Financial Institution (FI) Types

A custodial institution is an entity that holds, as a substantial portion of its business,  financial assets for the benefit of one or more other persons. 

A depository institution is an entity that accepts deposits in the ordinary course of a banking or similar business. 

A holding company or treasury center is an entity that:
 - is part of an expanded affiliated group that includes a depository institution, custodial institution, specified insurance company, or investment entity (or certain investment entity), or
- formed in connection with or availed of by a collective investment vehicle, mutual fund, exchange or traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle established with an investment strategy of investing, reinvesting, or trading in financial assets.

An investment entity includes an entity that conducts certain enumerated investment management activities on behalf of customers, is a professionally managed entity the gross income of which is attributable to certain activities, and an entity that holds itself out as a collective investment vehicle or similar investment vehicle (i.e., mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund).

A specified insurance company is an insurance company, including a holding company that is a member of an expanded affiliated group that includes an insurance company, that issues or is obligated to make payments with respect to a cash value insurance or annuity contract.