a-28, 80a-29, 80a-30, and 80a-37, and Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 313 (2012), unless otherwise noted."
cfr_part: "230"
---


# 230.150 Definition of “commission or other remuneration” in section 3(a)(9), for certain transactions.

The term *commission or other remuneration* in section 3(a)(9) of the Act shall not include payments made by the issuer, directly or indirectly, to its security holders in connection with an exchange of securities for outstanding securities, when such payments are part of the terms of the offer of exchange.

[2 FR 1076, May 26, 1937]