Under current U.S. Regulation NMS, “customer” means any person that is not a broker or dealer. This is the rule-specific definition in 17 CFR § 242.600 and should not be generalized to every securities-law or ordinary-language use of customer.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under current U.S. Regulation NMS, “customer” means any person that is not a broker or dealer.
Key details
Canonical FormCustomer Under Regulation NMS
Core MeaningUnder current U.S. Regulation NMS, “customer” means any person that is not a broker or dealer.
Further guidance
History Boundary
This is the rule-specific definition in 17 CFR § 242.600 and should not be generalized to every securities-law or ordinary-language use of customer.
Meaning
Under current U.S. Regulation NMS, “customer” means any person that is not a broker or dealer.
Usage Boundary
This is the rule-specific definition in 17 CFR § 242.600 and should not be generalized to every securities-law or ordinary-language use of customer.
Sources and evidence
Sources are shown with the role they play in this guide. Historical or style-sensitive claims are kept within the evidence boundary described above.
Under current U.S. Regulation NMS, “market center” means any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association. This is the enumerated § 242.600 definition and should not be broadened to every venue, broker, or securities-market participant.
A Regulation NMS definition for a self-regulatory organization that is a signatory to a national market system plan and agrees to act under its terms. This page is limited to the Regulation NMS definition used with a national market system plan; ordinary and other legal uses of “sponsor” may differ.
Commercial Paper Under Regulation ATS is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Control Under Regulation ATS is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Covered Person Under Regulation AC is a current Regulation AC defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Debt Security Under Regulation ATS is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Foreign Person Under Regulation AC is a current Regulation AC defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Foreign Security Under Regulation AC is a current Regulation AC defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
