; (2) the subject security is held as a joint tenant, tenant in common, or tenant by the entirety or as community property by the covered person; or (3) the covered person has a pecuniary interest, by reason of any contract, understanding, or relationship, including an immediate family relationship or arrangement, in subject securities held in the name of another person. 8. Political spending (a) Definitions In this section: (1) Electioneering communication The term electioneering communication has the meaning given the term in section 304(f)(3) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30104(f)(3) ), except that the term any public communication shall be substituted for any broadcast, cable, or satellite communication in the matter preceding subclause (I) of subparagraph (A)(i) of such section 304(f)(3). (2) Independent expenditure The term independent expenditure means an expenditure, as that term is defined in section 301 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30101 ), by a person that expressly advocates the election or defeat of a clearly identified candidate, or is the functional equivalent of express advocacy because, when taken as a whole, the expenditure can be interpreted by a reasonable person only as advocating the election or defeat of a candidate, taking into account whether the communication involved— (A) mentions a candidacy, a political party, or a challenger to a candidate; or (B) takes a position on character, qualifications, or fitness for office of a candidate. (3) Political expenditure in support of or in opposition to any candidate for Federal, State, or local public office The term political expenditure in support of or in opposition to any candidate for Federal, State, or local public office means an expenditure or series of expenditures totaling more than $10,000 for any single candidate during any single election that— (A) (i) is an independent expenditure