Ask Reggi Your Question Now
Can you summarize 31 CFR Part 1024?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR MUTUAL FUNDS
Short Summary
This document, part of the Regulations Relating to Money and Finance, specifically governs the Rules for Mutual Funds. It applies to persons and entities involved in mutual funds. The document provides definitions for various terms used in the context of mutual funds, such as ‘account’ and ‘customer’. It clarifies that an account refers to any contractual or business relationship between a person and a mutual fund for transactions in securities issued by the mutual fund, excluding certain types of accounts. A customer is defined as a person who opens a new account, with exceptions for certain financial institutions, individuals lacking legal capacity, and existing account holders with known identities. The document also references the United States Securities and Exchange Commission as the Commission and defines ‘financial institution’ based on the relevant section of the United States Code. The document does not specify any penalties for non-compliance or violations. Overall, this document provides important definitions and clarifications for the regulation of mutual funds.
Whom does it apply to?
Persons and entities involved in mutual funds
What does it govern?
Rules for Mutual Funds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are specified.
Jurisdiction
U.S. Federal Government