§ 260.3(4)-2Definition of “distribution” in section 303(4) for certain transactions.
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).
Title 17 published on 2014-04-01.
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