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When is an issuer required to register securities under the 1934 Securities Exchange Act? Using IRAC as a model, what occurred in SEC v. Switzer,

When is an issuer required to register securities under the 1934 Securities Exchange Act?

Using IRAC as a model, what occurred in SEC v. Switzer, 590 F. Supp. 756(W.D.Okla.1984)with regards to Rule 10b(5)?

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