Definition of the Term "Financial Institution" under Section 4.C of the Act

Section 130 Section 130.242  Definition of the Term "Financial Institution" under Section 4.C of the Act The term "financial institution" shall include, but not be limited to, a manager of investment accounts on behalf of other than natural persons, who, with affiliates, exercises sole investment discretion with respect to such accounts, and provided such accounts exceed 10 in number and have a fair market value of not less than $10,000,000 at the end of the calendar month preceding the month during which the transaction occurred for which the exemption is utilized.