---
kind: "section"
citation: "31 C.F.R. § 1024.100"
title: "31"
number: "1024.100"
heading: "Definitions."
url: "https://uscodex.org/cfr/31/1024.100"
---

# §1024.100. Definitions.


Refer to [§ 1010.100](/cfr/31/1010.100.md) of this chapter for general definitions not noted herein. To the extent there is a differing definition in [§ 1010.100](/cfr/31/1010.100.md) of this chapter, the definition in this section is what applies to [part 1024](/cfr/31/part1024.md). Unless otherwise indicated, for purposes of this part:

- (a) **Account.** For purposes of [§ 1024.220](/cfr/31/1024.220.md):
  - (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 [§ 1024.220](/cfr/31/1024.220.md):
  - (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 [§ 1020.315(b)(2) through (4)](/cfr/31/1020.315.md?p=b-2..b-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)](/usc/31/5312.md?p=a-2) and [(c)(1)](/usc/31/5312.md?p=c-1).

## Notes

### Authority

Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314 and 5316-5332; title III, sec. 314, Pub. L. 107-56, 115 Stat. 307; sec. 701, Pub. L. 114-74, 129 Stat. 599.

### Source

Source: 75 FR 65812, Oct. 26, 2010, unless otherwise noted.