Security Future Law and Legal Definition

The term "security future" means “a contract of sale for future delivery of a single security or of a narrow-based security index, including any interest therein or based on the value thereof, except an exempted security under section 3(a)(12) of the Securities Exchange Act of 1934 [15 USCS § 78c(a)(12)] as in effect on the date of enactment of the Futures Trading Act of 1982 [enacted Jan. 11, 1983] (other than any municipal security as defined in section 3(a)(29) of the Securities Exchange Act of 1934 [15 USCS § 78c(a)(29)] as in effect on the date of enactment of the Futures Trading Act of 1982 [enacted Jan. 11, 1983]). The term "security future" does not include any agreement, contract, or transaction excluded from this Act [7 USCS §§ 1 et seq.] under section 2(c), 2(d), 2(f), or 2(g) of this Act [7 USCS §§ 2(c), (d), (f), (g)] (as in effect on the date of the enactment of the Commodity Futures Modernization Act of 2000 [enacted Dec. 21, 2000]) or title IV of the Commodity Futures Modernization Act of 2000 [7 USCS §§ 27 et seq.].” (7 USCS § 1a)