Rule 405.docx

Rule 405.docx

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Rule405

SecuritiesLawyer'sDeskbook

                         publishedbyTheUniversityofCincinnatiCollegeofLaw

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GeneralRulesandRegulations

promulgated

underthe

SecuritiesActof1933

Rule405--DefinitionsofTerms

Unlessthecontextotherwiserequires,alltermsusedinRule400toRule494,inclusive,orintheformsforregistrationhavethesamemeaningsasintheActandinthegeneralrulesandregulations.Inaddition,thefollowingdefinitionsapply,unlessthecontextotherwiserequires:

Affiliate.Anaffiliateof,orpersonaffiliatedwith,aspecifiedperson,isapersonthatdirectly,orindirectlythroughoneormoreintermediaries,controlsoriscontrolledby,orisundercommoncontrolwith,thepersonspecified.

Amount.Thetermamount,whenusedinregardtosecurities,meanstheprincipalamountifrelatingtoevidencesofindebtedness,thenumberofsharesifrelatingtoshares,andthenumberofunitsifrelatingtoanyotherkindofsecurity.

Associate.Thetermassociate,whenusedtoindicatearelationshipwithanyperson,means

（1）acorporationororganization（otherthantheregistrantoramajority-ownedsubsidiaryoftheregistrant）ofwhichsuchpersonisanofficerorpartneroris,directlyorindirectly,thebeneficialownerof10percentormoreofanyclassofequitysecurities,

（2）anytrustorotherestateinwhichsuchpersonhasasubstantialbeneficalinterestorastowhichsuchpersonservesastrusteeorinasimilarcapacity,and（3）anyrelativeorspouseofsuchperson,oranyrelativeofsuchspouse,whohasthesamehomeassuchpersonorwhoisadirectororofficeroftheregistrantoranyofitsparentsorsubsidiaries.

Automaticshelfregistrationstatement.ThetermautomaticshelfregistrationstatementmeansaregistrationstatementfiledonFormS-3orFormF-3byawell-knownseasonedissuerpursuanttoGeneralInstructionI.D.orI.C.ofsuchforms,respectively.

Businesscombinationrelatedshellcompany.Thetermbusinesscombinationrelatedshellcompanymeansashellcompany（asdefinedinRule230.405）thatis:

1.FormedbyanentitythatisnotashellcompanysolelyforthepurposeofchangingthecorporatedomicileofthatentitysolelywithintheUnitedStates;or

2.Formedbyanentitythatisnotashellcompanysolelyforthepurposeofcompletingabusinesscombinationtransaction（asdefinedinRule230.165（f））amongoneormoreentitiesotherthantheshellcompany,noneofwhichisashellcompany.

Businessdevelopmentcompany.Thetermbusinessdevelopmentcompanyreferstoacompanywhichhaselectedtoberegulatedasabusinessdevelopmentcompanyundersections55through65oftheInvestmentCompanyActof1940.

Certified.Thetermcertified,whenusedinregardtofinancialstatements,meansexaminedandreporteduponwithanopinionexpressedbyanindependentpublicorcertifiedpublicaccountant.

Charter.Thetermcharterincludesarticlesofincorporation,declarationsoftrust,articlesofassociationorpartnership,oranysimilarinstrument,asamended,affecting（eitherwithorwithoutfilingwithanygovernmentalagency）theorganizationorcreationofanincorporatedorunincorporatedperson.

Commonequity.Thetermcommonequitymeansanyclassofcommonstockoranequivalentinterest,includingbutnotlimitedtoaunitofbeneficialinterestinatrustoralimitedpartnershipinterest.

Commission.ThetermCommissionmeanstheSecuritiesandExchangeCommission.

Control.Thetermcontrol（includingthetermscontrolling,controlledbyandundercommoncontrolwith）meansthepossession,directorindirect,ofthepowertodirectorcausethedirectionofthemanagementandpoliciesofaperson,whetherthroughtheownershipofvotingsecurities,bycontract,orotherwise.

Depositaryshare.Thetermdepositarysharemeansasecurity,evidencedbyanAmericanDepositaryReceipt,thatrepresentsaforeignsecurityoramultipleoforfractionthereofdepositedwithadepositary.

Director.Thetermdirectormeansanydirectorofacorporationoranypersonperformingsimilarfunctionswithrespecttoanyorganizationwhetherincorporatedorunincorporated.

Dividendorinterestreinvestmentplan.Thetermdividendorinterestreinvestmentplanmeansaplanwhichisofferedsolelytotheexistingsecurityholdersoftheregistrant,whichallowssuchpersonstoreinvestdividendsorinterestpaidtothemonsecuritiesissuedbytheregistrant,andalsomayallowadditionalcashamountstobecontributedbytheparticipantsintheplan,providedthesecuritiestoberegisteredarenewlyissued,orarepurchasedfortheaccountofplanparticipants,atpricesnotinexcessofcurrentmarketpricesatthetimeofpurchase,oratpricesnotinexcessofanamountdeterminedinaccordancewithapricingformulaspecifiedintheplanandbaseduponaverageorcurrentmarketpricesatthetimeofpurchase.

Electronicfiler.ThetermelectronicfilermeansapersonoranentitythatsubmitsfilingselectronicallypursuanttoRules100and101ofRegulationS-T.

Electronicfiling.ThetermelectronicfilingmeansadocumentunderthefederalsecuritieslawsthatistransmittedordeliveredtotheCommissioninelectronicformat.

Employee.Thetermemployeedoesnotincludeadirector,trustee,orofficer.

Employeebenefitplan.Thetermemployeebenefitplanmeansanywrittenpurchase,savings,option,bonus,appreciation,profitsharing,thrift,incentive,pensionorsimilarplanorwrittencompensationcontractsolelyforemployees,directors,generalpartners,trustees（wheretheregistrantisabusinesstrust）,officers,orconsultantsoradvisors.However,consultantsoradvisorsmayparticipateinanemployeebenefitplanonlyif:

1.Theyarenaturalpersons;

2.Theyprovidebonafideservicestotheregistrant;and

3.Theservicesarenotinconnectionwiththeofferorsaleofsecuritiesinacapital-raisingtransaction,anddonotdirectlyorindirectlypromoteormaintainamarketfortheregistrant'ssecurities.

Equitysecurity.Thetermequitysecuritymeansanystockorsimilarsecurity,certificateofinterestorparticipationinanyprofitsharingagreement,preorganizationcertificateorsubscription,transferableshare,votingtrustcertificateorcertificateofdepositforanequitysecurity,limitedpartnershipinterest,interestinajointventure,orcertificateofinterestinabusinesstrust;anysecurityfutureonanysuchsecurity;oranysecurityconvertible,withorwithoutconsiderationintosuchasecurity,orcarryinganywarrantorrighttosubscribetoorpurchasesuchasecurity;oranysuchwarrantorright;oranyput,call,straddle,orotheroptionorprivilegeofbuyingsuchasecurityfromorsellingsuchasecuritytoanotherwithoutbeingboundtodoso.

Executiveofficer.Thetermexecutiveofficer,whenusedwithreferencetoaregistrant,meansitspresident,anyvicepresidentoftheregistrantinchargeofaprincipalbusinessunit,divisionorfunction（suchassales,administrationorfinance）,anyotherofficerwhoperformsapolicymakingfunctionoranyotherpersonwhoperformssimilarpolicymakingfunctionsfortheregistrant.Executiveofficersofsubsidiariesmaybedeemedexecutiveofficersoftheregistrantiftheyperformsuchpolicymakingfunctionsfortheregistrant.

Fiscalyear.Thetermfiscalyearmeanstheannualaccountingperiodor,ifnoclosingdatehasbeenadopted,thecalendaryearendingonDecember31.

Foreigngovernment.Thetermforeigngovernmentmeansthegovernmentofanyforeigncountryorofanypoliticalsubdivisionofaforeigncountry.

Foreignissuer.Thetermforeignissuermeansanyissuerwhichisaforeigngovernment,anationalofanyforeigncountryoracorporationorotherorganizationincorporatedororganizedunderthelawsofanyforeigncountry.

Foreignprivateissuer.

1.Thetermforeignprivateissuermeansanyforeignissuerotherthanaforeigngovernmentexceptanissuermeetingthefollowingconditionsasofthelastbusinessdayofitsmostrecentlycompletedsecondfiscalquarter:

i.Morethan50percentoftheoutstandingvotingsecuritiesofsuchissueraredirectlyorindirectlyownedofrecordbyresidentsoftheUnitedStates;and

ii.Anyofthefollowing:

A.ThemajorityoftheexecutiveofficersordirectorsareUnitedStatescitizensorresidents;

B.Morethan50percentoftheassetsoftheissuerarelocatedintheUnitedStates;or

C.ThebusinessoftheissuerisadministeredprincipallyintheUnitedStates.

2.InthecaseofanewregistrantwiththeCommission,thedeterminationofwhetheranissuerisaforeignprivateissuershallbemadeasofadatewithin30dayspriortotheissuer'sfilingofaninitialregistrationstatementundereithertheActortheSecuritiesExchangeActof1934.

3.Onceanissuerqualifiesasaforeignprivateissuer,itwillimmediatelybeabletousetheformsandrulesdesignatedforforeignprivateissuersuntilitfailstoqualifyforthisstatusattheendofitsmostrecentlycompletedsecondfiscalquarter.Anissuer'sdeterminationthatitfailstoqualifyasaforeignprivateissuergovernsitseligibilitytousetheformsandrulesdesignatedforforeignprivateissuersbeginningonthefirstdayofthefiscalyearfollowingthedeterminationdate.Onceanissuerfailstoqualifyforforeignprivateissuerstatus,itwillremainunqualifiedunlessitmeetstherequirementsforforeignprivateissuerstatusasofthelastbusinessdayofitssecondfiscalquarter.

Instructionstoparagraph

（1）ofthisdefinition:

Todeterminethepercentageofoutstandingvotin