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Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.1024.100 Definitions

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Refer to § 1010.100 of this chapter for general definitions not noted herein. To the extent there is a differing definition in § 1010.100 of this chapter, the definition in this section is what applies to part 1024. Unless otherwise indicated, for purposes of this part:

(a) Account. For purposes of § 1024.220:

(1) Account means any contractual or other business relationship between a person and a mutual fund established to effect transactions in securities issued by the mutual fund, including the purchase or sale of securities.

(2) Account does not include:

(i) An account that a mutual fund acquires through any acquisition, merger, purchase of assets, or assumption of liabilities;  or

(ii) An account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974.

(b) Commission means the United States Securities and Exchange Commission.

(c) Customer. For purposes of § 1024.220:

(1) Customer means:

(i) A person that opens a new account;  and

(ii) An individual who opens a new account for:

(A) An individual who lacks legal capacity, such as a minor;  or

(B) An entity that is not a legal person, such as a civic club.

(2) Customer does not include:

(i) A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator;

(ii) A person described in § 1020.315(b)(2) through (4) of this Chapter;  or

(iii) A person that has an existing account with the mutual fund, provided that the mutual fund has a reasonable belief that it knows the true identity of the person.

(d) Financial institution is defined at 31 U.S.C. 5312(a)(2) and (c)(1).

Cite this article: - Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.1024.100 Definitions - last updated October 02, 2022 |

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