A "Security" is an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, that is, or is of a type, dealt in or traded on financial markets, or that is recognized in any area in which it is issued or dealt in as a medium for investment. (COMM 8102(9)(B))
A “security” means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer that is all of the following (CCP 8102(a)(15)):
- It is represented by a security certificate in bearer or registered form, or the transfer of it may be registered upon books maintained for that purpose by or on behalf of the issuer.
- It is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations.
- It is either of the following:
- It is, or is of a type, dealt in or traded on securities exchanges or securities markets.
- It is a medium for investment and by its terms expressly provides that it is a security governed by this division.