The Securities Act
(4) Securities Act. The Securities Act means the Securities Act of 1933. (5) Exchange Act. The Exchange Act means the Securities Exchange Act of 1934. (6) SEC. The SEC means the United States Securities and Exchange Commission. (7) Foreign Private Issuer. A foreign private issuer means an issuer as defined in 17 CFR 240.3b-4(c). (8) American Depositary Receipt (ADR). An American Depositary Receipt or ADR means a negotiable certificate that evidences ownership of a specified number (or fraction) of a foreign private issuer's securities held by a depositary (typically, a U.S. bank). (9) Privately held corporation. A privately held corporation is a corporation that is not a publicly held corporation as defined in paragraph (c)(1) of this section (without regard to paragraph (c)(1)(ii) of this section).