### Question
How is the term issuer defined?


### Answer
The term **issuer** is defined in *15 U.S.C. § 78c* as the following:

> 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

#### Citation:
  - *15 U.S.C. § 78c*
  - Heading: **CHAPTER 2B-SECURITIES EXCHANGES**

