What is a reporting issuer under the Securities Act?

A reporting issuer is primarily defined as an issuer that has continuous disclosure requirements under the Securities Act. This means that the entity is obligated to regularly provide essential information to the public and regulatory authorities, which typically includes financial statements, annual reports, and any material changes in the company's business or structure. These continuous disclosure obligations are critical for maintaining transparency in the capital markets, allowing investors to make informed decisions based on up-to-date information.

In contrast, options that suggest an issuer could simply be subject to "periodic testing," be "privately owned," or have been "deregistered from trading" do not adequately encapsulate the essence of a reporting issuer. Periodic testing does not align with the strict ongoing financial disclosure requirements essential for public trust and market integrity, while privately owned entities do not generally fall under the same regulatory scrutiny. Likewise, a deregistered issuer would no longer be subject to the reporting requirements that define a reporting issuer. Hence, the defining characteristic of continuous disclosure requirements distinctly marks the correct answer as the appropriate definition of a reporting issuer under the Securities Act.