### Question
How does the law define emergency?


### Answer
Under *15 U.S.C. § 78l*, **emergency** is defined as:

> a major market disturbance characterized by or constituting—


(A) sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets, or


(B) a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of securities, or a substantial threat thereof

#### Citation:
  - *15 U.S.C. § 78l*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

