Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-04 - Division of Securities
Chapter 0780-04-01 - General Administration
Section 0780-04-01-.03 - DEFINITIONS
Universal Citation: TN Comp Rules and Regs 0780-04-01-.03
Current through September 24, 2024
(1) When used in these rules and in the Tennessee Securities Act of 1980, as amended, unless the context otherwise requires:
(a) "Act" shall mean Chapter 866 of
the Public Acts of 1980, otherwise known as the Tennessee Securities Act of
1980, as amended, and its codification in the Tennessee Code
Annotated.
(b) "Assistant
commissioner" shall mean the assistant commissioner for the Securities Division
of the Department of Commerce and Insurance of the state of Tennessee, or any
successor person authorized to exercise similar functions.
(c) "CRD System" shall mean the NASAA/FINRA
Central Registration Depository System, commonly known as "CRD" and/or "Web
CRD".
(d) "Division" shall mean the
assistant commissioner, staff, employees, and agents of the Securities Division
of the Department of Commerce and Insurance of the state of Tennessee or such
other agency as shall administer the Act or any successor statute.
(e) "FINRA" shall mean the Financial Industry
Regulatory Authority.
(f)
"Government Securities Broker-Dealer" shall mean a broker-dealer who effects
transactions only in securities issued or guaranteed by the United States or an
instrumentality thereof.
(g) "IARD"
shall mean the Investment Adviser Registration Depository as operated by the
FINRA in cooperation with NASAA, other states, and the United States.
(h) "NASAA" shall mean the North American
Securities Administrators Association, Inc.
(i) "NASD" shall mean the National
Association of Securities Dealers, Inc. and/or the National Association of
Securities Dealers Regulation, Inc. (now known as FINRA).
(j) "Nasdaq National Market" shall mean a
distinct tier of The Nasdaq Stock Market comprised of securities that meet the
requirements of and are authorized as a Nasdaq National Market
security.
(k) "Rules" shall mean
the Rules of the Department of Commerce and Insurance, Securities Division, as
set forth in Chapter 0780-04.
(l)
"SEC" shall mean the Securities and Exchange Commission of the United States or
its staff, as appropriate.
(m)
"Security" shall include the practice of "equity funding", "security funding",
or "life funding" whereby mutual fund shares and insurance contracts are sold
as a package with mutual fund shares being pledged as collateral for loans, the
proceeds of which are used to pay the premium on life insurance
policies.
(n) "State" shall mean
any state, territory, or possession of the United States, the District of
Columbia, and Puerto Rico.
(o)
"Substantially all of the voting securities of the bank or other bank holding
company" as used in T.C.A. §
48-1-103(b)(10)
shall mean eighty percent (80%) or more of each class of such voting
securities.
(p) "UAPA" shall mean
the Uniform Administrative Procedures Act as set forth in T.C.A. §
4-5-101, et seq., and any rules
promulgated thereunder to the extent such rules are not inconsistent with the
Act or these Rules.
(2) In construing terms used in these Rules and in the Act, the commissioner, to the extent consistent with the purposes fairly intended by the policy and provisions of the Act, will consider definitions, case law, SEC rules, and interpretive releases under the following federal statutes:
(a) The Securities Act of 1933 (the "1933
Act");
(b) The Securities Exchange
Act of 1934 (the "1934 Act");
(c)
The Trust Indenture Act of 1939 (the "Trust Indenture Act");
(d) The Investment Company Act of 1940 (the
"Investment Company Act"); and
(e)
The Investment Advisers Act of 1940 (the "Investment Advisers Act").
(3) Unless the context otherwise requires or a rule expressly provides otherwise, terms defined in the Act shall have the same meaning when used in these Rules.
Authority: T.C.A §§ 48-1-103(b)(10), 48-1-115, 48-1-116, and Public Acts of 2001, Chapter 61.
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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