### Question
How does NATIONAL BANKS define principal underwriter?


### Answer
Under *12 U.S.C. § 371c*, **principal underwriter** is defined as:

> any underwriter who, in connection with a primary distribution of securities—


(i) is in privity of contract with the issuer or an affiliated person of the issuer

#### Citation:
  - *12 U.S.C. § 371c*
  - Heading: **CHAPTER 2-NATIONAL BANKS > SUBCHAPTER X-POWERS AND DUTIES OF MEMBER BANKS**

