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As Introduced
123rd General Assembly
Regular Session
1999-2000 | H. B. No. 551 |
REPRESENTATIVE SALERNO
A BILL
To amend section 1707.01 of the Revised Code to make viatical settlement
interests subject to the Ohio Securities Law.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 1707.01 of the Revised Code be amended to read as
follows:
Sec. 1707.01. As used in this chapter:
(A) Whenever the context requires it, "division" or
"division of securities" may be read as "director of commerce" or
as "commissioner of securities."
(B) "Security" means any certificate or instrument that
represents title to or interest in, or is secured by any lien or
charge upon, the capital, assets, profits, property, or credit of
any person or of any public or governmental body, subdivision, or
agency. It includes shares of stock, certificates for shares of
stock, membership interests in limited liability companies,
voting-trust certificates, warrants and options to purchase
securities, subscription rights, interim receipts, interim
certificates, promissory notes, all forms of commercial paper,
evidences of indebtedness, bonds, debentures, land trust
certificates, fee certificates, leasehold certificates, syndicate
certificates, endowment certificates, certificates or written
instruments in or under profit-sharing or participation
agreements or in or under oil, gas, or mining leases, or
certificates or written instruments of any interest in or under
the same, receipts evidencing preorganization or reorganization
subscriptions, preorganization certificates, reorganization
certificates, certificates evidencing an interest in any trust or
pretended trust, any investment contract, ANY VIATICAL SETTLEMENT
INTEREST, any instrument evidencing a promise or an agreement to
pay money, warehouse receipts for intoxicating liquor, and the currency of any
government other than those of the United States and Canada, but
sections 1707.01 to 1707.45 of the Revised Code do not apply to
the sale of real estate.
(C)(1) "Sale" has the full meaning of "sale" as applied by
or accepted in courts of law or equity, and includes every
disposition, or attempt to dispose, of a security or of an
interest in a security. "Sale" also includes a contract to sell,
an exchange, an attempt to sell, an option of sale, a
solicitation of a sale, a solicitation of an offer to buy, a
subscription, or an offer to sell, directly or indirectly, by
agent, circular, pamphlet, advertisement, or otherwise.
(2) "Sell" means any act by which a sale is made.
(3) The use of advertisements, circulars, or pamphlets in
connection with the sale of securities in this state exclusively
to the purchasers specified in division (D) of section 1707.03 of
the Revised Code is not a sale when the advertisements,
circulars, and pamphlets describing and offering those securities
bear a readily legible legend in substance as follows: "This
offer is made on behalf of dealers licensed under sections
1707.01 to 1707.45 of the Revised Code, and is confined in this
state exclusively to institutional investors and licensed
dealers."
(4) The offering of securities by any person in
conjunction with a licensed dealer by use of advertisement,
circular, or pamphlet is not a sale if that person does not
otherwise attempt to sell securities in this state.
(5) Any security given with, or as a bonus on account of,
any purchase of securities is conclusively presumed to constitute
a part of the subject of that purchase and has been "sold."
(6) "Sale" by an owner, pledgee, or mortgagee, or by a
person acting in a representative capacity, includes sale on
behalf of such party by an agent, including a licensed dealer or
salesperson.
(D) "Person," except as otherwise provided in this
chapter, means a natural person, firm, partnership,
limited partnership, partnership association, syndicate,
joint-stock company, unincorporated association, trust or trustee
except where the trust was created or the trustee designated by
law or judicial authority or by a will, and a corporation or
limited liability company organized under the laws of any state,
any foreign government, or any political subdivision of a state
or foreign government.
(E)(1) "Dealer," except as otherwise provided in this
chapter, means every person, other than a salesperson,
who engages or professes to engage, in this state, for either all or part of
the person's time, directly or indirectly, either in the business
of the sale of securities for the person's own account, or in the business
of the purchase or sale of securities for the account of others in the
reasonable expectation of receiving a commission, fee, or other
remuneration as a result of engaging in the purchase and sale of
securities. "Dealer" does not mean any of the following:
(a) Any issuer, including any officer, director, employee,
or trustee of, or member or manager of, or partner in, or any
general partner of, any
issuer, that sells, offers for sale, or does any act in
furtherance of the sale of a security that represents an economic
interest in that issuer, provided no commission, fee, or other
similar remuneration is paid to or received by the issuer for the
sale;
(b) Any licensed attorney, public accountant, or firm of
such attorneys or accountants, whose activities are incidental to
the practice of the attorney's, accountant's, or firm's profession;
(c) Any person that, for the account of others, engages in
the purchase or sale of securities that are issued and
outstanding before such purchase and sale, if a majority or more
of the equity interest of an issuer is sold in that transaction,
and if, in the case of a corporation, the securities sold in that
transaction represent a majority or more of the voting power of
the corporation in the election of directors;
(d) Any person that brings an issuer together with a
potential investor and whose compensation is not directly or
indirectly based on the sale of any securities by the issuer to
the investor;
(e) Any bank, savings and loan association, savings bank,
or credit union chartered under the laws of the United States or
any state of the United States,
provided that all transactions are consummated
by or through a person licensed pursuant to section 1707.14 of
the Revised Code;
(f) Any person that the division of securities by rule
exempts from the definition of "dealer" under division (E)(1) of
this section.
(2) "Licensed dealer" means a dealer licensed under
this chapter.
(F)(1) "Salesman" or "salesperson" means every natural person,
other than a dealer, who is employed, authorized, or appointed by a dealer to
sell securities within this state.
(2) The general partners of a partnership, and the
executive officers of a corporation or unincorporated
association, licensed as a dealer are not salespersons
within the meaning of this definition, nor are such clerical or other
employees of an issuer or dealer as are employed for work to
which the sale of securities is secondary and incidental; but the
division of securities may require a license from any such
partner, executive officer, or employee if it determines that
protection of the public necessitates the licensing.
(3) "Licensed salesperson" means a
salesperson licensed under this chapter.
(G) "Issuer" means every person who has issued, proposes
to issue, or issues any security.
(H) "Director" means each director or trustee of a
corporation, each trustee of a trust, each general partner of a
partnership, except a partnership association, each manager of a
partnership association, and any person vested with managerial or
directory power over an issuer not having a board of directors or
trustees.
(I) "Incorporator" means any incorporator of a corporation
and any organizer of, or any person participating, other than in
a representative or professional capacity, in the organization of
an unincorporated issuer.
(J) "Fraud," "fraudulent," "fraudulent acts," "fraudulent practices," or
"fraudulent transactions" means anything recognized on or after
July 22, 1929, as such in courts of law or equity; any device,
scheme, or artifice to defraud or to obtain money or property by
means of any false pretense, representation, or promise; any
fictitious or pretended purchase or sale of securities; and any
act, practice, transaction, or course of business relating to the
purchase or sale of securities that is fraudulent or that has operated
or
would operate as a fraud upon the seller or purchaser.
(K) Except as otherwise specifically provided, whenever
any classification or computation is based upon "par value," as
applied to securities without par value, the average of the
aggregate consideration received or to be received by the issuer
for each class of those securities shall be used as the basis for
that classification or computation.
(L)(1) "Intangible property" means patents, copyrights,
secret processes, formulas, services, good will, promotion and
organization fees and expenses, trademarks, trade brands, trade
names, licenses, franchises, any other assets treated as
intangible according to generally accepted accounting principles,
and securities, accounts receivable, or contract rights having no
readily determinable value.
(2) "Tangible property" means all property other than
intangible property and includes securities, accounts receivable,
and contract rights, when the securities, accounts receivable, or
contract rights have a readily determinable value.
(M) "Public utilities" means those utilities defined in
sections 4905.02, 4905.03, 4907.02, and 4907.03 of the Revised
Code; in the case of a foreign corporation, it means those
utilities defined as public utilities by the laws of its
domicile; and in the case of any other foreign issuer, it means
those utilities defined as public utilities by the laws of the
situs of its principal place of business. The term always
includes railroads whether or not they are so defined as public
utilities.
(N) "State" means any state of the United States, any
territory or possession of the United States, the District of
Columbia, and any province of Canada.
(O) "Bank" means any bank, trust company, savings and loan
association, savings bank, or credit union that is
incorporated or organized
under the laws of the United States, any state of the United
States, Canada, or any province of Canada and that is subject to
regulation or supervision by that country, state, or province.
(P) "Include," when used in a definition, does not exclude
other things or persons otherwise within the meaning of the term
defined.
(Q)(1) "Registration by description" means that the
requirements of section 1707.08 of the Revised Code have been
complied with.
(2) "Registration by qualification" means that the
requirements of sections 1707.09 and 1707.11 of the Revised Code
have been complied with.
(3) "Registration by coordination" means that there has
been compliance with section 1707.091 of the Revised Code.
Reference in this chapter to registration by qualification also
shall be deemed to include registration by coordination unless
the context otherwise indicates.
(R) "Intoxicating liquor" includes all liquids and
compounds that contain more than three and two-tenths per cent of
alcohol by weight and are fit for use for beverage purposes.
(S) "Institutional investor" means any corporation, bank,
insurance company, pension fund or pension fund trust, employees'
profit-sharing fund or employees' profit-sharing trust, any
association engaged, as a substantial part of its business or
operations, in purchasing or holding securities, or any trust in
respect of which a bank is trustee or cotrustee. "Institutional
investor" does not include any business entity formed for the
primary purpose of evading sections 1707.01 to 1707.45 of the
Revised Code.
(T) "Securities Act of 1933," 48 Stat. 74, 15 U.S.C.
77a, "Securities Exchange Act of 1934," 48 Stat. 881,
15 U.S.C. 78a, "Internal Revenue Code of
1986," 100 Stat. 2085, 26 U.S.C. 1, "Investment Advisers
Act of 1940," 54 Stat. 847, 15 U.S.C. 80b, and
"Investment Company Act of 1940," 54 Stat.
789, 15 U.S.C. 80a mean the federal
statutes of those names as amended before or after March 18, 1999.
(U) "Securities and exchange commission" means the
securities and exchange commission established by the Securities
Exchange Act of 1934.
(V)(1) "Control bid" means the purchase of or offer to
purchase any equity security of a subject company from a resident
of this state if either of the following applies:
(a) After the purchase of that security, the offeror would
be directly or indirectly the beneficial owner of more than ten
per cent of any class of the issued and outstanding equity
securities of the issuer.
(b) The offeror is the subject company, there is a pending
control bid by a person other than the issuer, and the number of
the issued and outstanding shares of the subject company would be
reduced by more than ten per cent.
(2) For purposes of division (V)(1) of this section,
"control bid" does not include any of the following:
(a) A bid made by a dealer for the dealer's own account in the
ordinary course of business of buying and selling securities;
(b) An offer to acquire any equity security solely in
exchange for any other security, or the acquisition of any equity
security pursuant to an offer, for the sole account of the
offeror, in good faith and not for the purpose of avoiding the
provisions of this chapter, and not involving any public offering
of the other security within the meaning of Section 4 of Title I
of the "Securities Act of 1933," 48 Stat. 77, 15 U.S.C.A. 77d(2),
as amended;
(c) Any other offer to acquire any equity security, or the
acquisition of any equity security pursuant to an offer, for the
sole account of the offeror, from not more than fifty persons, in
good faith and not for the purpose of avoiding the provisions of
this chapter.
(W) "Offeror" means a person who makes, or in any way
participates or aids in making, a control bid and includes
persons acting jointly or in concert, or who intend to exercise
jointly or in concert any voting rights attached to the
securities for which the control bid is made and also includes
any subject company making a control bid for its own securities.
(X)(1) "Investment adviser" means any person
who, for compensation, engages in the business of advising
others, either directly or through publications or writings, as
to the value of securities or as to the advisability of investing
in, purchasing, or selling securities, or who, for compensation
and as a part of regular business, issues or promulgates analyses
or reports concerning securities.
(2) "Investment adviser" does not mean any of the following:
(a) Any attorney, accountant, engineer, or teacher, whose
performance of
investment advisory services described in division (X)(1) of this
section is solely incidental to the practice of the attorney's,
accountant's, engineer's, or teacher's profession;
(b) A publisher of any bona fide
newspaper, news magazine, or business or financial publication of
general and regular circulation;
(c) A person who acts solely as an investment adviser
representative;
(d) A bank holding company, as defined in the "Bank
Holding Company Act of 1956," 70 Stat.
133, 12 U.S.C. 1841, that is not an investment
company;
(e) A bank, or any receiver, conservator, or other liquidating
agent of a bank;
(f) Any licensed dealer or licensed salesperson whose performance
of investment advisory services described in division (X)(1) of this
section is solely incidental to the conduct of the dealer's or salesperson's
business as a licensed dealer or licensed salesperson and who receives no
special compensation for the services;
(g) Any person, the advice, analyses, or reports of which do not
relate to securities other than securities that are direct obligations of, or
obligations guaranteed as to principal or interest by, the United
States, or securities issued or guaranteed by corporations in which
the United States has a direct or indirect interest, and
that have been designated by the secretary of the treasury as exempt
securities as defined in the "Securities Exchange
Act of 1934," 48 Stat. 881, 15 U.S.C. 78c;
(h) Any person that is excluded from the definition of
investment adviser pursuant to section
202(a)(11)(A) to (E) of the "Investment Advisers Act of 1940," 15 U.S.C.
80b-2(a)(11), or that has received an
order from the securities and exchange commission under section
202(a)(11)(F) of the "Investment Advisers Act of 1940," 15 U.S.C.
80b-2(a)(11)(F), declaring that the person is not within the intent of section
202(a)(11) of the Investment Advisers Act of 1940.
(i) Any other person that the division designates by rule, if the
division finds that the designation is necessary or appropriate in the public
interest or for the protection of investors or clients and consistent with the
purposes fairly intended by the policy and provisions of this chapter.
(Y)(1) "Subject company" means an issuer that satisfies
both of the following:
(a) Its principal place of business or its principal
executive office is located in this state, or it owns or controls
assets located within this state that have a fair market value of
at least one million dollars.
(b) More than ten per cent of its beneficial or record
equity security holders are resident in this state, more than ten
per cent of its equity securities are owned beneficially or of
record by residents in this state, or more than one thousand of
its beneficial or record equity security holders are resident in
this state.
(2) The division of securities may adopt rules to
establish more specific application of the provisions set forth
in division (Y)(1) of this section. Notwithstanding the
provisions set forth in division (Y)(1) of this section and any
rules adopted under this division, the division, by rule or in an
adjudicatory proceeding, may make a determination that an issuer
does not constitute a "subject company" under division (Y)(1) of
this section if appropriate review of control bids involving the
issuer is to be made by any regulatory authority of another
jurisdiction.
(Z) "Beneficial owner" includes any person who directly or
indirectly through any contract, arrangement, understanding, or
relationship has or shares, or otherwise has or shares, the power
to vote or direct the voting of a security or the power to
dispose of, or direct the disposition of, the security.
"Beneficial ownership" includes the right, exercisable within
sixty days, to acquire any security through the exercise of any
option, warrant, or right, the conversion of any convertible
security, or otherwise. Any security subject to any such option,
warrant, right, or conversion privilege held by any person shall
be deemed to be outstanding for the purpose of computing the
percentage of outstanding securities of the class owned by that
person, but shall not be deemed to be outstanding for the purpose
of computing the percentage of the class owned by any other
person. A person shall be deemed the beneficial owner of any
security beneficially owned by any relative or spouse or relative
of the spouse residing in the home of that person, any trust or
estate in which that person owns ten per cent or more of the
total beneficial interest or serves as trustee or executor, any
corporation or entity in which that person owns ten per cent or
more of the equity, and any affiliate or associate of that
person.
(AA) "Offeree" means the beneficial or record owner of any
security that an offeror acquires or offers to acquire in
connection with a control bid.
(BB) "Equity security" means any share or similar
security, or any security convertible into any such security, or
carrying any warrant or right to subscribe to or purchase any
such security, or any such warrant or right, or any other
security that, for the protection of security holders, is treated
as an equity security pursuant to rules of the division of
securities.
(CC) "Investment company" has the same meaning as in section 3(A) of the
"Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.
80a-1 to 80a-52.
(DD) "Penny stock" has the same meaning
as in section 3(A)(51) of the "Securities Exchange Act
of 1934," 48 Stat. 881, 15 U.S.C.
78a-78jj, and the rules, regulations, and orders issued
pursuant to that section.
(EE) "Going concern transaction" has
the same meaning given that term under the rules or regulations on the
securities and exchange commission issued pursuant to section
13(c) of the "Securities Exchange Act of 1934," 48 Stat. 881, 15 U.S.C.
78a-78jj.
(FF) "Person acting on behalf of an
issuer" means an officer, director, or employee of an issuer.
(GG) "Blank check company," "roll-up
transaction," "executive officer of an entity," and "direct participation
program" have the same meanings given those terms by rule or regulation of the
securities and exchange commission.
(HH) "Forward-looking statement" means any of the following:
(1) A statement containing a projection of revenues, income including
income loss, earnings per share including earnings loss per share, capital
expenditures, dividends, capital structure, or other financial items;
(2) A statement of the plans and objectives of the management of the
issuer for future operations, including plans or objectives relating to the
products or services of the issuer;
(3) A statement of future economic performance, including any statement
of that nature contained in a discussion and analysis of financial conditions
by the management or in the results of operations included pursuant to the
rules and regulations of the securities and exchange commission;
(4) Any disclosed statement of the assumptions underlying or relating to
a statement described in division (B)(1), (2),
or (3) of section 1707.437 of the Revised
Code;
(5) Any report issued by an outside reviewer retained by an issuer to
the extent that the report relates to a forward-looking statement made by the
issuer;
(6) A statement containing a projection or estimate of any other items
that may be specified by rule or regulation of the securities and exchange
commission.
(II)(1) "Investment adviser representative" means a supervised
person of an investment adviser, provided that
the supervised person has more than five clients who are
natural persons other than excepted persons defined in division
(KK) of this section, and that more than ten per cent of the
supervised person's clients are natural persons other than excepted persons
defined in division (KK) of this section. "Investment adviser
representative" does not mean any of the following:
(a) A supervised person that does not on a regular basis solicit,
meet with, or otherwise communicate with clients of the investment adviser;
(b) A supervised person that provides only investment advisory
services described in division (X)(1) of this section by means of
written materials or oral statements that do not purport to meet the
objectives or needs of specific individuals or accounts;
(c) Any other person that the division designates
by rule, if the division finds that the designation is necessary
or appropriate in the public interest or for the protection of
investors or clients and is consistent with the provisions
fairly intended by the policy and provisions of this
chapter.
(2) For the purpose of the calculation of clients in division
(II)(1) of this section, a
natural person and the following persons are deemed a single
client: Any minor child of the natural person; any relative,
spouse, or relative of the spouse of the natural person who has
the same principal residence as the natural person; all accounts
of which the natural person or the persons referred to in
division (II)(2) of this
section are the only primary beneficiaries; and all trusts of
which the natural person or persons referred to in division
(II)(2) of this section are the
only primary beneficiaries. Persons who are not residents of the
United States
need not be included in the calculation of clients
under division (II)(1) of this section.
(3) If subsequent to March 18, 1999, amendments are enacted
or adopted defining "investment adviser representative" for purposes of the
Investment
Advisers Act of 1940 or additional rules
or regulations are promulgated by the securities and exchange
commission regarding the definition of "investment adviser
representative" for purposes of the
Investment Advisers Act of 1940, the division of
securities shall, by rule, adopt the substance of the
amendments, rules, or regulations, unless the division finds
that the amendments, rules, or regulations are not necessary for
the protection of investors or in the public interest.
(JJ) "Supervised person" means a natural person who is any of the
following:
(1) A partner, officer, or director of an investment adviser, or other
person occupying a similar status or performing similar functions with respect
to an investment adviser;
(2) An employee of an investment adviser;
(3) A person who provides investment advisory services described in
division (X)(1) of this section on behalf of the investment adviser
and is subject to the supervision and control of the investment adviser.
(KK) "Excepted person" means a natural person to whom any of
the following applies:
(1) Immediately after entering into the investment advisory contract with
the investment adviser, the person has at least seven hundred fifty thousand
dollars
under the management of the investment adviser.
(2) The investment adviser reasonably believes either of the following at
the time the investment advisory contract is entered into with the person:
(a) The person has a net
worth, together with assets held jointly with a spouse, of more than one
million five hundred thousand dollars.
(b) The person is a qualified purchaser as
defined in division (LL) of this section.
(3) Immediately prior to entering into an investment
advisory contract with the investment adviser, the person is
either of the following:
(a) An executive officer, director,
trustee, general partner, or person serving in a similar
capacity, of the investment adviser;
(b) An employee of the investment
adviser, other than an employee performing solely clerical,
secretarial, or administrative functions or duties for the
investment adviser, which employee, in connection with the
employee's regular functions or duties, participates in the
investment activities of the investment adviser, provided that,
for at least twelve months, the employee has been performing
such nonclerical, nonsecretarial, or nonadministrative functions
or duties for or on behalf of the investment adviser or
performing substantially similar functions or duties for or on
behalf of another company.
If subsequent to March 18, 1999,
amendments are enacted or adopted defining "excepted person" for
purposes of the Investment
Advisers Act of 1940 or additional rules
or regulations are promulgated by the securities and exchange
commission regarding the definition of "excepted person" for
purposes of the Investment Advisers
Act of 1940, the division of
securities shall, by rule, adopt the substance of the
amendments, rules, or regulations, unless the division finds
that the amendments, rules, or regulations are not necessary for
the protection of investors or in the public interest.
(LL)(1) "Qualified purchaser" means either of the following:
(a) A natural person who owns
not less than five million dollars in investments as defined by
rule by the division of securities;
(b) A natural person, acting for
the person's own account or accounts of other qualified
purchasers, who in the aggregate owns and invests on a
discretionary basis, not less than twenty-five million dollars
in investments as defined by rule by the division of
securities.
(2) If subsequent to March 18, 1999, amendments are
enacted or adopted defining "qualified purchaser" for purposes of the
Investment Advisers Act of 1940 or additional rules
or regulations are promulgated by the securities and exchange
commission regarding the definition of "qualified purchaser" for
purposes of the Investment Advisers Act of 1940, the division of
securities shall, by rule, adopt the amendments, rules, or
regulations, unless the division finds that the amendments,
rules, or regulations are not necessary for the protection of
investors or in the public interest.
(MM)(1) "Purchase" has the full meaning of "purchase" as applied
by or accepted in courts of law or equity and includes every acquisition of,
or attempt to acquire, a security or an interest in a security. "Purchase"
also includes a contract to purchase, an exchange, an attempt to purchase, an
option to purchase, a solicitation of a purchase, a
solicitation of an offer to sell, a subscription, or an offer to purchase,
directly or indirectly, by agent, circular, pamphlet, advertisement, or
otherwise.
(2) "Purchase" means any act by which a purchase is made.
(3) Any security given with, or as a bonus on account of, any purchase of
securities is conclusively presumed to constitute a part of the subject of
that purchase.
(NN) "VIATICAL SETTLEMENT INTEREST" MEANS THE ENTIRE INTEREST OR
ANY FRACTIONAL INTEREST IN AN INSURANCE POLICY OR CERTIFICATE OF
INSURANCE, OR IN THE BENEFIT UNDER SUCH A POLICY OR CERTIFICATE,
THAT IS THE SUBJECT OF A VIATICAL SETTLEMENT CONTRACT.
FOR PURPOSES OF THIS DIVISION, "VIATICAL SETTLEMENT CONTRACT"
MEANS AN ARRANGEMENT BETWEEN AN INSURED PERSON AND ANOTHER PERSON PURSUANT
TO WHICH ANY PERSON WILL GIVE COMPENSATION, CONSIDERATION, OR ANYTHING
ELSE OF VALUE TO THE INSURED PERSON, OR TO THE INSURED PERSON'S
SUCCESSOR OR SUCCESSORS IN INTEREST, IN RETURN FOR THE ASSIGNMENT,
TRANSFER, SALE, DEVISE, OR BEQUEST BY THE INSURED PERSON, OR THE
INSURED PERSON'S SUCCESSOR OR SUCCESSORS IN INTEREST, OF THE
ENTIRE INTEREST OR ANY FRACTIONAL INTEREST IN THE BENEFIT OR OWNERSHIP OF THE
INSURANCE POLICY OR
CERTIFICATE OF INSURANCE. "INSURED PERSON" MEANS THE OWNER OR BENEFICIARY OF AN INDIVIDUAL INSURANCE
POLICY, OR A CERTIFICATE HOLDER UNDER, OR BENEFICIARY OF, A GROUP
INSURANCE POLICY.
Section 2. That existing section 1707.01 of the Revised Code is hereby
repealed.
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