U.S Code last checked for updates: Apr 20, 2026
§ 78e.
Transactions on unregistered exchanges

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

(June 6, 1934, ch. 404, title I, § 5, 48 Stat. 885.)
cite as: 15 USC 78e