customer or received from a third party. (B) Customer’s investment profile The term customer’s investment profile has the meaning of such term as described in Rule 2111 of the Financial Industry Regulatory Authority as of the date of the enactment of this subsection. (C) Institutional account The term institutional account has the same meaning given such term in Rule 4512 of the Financial Industry Regulatory Authority as of the date of the enactment of this subsection. (D) Material conflict of interest The term material conflict of interest means a financial interest of a broker or dealer (or registered representative) that a reasonable person would expect to affect the impartiality of a recommendation. (E) Reasonable diligence The term reasonable diligence has the meaning of such term as described in Rule 2111 of the Financial Industry Regulatory Authority as of the date of the enactment of this subsection. (F) Recommendation The term recommendation means either of the following recommendations (under the meaning ascribed to such term in Rule 2111 of the Financial Industry Regulatory Authority) for which the broker or dealer (or registered representative) making the recommendation receives or will receive compensation: (i) A non-discretionary recommendation to buy, hold, or sell securities, or to follow an investment strategy involving securities, for taxable or non-taxable accounts. (ii) A non-discretionary recommendation to rollover or transfer assets in an employer-sponsored retirement plan to an individual retirement account. (G) Retail customer The term retail customer means a natural person or legal entity, or the legal representative of such natural person or legal entity, in each case other than an institutional account, who— (i) receives a recommendation from a broker or dealer (or registered representative)