Portfolio manager definitions broaden regulatory scope to include goods, discretionary management, and change of control triggers for regulation. Key definitions: portfolio manager covers any person who under contract advises, directs or undertakes management or administration of a client's portfolio of securities or goods or the client's funds; portfolio means the total holdings of securities and goods belonging to a person; discretionary portfolio manager may exercise any degree of discretion over investments or portfolio management under contract; change of status or constitution and change in control include corporate reorganizations, senior management changes and controlling interest shifts.