What is a Broker-Dealer? - Davis Polk & Wardwell

(vi) any agreement, contract, or transaction providing for the
purchase or sale of 1 or more securities on a contingent basis
that is subject to the Securities Act of 1933 (15 U.S.C. 77a
et seq.) and the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.), unless the agreement, contract, or transaction
predicates the purchase or sale on the occurrence of a bona
fide contingency that might reasonably be expected to affect
or be affected by the creditworthiness of a party other than a
party to the agreement, contract, or transaction;
(vii) any note, bond, or evidence of indebtedness that is a security,
as defined in section 2(a)(1) of the Securities Act of 1933 (15
U.S.C. 77b(a)(1));
(viii) any agreement, contract, or transaction that is—
(I) based on a security; and
(II) entered into directly or through an underwriter (as
defined in section 2(a)(11) of the Securities Act of
1933 (15 U.S.C. 77b(a)(11)) by the issuer of such
security for the purposes of raising capital, unless the
agreement, contract, or transaction is entered into to
manage a risk associated with capital raising;
. . . [and]
(x) any security-based swap, other than a [mixed swap]. 297
“Security-based swap” is defined in section 3(a)(68) of the
Exchange Act as any agreement, contract or transaction that:
(i) is a swap, as that term is defined under section 1a of the Commodity
Exchange Act (without regard to paragraph (47)(B)(x)
of such section); and
(ii) is based on—
What Is a Broker-Dealer? § 1A:4.4
(I) an index that is a narrow-based security index, including
any interest therein or on the value thereof;
(II) a single security or loan, including any interest therein
or on the value thereof; or
(III) the occurrence, nonoccurrence, or extent of the occurrence
of an event relating to a single issuer of a security
or the issuers of securities in a narrow-based security
index, provided that such event directly affects the
financial statements, financial condition, or financial
obligations of the issuer. 298
297. CEA § 1a(47), as amended by Dodd-Frank § 721(a).
298. Exchange Act § 3(a)(68)(A), as amended by Dodd-Frank § 761(a).
(Broker-Dealer Reg., Rel. #9, 9/10)
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