“their chairman, people vice-president . . . in charge of a main providers product, division or function (for example transformation, management or loans), all other officer whom performs a policy making means, and other person who works equivalent rules and work out attributes to have the latest [issuer]. Executive officers off subsidiaries may be considered professional officers of one’s [issuer] whenever they carry out eg plan and also make functions into the [issuer].”
Until the SEC provides then explanation (whether or not it does), brand new exclude on the loans is hence be viewed since the stretching to executive officers off subsidiaries. The term “or perhaps the equivalent thereof” in Section 402 is not laid out, but generally seems to offer the newest exclude to people performing attributes similar to directors and you may administrator officers to have issuers which aren’t organizations (particularly in public areas exchanged partnerships).