1. A person or entity (such as a corporation or bank) that issues securities, negotiable instruments, or letters of credit.

2. A bailee that issues negotiable or nonnegotiable documents of title.

nonreporting issuer. An issuer not subject to the reporting requirements of the Exchange Act because it (1) has not voluntarily become subject to the reporting requirements, (2) has not had an effective registration statement under the Securities Act within the fiscal year, and (3) did not, at the end of its last fiscal year, meet the shareholder or asset tests under the Exchange Act registration requirements.

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