Section 3.21.899. Definitions.

In 3 AAC 21.865 - 3 AAC 21.899, unless the context requires otherwise,  
		(1) "affiliate" or "affiliated" has the meaning given in AS 21.22.200;  
		(2) "agent" means a national bank, state bank, trust company, or broker-dealer that maintains an account in its name in a clearing corporation or is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation, including the Treasury/Reserve Automated Debt Entry System (TRADES) or Treasury Direct system; with respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements under the laws of a foreign country as a condition of doing business there, "agent" also includes a corporation that  
			(A) is organized or exists under the laws of a foreign country; and  
			(B) is legally qualified under those laws to accept custody of securities;  
		(3) "clearing corporation"  
			(A) means an entity within the meaning given in AS 45.08.102 that is organized for the purpose of effecting transactions in securities by computerized book-entry; with respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements under the laws of a foreign country as a condition of doing business there, "clearing corporation" also includes a corporation that  
				(i) is organized or exists under the laws of a foreign country; and  
				(ii) is legally qualified under those laws to effect transactions in securities by computerized book-entry;  
			(B) includes the Treasury/Reserve Automated Debt Entry System (TRADES) and Treasury Direct book-entry securities systems;  
		(4) "custodian" means  
			(A) a national bank, state bank, or trust company that, at all times during which it acts as a custodian under 3 AAC 21.865 - 3 AAC 21.899, is no less than adequately capitalized as determined by United States banking regulators, that either is regulated by state banking laws or is a member of the Federal Reserve System, and that is legally qualified to accept custody of securities; with respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements under the laws of a foreign country as a condition of doing business there, "custodian" also includes a bank or trust company that  
				(i) is incorporated or organized under the laws of a country other than the United States;  
				(ii) is regulated by that country's government or an agency of it;   
				(iii) at all times during which it acts as a custodian under 3 AAC 21.865 - 3 AAC 21.899, is no less than adequately capitalized as determined by the standards adopted by international banking authorities; and  
				(iv) is legally qualified to accept custody of securities; or  
			(B) a broker-dealer that  
				(i) is registered under 15 U.S.C. 78o (sec. 15 of the Securities Exchange Act of 1934) with the United States Securities and Exchange Commission;  
				(ii) maintains membership in the Securities Investor Protection Corporation; and  
				(iii) has a tangible net worth equal to or greater than $250,000,000;  
		(5) "custodied securities" means securities held by the custodian or its agent or in a clearing corporation;  
		(6) "nonadmitted assets" means assets not included in the determination of the financial condition of an insurer;  
		(7) "tangible net worth" means shareholders' equity, less intangible assets, as reported in the broker-dealer's most recent annual or transition report required under 15 U.S.C. 78m or 78o(d) (sec. 13 or 15(d) of the Securities Exchange Act of 1934) filed with the Securities and Exchange Commission;  
		(8) "Treasury/Reserve Automated Debt Entry System (TRADES)" and "Treasury Direct" mean the book-entry securities systems established under 5 U.S.C. 301, 12 U.S.C. 391, 31 U.S.C. 3101 - 3130, and 31 C.F.R. Parts 357 and 363;  
		(9) "security" has the meaning given in AS 45.08.102;  
		(10) "state" has the meaning given in AS 21.97.900;  
		(11) "security certificate" has the meaning given in AS 45.08.102;  
		(12) "working day" means a calendar day other than Saturday, Sunday, an official federal holiday, or an official holiday in this state.   

Authorities

21.06.090;21.21.410;01.05.031;21.90.900;21.97.900;44.62.125

Notes

Reference

3 AAC 21.895
3 AAC 21.899

Authority

AS 21.06.090 AS 21.21.410 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.90.900 as AS 21.97.900. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to 3 AAC 21.899, so that a cross-reference to former AS 21.90.900 now refers to the renumbered statute, AS 21.97.900. ________________________

History

Eff. 8/31/2008, Register 187

References

3.21.899