Exempted borrower
Exempted borrower means a member of a national securities exchange or a registered broker or dealer, a substantial portion of whose business consists of transactions with persons other than brokers or dealers, and includes a borrower who:
Source
12 CFR § 221.2
Scoping language
The terms used in this part have the meanings given them in section 3(a) of the Act or as defined in this section as follows: