(4) “Customer” defined For purposes of this subsection, the term “customer” does not include any person who— (A) is a broker or dealer; (B) had a claim for cash or securities which by contract, agreement, or understanding, or by operation of law, was part of the capital of the claiming broker or dealer or was subordinated to the claims of any or all creditors of such broker or dealer; or (C) had a relationship of the kind specified in section 78fff–3(a)(5) of this title with the debtor. A claiming broker or dealer shall be deemed to have been acting on behalf of its customer if it acted as agent for such customer or if it held such customer’s order which was to be executed as a part of its contract with the debtor.


15 USC § 78fff-2(e)(4)

Scoping language

For purposes of this subsection
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