Section 8.8A-103 - [Effective 7/1/2025] Rules for determining whether certain obligations and interests are securities or financial assets(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.(b) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.(c) An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this title, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.(d) A writing that is a security certificate is governed by this title and not by Title 8.3A, even though it also meets the requirements of that title. However, a negotiable instrument governed by Title 8.3A is a financial asset if it is held in a securities account.(e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.(f) A commodity contract, as defined in subdivision (a) (15) of § 8.9-102A, is not a security or a financial asset.(g) A document of title is not a financial asset unless subdivision (a) (9) (iii) of § 8.8-102A applies.(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subdivision (a)(9)(iii) of § 8.8-102A applies.1996, c. 216; 2000, c. 1007; 2004, c. 200.Amended by Acts 2024 c. 652,§ 1, eff. 7/1/2025.Amended by Acts 2004, § c. 200.Amended by Acts 2000, § c. 1007.Amended by Acts 1996, § c. 216.This section is set out more than once due to postponed, multiple, or conflicting amendments.