A financial institution is a business that:
- Accepts deposits in the ordinary course of banking or a similar business, for example, banks and credit unions.
- Holds financial assets for other people's accounts as a substantial portion of its business, for example, brokerages or custodians.
- Its primary business is investing, reinvesting, or trading in money market instruments, individual or collective portfolio management, for example, mutual funds, private equities and hedge funds.
We also don't allow you to open accounts for companies that are involved in holding client funds.
