Section 0780-04-01-.03 - DEFINITIONS(1) When used in these rules and in the Tennessee Securities Act of 1980, as amended, unless the context otherwise requires: (a) "Act" shall mean Chapter 866 of the Public Acts of 1980, otherwise known as the Tennessee Securities Act of 1980, as amended, and its codification in the Tennessee Code Annotated.(b) "Assistant commissioner" shall mean the assistant commissioner for the Securities Division of the Department of Commerce and Insurance of the state of Tennessee, or any successor person authorized to exercise similar functions.(c) "CRD System" shall mean the NASAA/FINRA Central Registration Depository System, commonly known as "CRD" and/or "Web CRD".(d) "Division" shall mean the assistant commissioner, staff, employees, and agents of the Securities Division of the Department of Commerce and Insurance of the state of Tennessee or such other agency as shall administer the Act or any successor statute.(e) "FINRA" shall mean the Financial Industry Regulatory Authority.(f) "Government Securities Broker-Dealer" shall mean a broker-dealer who effects transactions only in securities issued or guaranteed by the United States or an instrumentality thereof.(g) "IARD" shall mean the Investment Adviser Registration Depository as operated by the FINRA in cooperation with NASAA, other states, and the United States.(h) "NASAA" shall mean the North American Securities Administrators Association, Inc.(i) "NASD" shall mean the National Association of Securities Dealers, Inc. and/or the National Association of Securities Dealers Regulation, Inc. (now known as FINRA).(j) "Nasdaq National Market" shall mean a distinct tier of The Nasdaq Stock Market comprised of securities that meet the requirements of and are authorized as a Nasdaq National Market security.(k) "Rules" shall mean the Rules of the Department of Commerce and Insurance, Securities Division, as set forth in Chapter 0780-04.(l) "SEC" shall mean the Securities and Exchange Commission of the United States or its staff, as appropriate.(m) "Security" shall include the practice of "equity funding", "security funding", or "life funding" whereby mutual fund shares and insurance contracts are sold as a package with mutual fund shares being pledged as collateral for loans, the proceeds of which are used to pay the premium on life insurance policies.(n) "State" shall mean any state, territory, or possession of the United States, the District of Columbia, and Puerto Rico.(o) "Substantially all of the voting securities of the bank or other bank holding company" as used in T.C.A. § 48-1-103(b)(10) shall mean eighty percent (80%) or more of each class of such voting securities.(p) "UAPA" shall mean the Uniform Administrative Procedures Act as set forth in T.C.A. § 4-5-101, et seq., and any rules promulgated thereunder to the extent such rules are not inconsistent with the Act or these Rules.(2) In construing terms used in these Rules and in the Act, the commissioner, to the extent consistent with the purposes fairly intended by the policy and provisions of the Act, will consider definitions, case law, SEC rules, and interpretive releases under the following federal statutes: (a) The Securities Act of 1933 (the "1933 Act");(b) The Securities Exchange Act of 1934 (the "1934 Act");(c) The Trust Indenture Act of 1939 (the "Trust Indenture Act");(d) The Investment Company Act of 1940 (the "Investment Company Act"); and(e) The Investment Advisers Act of 1940 (the "Investment Advisers Act").(3) Unless the context otherwise requires or a rule expressly provides otherwise, terms defined in the Act shall have the same meaning when used in these Rules.Tenn. Comp. R. & Regs. 0780-04-01-.03
Original rule filed September 9, 1980; effective October 24, 1980. Amendment filed January 13, 1983; effective February 14, 1983. Amendment filed July 5, 1983; effective August 4, 1983. Amendment filed March 7, 1984; effective April 6, 1984. Amendment filed November 21, 1985; effective December 21, 1985. Repeal and new rule filed September 28, 1990; effective November 12, 1990. Amendment filed May 15, 2002; effective July 29, 2002. Amendment filed April 5, 2004; effective June 19, 2004. Amendment filed December 23, 2014; effective March 23, 2015. On January 27, 2015, the Tennessee Department of Commerce and Insurance filed a withdrawal of the amendment. Repeal and new rule filed March 16, 2015; effective 6/14/2015.Authority: T.C.A §§ 48-1-103(b)(10), 48-1-115, 48-1-116, and Public Acts of 2001, Chapter 61.