Customer

A customer can be:

• an individual,
• a corporation,
• a partnership,
• an unincorporated syndicate,
• an unincorporated organization,
• a trust,
• a trustee,
• an executor,
• an administrator or other legal representative.

However, there are cases where you might be a customer of a Member but are not considered a customer eligible for CIPF coverage for any loss in your account. For example, CIPF does not cover:

1. any person who owns in aggregate five percent or more of the capital of the insolvent Member consisting of equity securities of any class and/or subordinated debt of the Member;
2. a general partner or director of the insolvent Member;
3. a limited partner with a participation of five percent or more in the net assets or net profits of the insolvent Member;
4. a person with the power to exercise a controlling influence over the management or policies of the insolvent Member;
5. a person who caused or materially contributed to the insolvency of the Member;
6. a person who did not deal at arm's length with the insolvent Member or with a person who is excluded as a customer.

For more information please refer to the CIPF Coverage Policy.