Source: https://www.law.cornell.edu/cfr/text/47/24.720
Timestamp: 2018-05-24 23:48:04
Document Index: 116707445

Matched Legal Cases: ['art 24', '§ 24', '§ 24', '§ 1', '§ 1', '§ 24', '§ 24', '§ 24', '§ 24']

47 CFR 24.720 - Definitions. | US Law | LII / Legal Information Institute
CFR › Title 47 › Chapter I › Subchapter B › Part 24 › Subpart H › Section 24.720
47 CFR 24.720 - Definitions.
(a)Scope. The definitions in this section apply to §§ 24.709 through 24.717, unless otherwise specified in those sections.
(b)Small and very small business.
(c)Institutional Investor. An institutional investor is an insurance company, a bank holding stock in trust accounts through its trust department, or an investment company as defined in 15 U.S.C. 80a-3(a), including within such definition any entity that would otherwise meet the definition of investment company under 15 U.S.C. 80a-3(a) but is excluded by the exemptions set forth in 15 U.S.C. 80a-3(b) and (c), without regard to whether such entity is an issuer of securities; provided that, if such investment company is owned, in whole or in part, by other entities, such investment company, such other entities and the affiliates of such other entities, taken as a whole, must be primarily engaged in the business of investing, reinvesting or trading in securities or in distributing or providing investment management services for securities.
(d)Nonattributable Equity -
(1)Nonattributable equity shall mean:
(2) For purposes of assessing compliance with the equity limits in § 24.709 (b)(1)(iii)(A) and (b)(1)(iv)(A), where such interests are not held directly in the applicant, the total equity held by a person or entity shall be determined by successive multiplication of the ownership percentages for each link in the vertical ownership chain.
(e)Control Group. A control group is an entity, or a group of individuals or entities, that possesses de jure control and de facto control of an applicant or licensee, and as to which the applicant's or licensee's charters, bylaws, agreements and any other relevant documents (and amendments thereto) provide:
Voting control does not always assure de facto control, such as for example, when the voting stock of the control group is widely dispersed (see e.g., § 1.2110(c)(5)(ii)(C) of this chapter).
(f)Publicly Traded Corporation with Widely Dispersed Voting Power. A publicly traded corporation with widely dispersed voting power is a business entity organized under the laws of the United States:
(4) The term person shall be defined as in section 13(d) of the Securities and Exchange Act of 1934, as amended ( 15 U.S.C. 78(m)), and shall also include investors that are commonly controlled under the indicia of control set forth in the definition of affiliate in § 1.2110(c)(5) of the Commission's rules.
(g)Qualifying investor.
(1) A qualifying investor is a person who is (or holds an interest in) a member of the applicant's (or licensee's) control group and whose gross revenues and total assets, when aggregated with those of all other attributable investors and affiliates, do not exceed the gross revenues and total assets limits specified in § 24.709(a), or, in the case of an applicant (or licensee) that is a small business, do not exceed the gross revenues limit specified in paragraph (b) of this section.
(2) For purposes of assessing compliance with the minimum equity requirements of § 24.709(b)(1)(v) and (b)(1)(vi), where such equity interests are not held directly in the applicant, interests held by qualifying investors shall be determined by successive multiplication of the ownership percentages for each link in the vertical ownership chain.
(3) For purposes of § 24.709(b)(1)(v)(A)(3) and (b)(1)(vi)(A)(3), a qualifying investor is a person who is (or holds an interest in) a member of the applicant's (or licensee's) control group and whose gross revenues and total assets do not exceed the gross revenues and total assets limits specified in § 24.709(a).
(h)Preexisting entity; Existing investor. A preexisting entity is an entity that was operating and earning revenues for at least two years prior to December 31, 1994. An existing investor is a person or entity that was an owner of record of a preexisting entity's equity as of November 10, 1994, and any person or entity acquiring de minimis equity holdings in a preexisting entity after that date.
[ 67 FR 45372, July 9, 2002, as amended at 68 FR 42999, July 21, 2003; 68 FR 57829, Oct. 7, 2003]
47 CFR 24.717 — Bidding Credits for Licenses for Frequency Block F.