Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 95 of 110
“option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts of sale of a commodity for future delivery (including sig- nificant price discovery contracts), traded or executed on a contract market designated pursuant to section 7 of this title or a swap execu- tion facility pursuant to section 7b-3 of this title or any other board of trade, exchange, or market, and transactions subject to regulation by the Commission pursuant to section 23 of this title. Except as here- inabove provided, nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory authorities under the laws of the United States or of any State, or (II) restrict the Securities and Exchange Commission and such other authorities from carrying out their duties and responsibilities in accordance with such laws. Noth- ing in this section shall supersede or limit the jurisdiction conferred on courts of the United States or any State. * * * * * (e) Limitation on participation It shall be unlawful for any person, other than an eligible contract partici- pant, to enter into a swap unless the swap is entered into on, or subject to the rules of, a board of trade designated as a contract market under section 7 of this title. * * * * *
3. 7 U.S.C. § 6 provides, in relevant part: Regulation of futures trading and foreign transactions (a) Restriction on futures trading
Unless exempted by the Commission pursuant to subsection (c) or by sub- section (e), it shall be unlawful for any person to offer to enter into, to enter into, to execute, to confirm the execution of, or to conduct any office or busi- ness anywhere in the United States, its territories or possessions, for the purpose of soliciting or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a contract for the purchase or sale of
5a
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