Subchapter I Investment Companies
Subchapter II Investment Advisers

Terms Used In U.S. Code > Title 15 > Chapter 2D

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Advisory board: means a board, whether elected or appointed, which is distinct from the board of directors or board of trustees, of an investment company, and which is composed solely of persons who do not serve such company in any other capacity, whether or not the functions of such board are such as to render its members "directors" within the definition of that term, which board has advisory functions as to investments but has no power to determine that any security or other investment shall be purchased or sold by such company. See 10 USC 8451
  • antitrust laws: means the antitrust laws, as such term is defined in section 12 of this title, and section 45 of this title (to the extent that section 45 of this title prohibits unfair methods of competition), and any State antitrust or unfair competition law,

    (7) the term "Secretary" means the Secretary of Commerce or his designee, and

    (8) the term "Attorney General" means the Attorney General of the United States or his designee. See 10 USC 12307

  • archaeological resource: means any material remains of past human life or activities which are of archaeological interest, as determined under uniform regulations promulgated pursuant to this chapter. See 10 USC 12522
  • Arctic: means all United States and foreign territory north of the Arctic Circle and all United States territory north and west of the boundary formed by the Porcupine, Yukon, and Kuskokwim Rivers. See 10 USC 8470a
  • Assignment: includes any direct or indirect transfer or hypothecation of a contract or chose in action by the assignor, or of a controlling block of the assignor's outstanding voting securities by a security holder of the assignor. See 10 USC 8451
  • Assignment: includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor's outstanding voting securities by a security holder of the assignor. See 10 USC 8623
  • Bank: means (A) a depository institution (as defined in section 1813 of title 12) or a branch or agency of a foreign bank (as such terms are defined in section 3101 of title 12), (B) a member bank of the Federal Reserve System, (C) any other banking institution or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks, and which is not operated for the purpose of evading the provisions of this subchapter, and (D) a receiver, conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph. See 10 USC 8451
  • Bank: means (A) a banking institution organized under the laws of the United States or a Federal savings association, as defined in section 1462(5) of title 12, (B) a member bank of the Federal Reserve System, (C) any other banking institution, savings association, as defined in section 1462(4) of title 12, or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks or savings associations, and which is not operated for the purpose of evading the provisions of this subchapter, and (D) a receiver, conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph. See 10 USC 8623
  • borrow: includes a sale coupled with a similar agreement. See 10 USC 8451
  • Business development company: means any closed-end company which--

    (A) is organized under the laws of, and has its principal place of business in, any State or States. See 10 USC 8451

  • Business development company: means any company which is a business development company as defined in section 80a-2(a)(48) of this title and which complies with section 80a-54 of this title, except that--

    (A) the 70 per centum of the value of the total assets condition referred to in sections 80a-2(a)(48) and 80a-54 of this title shall be 60 per centum for purposes of determining compliance therewith. See 10 USC 8623

  • charitable organization: means an organization described in paragraphs (1) through (5) of section 170(c) or section 501(c)(3) of title 26. See 10 USC 8451a
  • Commission: means the Securities and Exchange Commission. See 10 USC 8451
  • Commission: means the Securities and Exchange Commission. See 10 USC 8623
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Company: means a corporation, a partnership, an association, a joint-stock company, a trust, a fund, or any organized group of persons whether incorporated or not. See 10 USC 8451
  • Company: means a corporation, a partnership, an association, a joint-stock company, a trust, or any organized group of persons, whether incorporated or not. See 10 USC 8623
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Control: means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. See 10 USC 8451
  • Convicted: includes a verdict, judgment, or plea of guilty, or a finding of guilt on a plea of nolo contendere, if such verdict, judgment, plea, or finding has not been reversed, set aside, or withdrawn, whether or not sentence has been imposed. See 10 USC 8451
  • Convicted: includes a verdict, judgment, or plea of guilty, or a finding of guilt on a plea of nolo contendere, if such verdict, judgment, plea, or finding has not been reversed, set aside, or withdrawn, whether or not sentence has been imposed. See 10 USC 8623
  • Department: means the United States Department of Agriculture. See 10 USC 7656
  • Director: means any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated, including any natural person who is a member of a board of trustees of a management company created as a common-law trust. See 10 USC 8451
  • Director: means any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated. See 10 USC 8623
  • domestic company: means a company which is substantially involved in the United States domestic production, processing, or use of steel, aluminum, copper, or other metals and has a substantial percentage of its operations located within the United States. See 10 USC 8662
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Eligible portfolio company: means any issuer which--

    (A) is organized under the laws of, and has its principal place of business in, any State or States. See 10 USC 8451

  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Ex officio: Literally, by virtue of one's office.
  • Exchange: means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. See 10 USC 8451
  • Exchange: means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. See 10 USC 8623
  • export trade: means trade or commerce in goods, wares, merchandise, or services exported, or in the course of being exported, from the United States or any territory thereof to any foreign nation,

    (2) the term "service" means intangible economic output, including, but not limited to--

    (A) business, repair, and amusement services,

    (B) management, legal, engineering, architectural, and other professional services, and

    (C) financial, insurance, transportation, informational and any other data-based services, and communication services,


    (3) the term "export trade activities" means activities or agreements in the course of export trade,

    (4) the term "methods of operation" means any method by which a person conducts or proposes to conduct export trade,

    (5) the term "person" means an individual who is a resident of the United States. See 10 USC 12307

  • Face-amount certificate: means any certificate, investment contract, or other security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount (which security shall be known as a face-amount certificate of the "installment type"). See 10 USC 8451
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal land manager: means , with respect to any public lands, the Secretary of the department, or the head of any other agency or instrumentality of the United States, having primary management authority over such lands. See 10 USC 12522
  • Foreign financial regulatory authority: means any (A) foreign securities authority, (B) other governmental body or foreign equivalent of a self-regulatory organization empowered by a foreign government to administer or enforce its laws relating to the regulation of fiduciaries, trusts, commercial lending, insurance, trading in contracts of sale of a commodity for future delivery, or other instruments traded on or subject to the rules of a contract market, board of trade or foreign equivalent, or other financial activities, or (C) membership organization a function of which is to regulate the participation of its members in activities listed above. See 10 USC 8451
  • Foreign financial regulatory authority: means any (A) foreign securities authority, (B) other governmental body or foreign equivalent of a self-regulatory organization empowered by a foreign government to administer or enforce its laws relating to the regulation of fiduciaries, trusts, commercial lending, insurance, trading in contracts of sale of a commodity for future delivery, or other instruments traded on or subject to the rules of a contract market, board of trade or foreign equivalent, or other financial activities, or (C) membership organization a function of which is to regulate the participation of its members in activities listed above. See 10 USC 8623
  • foreign private adviser: means any investment adviser who--

    (A) has no place of business in the United States. See 10 USC 8623

  • Foreign securities authority: means any foreign government or any governmental body or regulatory organization empowered by a foreign government to administer or enforce its laws as they relate to securities matters. See 10 USC 8451
  • Foreign securities authority: means any foreign government, or any governmental body or regulatory organization empowered by a foreign government to administer or enforce its laws as they relate to securities matters. See 10 USC 8623
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group is unlikely to be able--

    (A) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See 10 USC 8451a

  • Indian lands: means lands of Indian tribes, or Indian individuals, which are either held in trust by the United States or subject to a restriction against alienation imposed by the United States, except for any subsurface interests in lands not owned or controlled by an Indian tribe or an Indian individual. See 10 USC 12522
  • Indian tribe: means any Indian tribe, band, nation, or other organized group or community, including any Alaska Native village or regional or village corporation as defined in, or established pursuant to, the Alaska Native Claims Settlement Act (85 Stat. See 10 USC 12522
  • insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under applicable State or Federal law. See 10 USC 8451a
  • Insurance company: means a company which is organized as an insurance company, whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies, and which is subject to supervision by the insurance commissioner or a similar official or agency of a State. See 10 USC 8451
  • Interstate commerce: means trade, commerce, transportation, or communication among the several States, or between any foreign country and any State, or between any State and any place or ship outside thereof. See 10 USC 8451
  • Interstate commerce: means trade, commerce, transportation, or communication among the several States, or between any foreign country and any State, or between any State and any place or ship outside thereof. See 10 USC 8623
  • investment adviser: includes any bank or bank holding company to the extent that such bank or bank holding company serves or acts as an investment adviser to a registered investment company, but if, in the case of a bank, such services or actions are performed through a separately identifiable department or division, the department or division, and not the bank itself, shall be deemed to be the investment adviser. See 10 USC 8623
  • Investment banker: means any person engaged in the business of underwriting securities issued by other persons, but does not include an investment company, any person who acts as an underwriter in isolated transactions but not as a part of a regular business, or any person solely by reason of the fact that such person is an underwriter for one or more investment companies. See 10 USC 8451
  • investment company: means any issuer which--

    (A) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities. See 10 USC 8451a

  • investment securities: includes all securities except (A) Government securities, (B) securities issued by employees' securities companies, and (C) securities issued by majority-owned subsidiaries of the owner which (i) are not investment companies, and (ii) are not relying on the exception from the definition of investment company in paragraph (1) or (7) of subsection (c). See 10 USC 8451a
  • Investment supervisory services: means the giving of continuous advice as to the investment of funds on the basis of the individual needs of each client. See 10 USC 8623
  • Issuer: means every person who issues or proposes to issue any security, or has outstanding any security which it has issued. See 10 USC 8451
  • issuer: shall include in addition to an issuer, any person directly or indirectly controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer. See 10 USC 8623
  • Joint resolution: A legislative measure which requires the approval of both chambers.
  • Lend: includes a purchase coupled with an agreement by the vendor to repurchase. See 10 USC 8451
  • Majority leader: see Floor Leaders
  • Means or instrumentality of interstate commerce: includes any facility of a national securities exchange. See 10 USC 8451
  • Means or instrumentality of interstate commerce: includes any facility of a national securities exchange. See 10 USC 8623
  • Minority leader: See Floor Leaders
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • National securities exchange: means an exchange registered under section 6 of the Securities Exchange Act of 1934 [15 U. See 10 USC 8451
  • National securities exchange: means an exchange registered under section 6 of the Securities Exchange Act of 1934 [15 U. See 10 USC 8623
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • offer for sale: includes every contract of sale or disposition of, attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security, for value. See 10 USC 8451
  • order: means the Hass avocado promotion, research, and information order issued under this chapter. See 10 USC 7656
  • Periodic payment plan certificate: means (A) any certificate, investment contract, or other security providing for a series of periodic payments by the holder, and representing an undivided interest in certain specified securities or in a unit or fund of securities purchased wholly or partly with the proceeds of such payments, and (B) any security the issuer of which is also issuing securities of the character described in clause (A) of this paragraph and the holder of which has substantially the same rights and privileges as those which holders of securities of the character described in said clause (A) have upon completing the periodic payments for which such securities provide. See 10 USC 8451
  • person: includes individuals, partnerships, corporations, and associations. See 20 USC 1033
  • Person: means a natural person or a company. See 10 USC 8451
  • Person: means a natural person or a company. See 10 USC 8623
  • person: means an individual, corporation, partnership, trust, institution, association, or any other private entity or any officer, employee, agent, department, or instrumentality of the United States, of any Indian tribe, or of any State or political subdivision thereof. See 10 USC 12522
  • person associated with an investment adviser: means any partner, officer, or director of such investment adviser (or any person performing similar functions), or any person directly or indirectly controlling or controlled by such investment adviser, including any employee of such investment adviser, except that for the purposes of section 80b-3 of this title (other than subsection (f) thereof), persons associated with an investment adviser whose functions are clerical or ministerial shall not be included in the meaning of such term. See 10 USC 8623
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • private fund: means an issuer that would be an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U. See 10 USC 8623
  • prospectus: means a prospectus as defined in the Securities Act of 1933 [15 U. See 10 USC 8451
  • public lands: means --

    (A) lands which are owned and administered by the United States as part of--

    (i) the national park system,

    (ii) the national wildlife refuge system, or

    (iii) the national forest system. See 10 USC 12522

  • purchasing group: means any group which--

    (A) has as one of its purposes the purchase of liability insurance on a group basis. See 10 USC 8451a

  • Qualified purchaser: means --

    (i) any natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under section 80a-3(c)(7) of this title with that person's qualified purchaser spouse) who owns not less than $5,000,000 in investments, as defined by the Commission. See 10 USC 8451

  • Quorum: The number of legislators that must be present to do business.
  • Redeemable security: means any security, other than short-term paper, under the terms of which the holder, upon its presentation to the issuer or to a person designated by the issuer, is entitled (whether absolutely or only out of surplus) to receive approximately his proportionate share of the issuer's current net assets, or the cash equivalent thereof. See 10 USC 8451
  • Reorganization: means (A) a reorganization under the supervision of a court of competent jurisdiction. See 10 USC 8451
  • research: means any type of test, study, or analysis relating to market research, market development, and marketing efforts, or relating to the use, quality, or nutritional value of Hass avocados, other related food science research, or research designed to advance the image, desirability, and marketability of Hass avocados. See 10 USC 7656
  • research plan: means the Steel Initiative Research Plan issued in April 1988 by the Department of Energy, and updates to that plan. See 10 USC 8662
  • risk retention group: means any corporation or other limited liability association--

    (A) whose primary activity consists of assuming, and spreading all, or any portion, of the liability exposure of its group members. See 10 USC 8451a

  • sales load: includes the sales load on any investment company securities in which the payments made on such certificate are invested, as well as the sales load on the certificate itself. See 10 USC 8451
  • Secretary: means the Secretary of Agriculture. See 20 USC 1033
  • Secretary: means the Secretary of Commerce. See 19 USC 1441
  • Secretary: means the Secretary of Agriculture. See 10 USC 7656
  • Secretary: means the Secretary of Energy. See 10 USC 8662
  • Security: means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See 10 USC 8451
  • Security: means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. See 10 USC 8623
  • Separate account: means an account established and maintained by an insurance company pursuant to the laws of any State or territory of the United States, or of Canada or any province thereof, under which income, gains and losses, whether or not realized, from assets allocated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other income, gains, or losses of the insurance company. See 10 USC 8451
  • Short-term paper: means any note, draft, bill of exchange, or banker's acceptance payable on demand or having a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof payable on demand or having a maturity likewise limited. See 10 USC 8451
  • State: means each of the several States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, the United States Virgin Islands, Guam, American Samoa, the Republic of the Marshall Islands, and the Federated States of Micronesia. See 10 USC 7656
  • State: means any State of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, or any other possession of the United States. See 10 USC 8451
  • State: means any State of the United States or the District of Columbia. See 10 USC 8451a
  • State: means any State of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, or any other possession of the United States. See 10 USC 8623
  • State: means any of the fifty States, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. See 10 USC 12522
  • subscription: includes a mark when the person making the same intended it as such. See 19 USC 2291
  • Supervised person: means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. See 10 USC 8623
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Underwriter: means any person who has purchased from an issuer with a view to, or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking. See 10 USC 8451
  • Underwriter: means any person who has purchased from an issuer with a view to, or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking. See 10 USC 8623
  • United States: means the United States collectively. See 10 USC 7656
  • vehicle: includes every description of carriage or other artificial contrivance used, or capable of being used, as a means of transportation on land. See 19 USC 2294
  • Voting security: means any security presently entitling the owner or holder thereof to vote for the election of directors of a company. See 10 USC 8451