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Do concert tickets count as securities? What about when most of the tickets are bought by resellers using bots? Genuinely asking, seems like a badly worded law.
by jon_richards 9y ago
Do concert tickets count as securities? What about when most of the tickets are bought by resellers using bots? Genuinely asking, seems like a badly worded law.
- AlexCoventry 9y agoThat's an interesting question. Based on this huge back and forth I think it's a gray area, where the details of the instrument matter a lot: https://www.sec.gov/divisions/corpfin/cf-noaction/ticketreserve091103.htm https://www.sec.gov/divisions/corpfin/cf-noaction/ticketrese... I don't know that it's a badly written law so much as one which gives its enforcers and arbiters a lot of latitude to decide its jurisdiction because the bad behavior it's trying to control is so hard to pin down legislatively. The law could certainly be abused, and probably has, but the cases I've read have left me with nothing but admiration for the wisdom and consideration with which it's been applied. And that's despite the fact that I have a generally libertarian bent and a general dislike of over-broad laws.
- collinvine 9y agoIt's a good question. From what I've read, they act like securities leading up to the event, but only for a one off event. Afterwards the instrument (ticket) has no value. That makes it unlike a security.