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What is a "security?"
The term ''security'' is broadly defined to include stocks - which term includes mutual fund shares - and bonds, and also such things as notes, evidences of indebtedness, certificates of participation in any profit-sharing agreement, certificates of deposit, and, plus many types of puts, calls, straddles and options on any security or group or index of securities.
The definition encompasses many things that people might ordinarily not be considered a "security", such as fractional undivided interests in oil, gas, or other mineral rights, and "investment contracts", and "variable" life insurance policies and "variable" annuities, whose cash values or benefits are tied to the performance of an investment account.
Certain "securities" are, in turn, exempted from various provisions of the Federal Securities Laws. For example, securities of the Federal Government and those issued or guaranteed by a "bank" are "exempted" from requirements that would apply to securities of industrial companies. |
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