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Some of my friends recommend clenching and unclenching my buttocks during the exam. Personally, I prefer not to receive advice about my hindquarters during times of stress.

Outliers

Now we know that with every definition defined by the Great Regulators, there are always a few outliers that are given exceptions from that definition.

The terms defined in this subsection do not include:


(A) any bona fide pledge or loan;


We're talking about pledging securities as collateral, like in the case of a loan (not the Pledge of Allegiance, though a loan for the Pledge would be pretty cool). This transaction can take place whether the securities are registered or not. The state...

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