In the context of the Securities Act of 1933 ( , as amended (Securities Act), and the Securities Exchange Act of 1934 ( , as amended (Exchange Act), this term is used to indicate a relationship of one person (or entity) with another.

For example, an associate of a director or officer of a reporting company ( refers to:

  • A corporation or organization (other than the reporting company itself or a majority-owned subsidiary of the reporting company) of which the director or officer is:

  • A trust or other estate in or for which the director or officer:

    • has a substantial beneficial interest; or

    • serves as trustee or in a similar fiduciary capacity.

  • A relative or spouse of the director or officer, or any relative of the spouse, that:

    • has the same home as the director or officer; or

    • is a director or officer of the reporting company or any of its parents or subsidiaries.

The term "associate" is defined in Rule 405 under the Securities Act and in Rule 12b-2 under the Exchange Act.

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