label-and-significant-characteristics test. Securities. The rule that an instrument will be governed by the secur-ities laws if it is labeled a stock and has the significant characteristics typically associated with shares of stock.
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margin transaction. A securities or commodities transaction made through a broker on a margin account. — Also termed buying on margin. See MARGIN(5). [Cases: Securities Regulation 45.11.]
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exempt transactions 〈美〉法外交易；自由交易 指在1933年《证券法》〔Securities Act〕和1934年《证券交易法》〔Securities Exchange Act〕规定的范围以外的证券交易。
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Securities and Exchange Commission/SEC 〈美〉证券与交易委员会 由国会建立的保护证券投资者利益的联邦政府管理机构。证券与交易委员会适用《1933年证券法》〔Security Act of 1933〕、《1934年证券法》〔Security Act of 1934〕、《信托凭单法》〔Trust Indenture Act〕、《投资顾问法》〔Investment Advisor Act〕和《公用事业控股公司法》〔Public Utility Holding Company Act〕。这些法的主要规定可归纳如下：１由创建于1934年的证券与交易委员会执行适用于证券业的联邦法律；２发行证券的公司和出售证券的投资银行必须保证对证券的品质作出「充分披露」，亦即它们必须在呈送给证券与交易委员会的登记报表和提交给公众的认购说明书中披露所有相关的事实；３所有名字出现在登记报表和认购说明书上的人(如银行家、律师、会计师等)均须对由于报表或说明书中任何事实遗漏或错误信息导致证券认购人蒙受的损失负责；４禁止内部知情人(如经纪人、交易商等)操纵证券价格；５联邦储备系统董事会被授权确定由债券和股票担保之贷款的现金比例〔marginal requirement〕。
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A broker engaged exclusively in the business of transacting in government securities for parties who are themselves government brokers or dealers.
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insider short-swing transaction 〈美〉内部短线交易；内幕短线交易 《证券交易法》〔Securities Exchange Act〕使用的术语，指公司董事、高级职员、主要持股人〔principal stockholder〕基于其在公司职位而获得的信息所进行的股票交易。
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no-action letter. A letter from the staff of a governmental agency stating that if the facts are as represented in a person’s request for an agency ruling, the staff will advise the agency not to take action against the person. • Typically, a no-action letter is requested from the SEC on such matters as shareholder
Securities and Exchange Commission. The five-member federal agency that regulates the issuance and trading of securities to protect investors against fraudulent or unfair practices. • The Commission was established by the Securities Exchange Act of 1934. — Abbr. SEC. [Cases: Securities Regulation 81–89. C.J.S. Securities Regulation §§ 242–253.]
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buried-facts doctrine. Securities. The rule that a proxy-statement disclosure is inadequate if a reasonable shareholder could fail to understand the risks presented by facts scattered throughout the proxy. • In applying this rule, a court will consider a securities disclosure to be false and misleading if its overall significance is obscured because material information is
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futures contract. An agreement to buy or sell a standardized asset (such as a commodity, stock, or foreign currency) at a fixed price at a future time, usu. during a particular time of a month. • Futures contracts are traded on exchanges such as the Chicago Board of Trade or the Chicago Mercantile Exchange. —