§ 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.
(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.