15 USC § 78e - Transactions on unregistered exchanges

---
identifier: "/us/usc/t15/s78e"
source: "usc"
legal_status: "official_prima_facie"
title: "15 USC § 78e - Transactions on unregistered exchanges"
title_number: 15
title_name: "COMMERCE AND TRADE"
section_number: "78e"
section_name: "Transactions on unregistered exchanges"
chapter_number: 2
chapter_name: "SECURITIES EXCHANGES"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(June 6, 1934, ch. 404, title I, § 5, 48 Stat. 885.)"
---


# § 78e. Transactions on unregistered exchanges

section 78f of this title

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 , 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.

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**Source Credit**: (June 6, 1934, ch. 404, title I, § 5, 48 Stat. 885.)

## Executive Documents

### Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, , set out under .