Non-Institutional Customer Law and Legal Definition
According to 12 CFR 13.2 [Title 12 -- Banks and Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 13 -- Government Securities Sales Practices] non-institutional customer means “any customer other than:
(1) A bank, savings association, insurance company, or registered investment company;
(2) An investment adviser registered under section 203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3); or
(3) Any entity (whether a natural person, corporation, partnership, trust, or otherwise) with total assets of at least $ 50 million.”
