Refer to section 1010.100 of
this chapter for general definitions not noted herein. To the extent
there is a differing definition in section 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 section
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 section 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 section 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).
