### Question
How is the term management official defined?


### Answer
The term **management official** is defined in *15 U.S.C. § 687e* as the following:

> an officer, director, general partner, manager, employee, agent, or other participant in the management or conduct of the affairs of a licensee

#### Citation:
  - *15 U.S.C. § 687e*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER III-INVESTMENT DIVISION PROGRAMS > Part A-Small Business Investment Companies**

