Page:United States Statutes at Large Volume 54 Part 1.djvu/883

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54 STAT.] 76TH CONG. , 3 D SESS.-CH. 68 - -AUG. 22, 1940 (C) any broker or dealer whose performance of such services is solely incidental to the conduct of his business as a broker or dealer and who receives no special compensation therefor; (D) the pub- lisher of any bona fide newspaper, news magazine or business or financial publication of general and regular circulation; (E) any person whose advice, analyses, or reports relate to no securities other than securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States, or securities issued or guaranteed by corporations in which the United States has a direct or indirect interest which shall have been designated by the Secretary of the Treasury pursuant to section 3 (a) (12) of the Securities Exchange Act of 1934, as exempted securities for the pur- poses of that Act; or (F) such other persons not within the intent of this paragraph, as the Commission may designate by rules and regulations or order. (12) "Investment company", "affiliated person", "control", and "insurance company" have the same meanings as in the Investment Company Act of 1940. (13) "Investment supervisory services" means the giving of con- tinuous advice as to the investment of funds on the basis of the individual needs of each client. (14) "Means or instrumentality of interstate commerce" includes any facility of a national securities exchange. (15) "National securities exchange" means an exchange registered under section 6 of the Securities Exchange Act of 1934. (16) "Person" means a natural person or a company. (17) "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or par- ticipation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, invest- ment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, tem- porary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. (18) "State" means any State of the United States, the District of Columbia, Alaska, Hawai, Puerto Rico, the Philippine Islands, the Canal Zone, the Virgin Islands, or any other possession of the United States. (19) "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; but such term shall not include a person whose interest is limited to a commission from an underwriter or dealer not in excess of the usual and customary distributor's or seller's commis- sion. As used in this paragraph the term "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. (20) "Securities Act of 1933", "Securities Exchange Act of 1934", "Public Utility Holding Company Act of 1935", and "Trust Inden- ture Act of 1939", mean those Acts, respectively, as heretofore or hereafter amended. (b) No provision in this title shall apply to, or be deemed to include, the United States, a State, or any political subdivision of a State, or any agency, authority, or instrumentality of any one or more of the foregoing, or any corporation which is wholly owned 193470°-41 -PT. I - --5 4 849 48 Stat. 884. 15 U.S. c.. 78c (a) (12). "Investment com- pany," etc. "Investment super- visory services." "Means or instru- mentality of interstate commerce." " National securities exchange." 48 Stat. 885. 15 U. s.. . 78f. "Person." "Security." " State." "Underwriter." "Issuer." 48 Stat. 74, 881; 49 Stat. 803; 53 Stat. 1149. Nonapplicability of provisions to U. 8 ., etc.; exception.