31 CFR § 1023.100 - Definitions.
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 1023. Unless otherwise indicated, for purposes of this part:
(a) Account. For purposes of § 1023.220:
(1) Account means a formal relationship with a broker-dealer established to effect transactions in securities, including, but not limited to, the purchase or sale of securities and securities loaned and borrowed activity, and to hold securities or other assets for safekeeping or as collateral.
(2) Account does not include:
(b) Broker-dealer means a person registered or required to be registered as a broker or dealer with the Commission under the Securities Exchange Act of 1934 (15 U.S.C. 77a et seq.), except persons who register pursuant to 15 U.S.C. 78o(b)(11).
(d) Customer. For purposes of § 1023.220:
(1) Customer means:
(ii) An individual who opens a new account for:
(A) An individual who lacks legal capacity; or
(B) An entity that is not a legal person.
(2) Customer does not include:
(e) Financial institution is defined at 31 U.S.C. 5312(a)(2) and (c)(1).