‘Qualified exchange’ means:

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1.  A securities exchange registered as a national securities exchange or a securities market regulated in accordance with the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as amended;

2.  A board of trade or commodities exchange designated as a contract market by the United States Commodity Futures Trading Commission or any successor thereof;

3.  Private Offerings, Resales and Trading through Automated Linkages, otherwise known as PORTAL;

4.  A designated offshore securities market as defined in Securities Exchange Commission Regulation S, 17 C.F.R. part 230, as amended; or

5.  A qualified foreign exchange.