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Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Rules and Regulations
credit entities, including credit default swap indices and indices referencing leveraged loans, and credit default swap referencing bespoke basket or tranche of collateralized debt obligations and collateralized loan obligations including cash flow and synthetic other than mortgage backed securities.
Used in: Part 1A, Schedule D
12. Custody: Holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them. You have custody if a related person holds, directly or indirectly, client funds or securities, or has any authority to obtain possession of them, in connection with advisory services you provide to clients. Custody includes:
Possession of client funds or securities but not of checks drawn by clients and made payable to third parties unless you receive them inadvertently and you return them to the sender promptly, but in any case within three business days of receiving them;
Any arrangement including a general power of attorney under which you are authorized or permitted to withdraw client funds or securities maintained with a custodian upon your instruction to the custodian; and Any capacity such as general partner of a limited partnership, managing member of a limited liability company or a comparable position for another type of pooled investment vehicle, or trustee of a trust that gives you or your supervised person legal ownership of or access to client funds or securities.
Used in: Part 1A, Item 9; Part 1B, Instructions, Item 2; Part 2A, Items 15, 18
13. Discretionary Authority or Discretionary Basis: Your firm has discretionary authority or manages assets on a discretionary basis if it has the authority to decide which securities to purchase and sell for the client. Your firm also has discretionary authority if it has the authority to decide which investment advisers to retain on behalf of the client. Used in: Part 1A, Instructions, Item 8; Part 1B, Instructions; Part 2A, Items 4, 16, 18;
Part 2B, Instructions 14. Employee: This term includes an independent contractor who performs advisory functions on your behalf.
Used in: Part 1A, Instructions, Items 1, 5, 11; Part 2B, Instructions 15. Endorsement: Any statement by a person other than a current client or investor in a private fund advised by the investment adviser that: i Indicates approval, support, or recommendation
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of the investment adviser or its supervised persons or describes that persons experience with the investment adviser or its supervised persons; ii directly or indirectly solicits any current or prospective client or investor to be a client of, or an investor in a private fund advised by, the investment adviser; or iii refers any current or prospective client of, or an investor in a private fund advised by, the investment adviser.
Used in: Part 1A, Item 5
16. Enjoined: This term includes being subject to a mandatory injunction, prohibitory injunction, preliminary injunction, or a temporary restraining order. Used in: Part 1A, Item 11; DRPs 17. Equity Derivative: Includes both listed equity derivative and derivative exposure to unlisted securities. Listed equity derivative includes all synthetic or derivative exposure to equities, including preferred equities, listed on a regulated exchange. Listed equity derivative also includes a single stock future, equity index future, dividend swap, total return swap contract for difference, warrant and right.
Derivative exposure to unlisted equities includes all synthetic or derivative exposure to equities, including preferred equities, that are not listed on a regulated exchange. Derivative exposure to unlisted securities also includes a single stock future, equity index future, dividend swap, total return swap contract for difference, warrant and right. Used in: Part 1A, Schedule D
18. Exempt Reporting Adviser: An investment adviser that qualifies for the exemption from registration under section 203l of the Advisers Act because it is an adviser solely to one or more venture capital funds, or under rule 203m1 of the Advisers Act because it is an adviser solely to private funds and has assets under management in the United States of less than $150
million. Used in: Throughout Part 1A;
General Instructions; Form ADVH;
Form ADVNR
19. Felony: For jurisdictions that do not differentiate between a felony and a misdemeanor, a felony is an offense punishable by a sentence of at least one year imprisonment and/or a fine of at least $1,000. The term also includes a general court martial. Used in: Part 1A, Item 11; DRPs; Part 2A, Item 9; Part 2B, Item 3
20. Filing Adviser: An investment adviser eligible to register with the SEC
that files and amends a single umbrella registration on behalf of itself and each of its relying advisers. Used in: General Instructions; Part 1A, Items 1, 2, 3, 10
and 11; Schedule R

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21. FINRA CRD or CRD: The Web Central Registration Depository CRD
system operated by FINRA for the registration of broker-dealers and broker-dealer representatives. Used in:
General Instructions; Part 1A, Item 1, Schedules A, B, C, D, R, DRPs; Form ADVW, Item 1
22. Foreign Exchange Derivative: Any derivative whose underlying asset is a currency other than U.S. dollars or is an exchange rate. Cross-currency interest rate swaps should be included in foreign exchange derivatives and excluded from interest rate derivatives.
Used in: Part 1A, Schedule D
23. Foreign Financial Regulatory Authority: This term includes 1 a foreign securities authority; 2 another governmental body or foreign equivalent of a self-regulatory organization empowered by a foreign government to administer or enforce its laws relating to the regulation of investment-related activities; and 3 a foreign membership organization, a function of which is to regulate the participation of its members in the activities listed above. Used in:
Part 1A, Items 1, 11, DRPs; Part 2A, Item 9; Part 2B, Item 3
24. Found: This term includes adverse final actions, including consent decrees in which the respondent has neither admitted nor denied the findings, but does not include agreements, deficiency letters, examination reports, memoranda of understanding, letters of caution, admonishments, and similar informal resolutions of matters. Used in: Part 1A, Item 11; Part 1B, Item 2; Part 2A, Item 9; Part 2B, Item 3
25. Government Entity: Any state or political subdivision of a state, including i any agency, authority, or instrumentality of the state or political subdivision; ii a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and iii any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity. Used in: Part 1A, Item 5
26. Gross Notional Value: The gross nominal or notional value of all transactions that have been entered into but not yet settled as of the reporting date. For contracts with variable nominal or notional principal amounts, the basis for reporting is the nominal or notional principal amounts as of the reporting date. For options, use delta adjusted notional value. Used in: Part 1A, Schedule D
27. High Net Worth Individual: An individual who is a qualified client or who is a qualified purchaser as defined in section 2a51A of the
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