### Question
How is the "emergency" defined?


### Answer
The term **emergency** is defined in *15 U.S.C. § 78l* as follows -

> 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 2B-SECURITIES EXCHANGES**

