What is a Security?

  • A security is defined by the Securities Exchange Act of 1934, as any
  • note,
  • stock,
  • treasury stock,
  • bond,
  • debenture,
  • certificate of interest or participation in:
  • any profit-sharing agreement or
  • any oil, gas, or other mineral royalty or lease,
  • any collateral trust certificate,
  • preorganization certificate or subscription,
  • transferable share,
  • investment contract,
  • voting-trust certificate,
  • certificate of deposit, for a security,
  • any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or
  • any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general,
  • any instrument commonly known as a 'security'; or
  • any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing;
  • but shall not include:
  • currency or
  • any note,
  • draft,
  • bill of exchange, or
  • banker's acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited."