MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31(f) A mutual fund or an open-endinvestment company includes aninvestment company which is offering forsale or has outstanding, any redeemablesecurity of which it is the issuer.(g) A closed-end investment companyincludes an investment company other thanopen-end investment company.(h) A common trust fund includes afund maintained by an entity authorizedto perform trust functions under a writtenand formally established plan, exclusivelyfor the collective investment andreinvestment of certain money representingparticipation in the plan received by it in itscapacity as trustee, for the purpose ofadministration, holding or management ofsuch funds and/or properties for the use,benefit or advantage of the trustor or ofothers known as beneficiaries.(i) A pre-need company or issuerincludes any corporation supervised and/or regulated by the SEC and is authorizedor licensed to sell or offer for sale pre-needplans. Pre-need plans are contracts whichprovide for the performance of futureservice(s) or payment of future monetaryconsideration at the time of actual need,payable either in cash or installment by theplanholder at prices stated in the contract withor without interest or insurance coverage andincludes life, pension, education, internmentand other plans, which the Commission may,from time to time, approve.(j) A foreign exchange corporationincludes any enterprise which engages orpurports to engage, whether regularly or onan isolated basis, in the sale and purchaseof foreign currency notes and such otherforeign-currency denominated non-bankdeposit transactions as may be authorizedunder its articles of incorporation.(k) Investment Advisor/Agent/Consultant shall refer to any person:(1) who for an advisory fee is engagedin the business of advising others, eitherdirectly or through circulars, reports,publications or writings, as to the value ofany security and as to the advisability oftrading in any security; or(2) who for compensation and as partof a regular business, issues orpromulgates, analyzes reports concerningthe capital market, except:(a) any bank or trust company;(b) any journalist, reporter, columnist,editor, lawyer, accountant, teacher;(c) the publisher of any bonafidenewspaper, news, business or financialpublication of general and regularcirculation, including their employees;(d) any contract market;(e) such other person not within theintent of this definition, provided that thefurnishing of such service by the foregoingpersons is solely incidental to the conductof their business or profession.(3) any person who undertakes themanagement of portfolio securities ofinvestment companies, including thearrangement of purchases, sales orexchanges of securities.(l) A moneychanger includes anyperson in the business of buying or sellingforeign currency notes.(m) A money payment, remittanceand transfer company includes any personoffering to pay, remit or transfer ortransmit money on behalf of any personto another person.(n) “Customer” refers to any personor entity that keeps an account, orotherwise transacts business, with acovered institution and any person orentity on whose behalf an account ismaintained or a transaction is conducted,as well as the beneficiary of saidtransactions. A customer also includes thebeneficiary of a trust, an investment fund,a pension fund or a company or personwhose assets are managed by an assetmanager, or a grantor of a trust. It includesany insurance policy holder, whetheractual or prospective.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-25 - Page 3