113 STAT. 1390 PUBLIC LAW 106-102—NOV. 12, 1999 "(i) was, on the day before the date of enactment of the Gramm-Leach-Bliley Act, subject to section 15(e); and "(ii) is subject to such restrictions and requirements as the Commission considers appropriate.". SEC. 202. DEFINITION OF DEALER. Section 3(a)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(5)) is amended to read as follows: "(5) DEALER.— "(A) IN GENERAL.—The term 'dealer' means any person engaged in the business of buying and selling securities for such person's own account through a broker or otherwise. " (B) EXCEPTION FOR PERSON NOT ENGAGED IN THE BUSI- NESS OF DEALING.— The term 'dealer' does not include a person that buys or sells securities for such person's own account, either individually or in a fiduciary capacity, but not as a part of a regular business. "(C) EXCEPTION FOR CERTAIN BANK ACTIVITIES. — A bank shall not be considered to be a dealer because the bank engages in any of the following activities under the conditions described: " (i) PERMISSIBLE SECURITIES TRANSACTIONS. — The bank buys or sells— "(I) commercial paper, bankers acceptances, or commercial bills; "(II) exempted securities; " (III) qualified Canadian government obligations as defined in section 5136 of the Revised Statutes of the United States, in conformity with section 15C of this title and the rules and regulations thereunder, or obligations of the North American Development Bank; or "(IV) any standardized, credit enhanced debt security issued by a foreign government pursuant to the March 1989 plan of then Secretary of the Treasury Brady, used by such foreign government to retire outstanding commercial bank loans. "(ii) INVESTMENT, TRUSTEE, AND FIDUCIARY TRANS- ACTIONS.— The bank buys or sells securities for investment purposes— "(I) for the bank; or "(II) for accounts for which the bank acts as a trustee or fiduciary. "(iii) ASSET-BACKED TRANSACTIONS. — The bank engages in the issuance or sale to qualified investors, through a grantor trust or other separate entity, of securities backed by or representing an interest in notes, drafts, acceptances, loans, leases, receivables, other obligations (other than securities of which the bank is not the issuer), or pools of any such obligations predominantly originated by— "(I) the bank; "(II) an affiliate of any such bank other than a broker or dealer; or
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