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CITY OF SANTA ANA STATEMENT OF INVESTMENT POLICY <br />JULY 1, 2017 — JUNE 30, 2018 <br />Page 14 <br />CORPORATIONS CODE - CORP <br />TITLE 4. SECURITIES [25000 - 315161 <br />( Title 4 added by Stats. 1949, Ch. 384. ) <br />DIVISION 1. CORPORATE SECURITIES LAW OF 1968 [25000 - 257071 <br />( Division 1 repealed and added by Stats. 1968, Ch. 88. ) <br />PART 1. DEFINITIONS [25000 - 250231 <br />( Part 1 added by Stats. 1968, Ch. 88. ) <br />CORPORATIONS CODE <br />SECTION <br />25004. <br />(a) "Broker-dealer' means any person engaged in the business of effecting transactions in securities in this <br />state for the account of others or for his own account. 'Broker-dealer' also includes a person engaged in the <br />regular business of issuing or guaranteeing options with regard to securities not of his own issue. `Broker- <br />dealer' does not include any of the following: <br />(1) Any other issuer. <br />(2) An agent, when an employee of a broker-dealer or issuer. <br />(3) A bank, trust company, or savings and loan association. <br />(4) Any person insofar as he buys or sells securities for his own account, either individually or in some <br />fiduciary capacity, but not as part of a regular business. <br />(5) A person who has no place of business in this state if he effects transactions in this state exclusively with <br />(A) the issuers of the securities involved in the transactions or (B) other broker-dealers. <br />(6) A broker licensed by the Real Estate Commissioner of this state when engaged in transactions in <br />securities exempted by subdivision (f) or (p) of Section 25100 or in securities the issuance of which is <br />subject to authorization by the Real Estate Commissioner of this state or in transactions exempted by <br />subdivision (e) of Section 25102. <br />(7) An exchange certified by the Commissioner of Corporations pursuant to this section when it is issuing or <br />guaranteeing options. The commissioner may by order certify an exchange under this section upon such <br />conditions as he by rule or order deems appropriate, and upon notice and opportunity to be heard he may <br />suspend or revoke such certification, if he finds such certification, suspension, or revocation to be in the <br />public interest and necessary and appropriate for the protection of investors. <br />(b) For purposes of this section, an agent is an employee of a broker-dealer under paragraph (2) of <br />subdivision (a) when the agent is employed by or associated with the broker-dealer under all of the following <br />conditions: <br />(1) The agent is subject to the supervision and control of the broker-dealer. <br />(2) The agent performs under the name, authority, and marketing policies of the broker-dealer. <br />(3) The agent discloses to investors the identity of the broker-dealer. <br />55D-21 <br />