### Question
How does INVESTMENT COMPANIES AND ADVISERS define retail customer?


### Answer
Under *15 U.S.C. § 80b*, **retail customer** is defined as:

> a natural person, or the legal representative of such natural person, who—


(A) receives personalized investment advice about securities from a broker, dealer, or investment adviser

#### Citation:
  - *15 U.S.C. § 80b*
  - Heading: **CHAPTER 2D-INVESTMENT COMPANIES AND ADVISERS > SUBCHAPTER II-INVESTMENT ADVISERS**

