Issuer is a legal entity that develops, registers, and sells
A security is a tradable financial asset. The term commonly refers to any form of financial instrument
Financial instruments are monetary contracts
A contract is a legally enforceable agreement between two or more parties that create ...
for the purpose of financing its operations.
Issuers may be governments,
A corporation is an organization—usually a group of people or a company
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objecti ...
An investment trust is a form of investment fund found mostly in the United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-wes ...
s. Issuers are legally responsible for the obligations of the issue, and for reporting financial conditions, material developments, and any other operational activities as required by the regulations of their jurisdictions.
The most common types of securities issued are equities: common
Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt in ...
s, and debt: bond
s, notes, debenture
s, and bills.
In the United States, the term "issuer" is defined by Section 2(4) of the
Securities Act of 1933
The Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, and the '33 Act, was enacted by the United States Congress
The United States Congress is the legislatu ...
The term "issuer" means every person who issues or proposes to issue any security; except that with respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors (or persons performing similar functions) or of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued; except that in the case of an unincorporated association which provides by its articles for limited liability of any or all of its members, or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity; except that with respect to equipment-trust certificates or like securities, the term "issuer" means the person by whom the equipment or property is or is to be used; and except that with respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of any such right or of any interest in such right (whether whole or fractional) who creates fractional interests therein for the purpose of public offering. Securities Act of 1933, § 2(a)(4), 15 U.S.C. § 77B(a)(4).
* Issuing bank
The bond market (also debt market or credit market) is a financial market where participants can issue new debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the c ...
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any f ...
* Securities market
Securities market participants (United States)
Securities market participants in the United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a ...
A stock market, equity market, or share market is the aggregation of buyers and sellers of stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman ...