issuer

Issuer generally refers to any person or entity that creates, or proposes to create, a security. Federal law provides specific definitions for certain financial instruments as exceptions. For certificates of deposit, voting-trust certificates, collateral-trust certificates, or certificates of interest or shares in an unincorporated investment trust without a board of directors (or similar governing body), the issuer is the person or persons performing the functions of depositor or manager under the trust or agreement. For unincorporated associations with limited liability provisions, or for trusts, committees, or other legal entities, individual members or trustees are not personally liable as issuers. For equipment-trust certificates, the issuer is the person who uses or will use the equipment or property. For fractional undivided interests in oil, gas, or other mineral rights, the issuer is the owner who creates fractional interests for the purpose of public offering.

See: 15 U.S.C. § 77b(a)(4) (Securities Act of 1933).

[Last reviewed in September of 2025 by the Wex Definitions Team] 

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