Associated person

Associated person means a person other than a person whose functions are solely clerical or ministerial:
(1) Directly engaged in any of the following activities in either a supervisory or non-supervisory capacity:
(i) Underwriting, trading or sales of government securities;
(ii) Financial advisory or consultant services for issuers in connection with the issuance of government securities;
(iii) Research or investment advice, other than general economic information or advice, with respect to government securities in connection with the activities described in paragraphs (c)(1)(i) and (c)(1)(ii) of this section;
(iv) Activities other than those specifically mentioned which involve communication, directly or indirectly, with public investors in government securities in connection with the activities described in paragraphs (c)(1)(i) and (c)(1)(ii) of this section; or
(2) Directly engaged in the following activities in a supervisory capacity:
(i) Processing and clearance activities with respect to government securities;
(ii) Maintenance of records involving any of the activities described in paragraph (c)(1) of this section;
(3) That in the case of a financial institution,
(i) Persons whose government securities functions: (A) Consist solely of carrying out the financial institution's activities in a fiduciary capacity and (B) are subject to examination by the appropriate regulatory agency for compliance with requirements applicable to activities by the financial institution in a fiduciary capacity, shall not be considered “associated persons”;
(ii) Persons whose sole government securities activities are, without exercising any investment discretion and solely at the direction of customers, to receive and/or transmit customer orders to purchase or sell government securities, but who do not give investment advice or receive transaction-based compensation shall not be considered “associated persons”; and
(iii) Directors and senior officers of the financial institution who may from time to time set broad policy guidelines affecting the financial institution as a whole that are not directly related to the conduct of the financial institution's government securities business are not considered to be “directly engaged” in the activities described in this paragraph (c);


17 CFR § 400.3

Scoping language

Unless otherwise explicitly provided, in this subchapter and for the purposes of these regulations:

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