Question regarding the exchange act

Hi everyone, I hope you are all doing well.

I wanted to know if any of you were able to establish whether the status of a client we have in private banking who as an accredited investor wishes to invest in one of our feeders is an obligated person or not?

He wants to invest in his own name in the partnership without going through a holding company or anything else.

I don't understand much, I'm a low GPA.

"Exchange Act matters.

The Investor understands that it must provide the General Partner with information necessary to determine whether the Investor is a "municipal entity" or an "obligated person," as those terms are defined in Section 15B(e) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), for purposes of compliance with the U.S. Securities and Exchange Commission's Municipal Advisor Rules. In this regard, the Investor makes the following representations and warranties:

Is the Investor an Obligated Person? An "Obligated Person" is a person, including an issuer of municipal securities, who is, either generally or through an enterprise, fund, or account of such person, committed by contract or other arrangement to support the payment of all or part of the obligations on the municipal securities to be sold in an offering of municipal securities, but excluding (a) a person that would be an obligated person solely because it provides municipal bond insurance, letters of credit, or other liquidity facilities; (b) a person whose financial information or operating data is not material to a municipal securities offering, without reference to any municipal bond insurance, letter of credit, liquidity facility, or other credit enhancement; and (c) the federal government.

YES OR NO