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Buffalo have humps, but we prefer not to refer to them as "lovely lady lumps." It's kind of a sensitive issue.

Offers…NOT

Offers…NOT

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 A...

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