Page:United States Statutes at Large Volume 78.djvu/877

 78 STAT. ]

PUBLIC LAW 88-563-SEPT. 2, 1964

written confirmation furnished by a member or member organization of a national securities association registered with the Securities and Exchange Commission stating that such member or member organization— "(i) effected the purchase as broker of a debt obligation on behalf of a person other than a United States person, or "(ii) purchased a debt obligation which he resold on the day of purchase or the next business day to a person other than a United States person, shall be conclusive proof that such debt obligation was sold to a person other than a United States person (unless the dealer relying upon the confirmation has actual knowledge that the confirmation is false in any material respect), if such association has in effect at the time of the purchase rules providing that a member or member organization who effects a purchase of, or purchases, a debt obligation from a dealer who notifies such member or member organization that such debt obligation is being sold by such dealer and that such dealer intends to claim a credit or refund under subsection (a)(2), shall furnish to such dealer a written confirmation stating that the purchase of such debt obligation was (or was not) effected by such member or member organization on behalf of a person other than a United States person, or that such debt obligation was (or was not) sold by such member or member organization on the day of purchase or the next business day to a person other than a United States person. " (4) SALES OF STOCK BY DEALERS.—For purposes of paragraph

(1)(B), in the case of a claim for credit or refund under subsection (a)(3), the sale hj a dealer of stock on a national securities exchange registered with the Securities and Exchange Commission subject to a special contract (and not in the regular market) shall be conclusive proof that such stock was sold to a person other than a United States person, unless such dealer has actual knowledge at the time of such sale that the purchaser of such stock is a dealer (whether or not a member or member organization of such exchange). "(c) DEFINITIONS.—For purposes of this section— "(1) the term 'underwriter' means any person who has purchased stock or debt obligations from the issuer or obligor (or from a person controlling, controlled by, or under common control with such issuer or obligor), or from another underwriter, with a view to the distribution through resale of such stock or debt obligations; and "(2) the term 'dealer' means any person who is a member of a national securities association registered with the Securities and Exchange Commission and who is regularly engaged, as a merchant, in purchasing stock or debt obligations and selling them to customers with a view to the gains and profits which may be derived therefrom. "SEC. 4920. DEFINITIONS AND SPECIAL RULES. " (a) IN GENERAL.—For purposes of this chapter— " (1) DEBT OBLIGATION.—

" (A) IN GENERAL.—Except as provided in subparagraph (B), the term 'debt obligation' means— " (i) any indebtedness, whether or not represented by a bond, debenture, note, certificate, or other writing.

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