§ 260.3(4)-2 Definition of “distribution” in section 303(4) for certain transactions.
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Title 17—Commodity and Securities Exchanges > CHAPTER II—SECURITIES AND EXCHANGE COMMISSION > PART 260—GENERAL RULES AND REGULATIONS, TRUST INDENTURE ACT OF 1939 > Rules Under Section 303
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A person, the chief part of the business of which consists in the purchase of the securities of any one issuer and/or its affiliate and in the sale of its own securities to furnish the proceeds with which to acquire the securities of such issuer and/or affiliate, is to be regarded as engaged in the distribution of the securities of such issuer and/or affiliate within the meaning of section 303(4).
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