17 CFR § 275.222-2
Definition of “client” for purposes of the national de minimis standard
April 15, 2021

For purposes of section 222(d)(2) of the Act (15 U.S.C. 80b-18a(d)(2)), an investment adviser may rely upon the definition of “client” provided by §275.202(a)(30)-1, without giving regard to paragraph (b)(4) of that section.

[76 FR 43014, July 19, 2011]

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