Broker-dealers · 12%
Decide when a broker-dealer must register
Work from definition to exclusion, jurisdiction, filing obligation and supervision rather than memorizing isolated labels.
Identify the business role
Ask whether the person or firm is in the business of effecting securities transactions for others or for its own account.
Test exclusions carefully
A bank, issuer or person with limited activity may fall outside a definition only when the precise conditions are met.
Ethics25%
Communications20%
Agents13%
Broker-dealers12%
Remedies11%
Securities9%
Advisers5%
IARs5%
Find the jurisdictional link
Office location, clients, offers and transactions can create state authority. Do not assume federal registration replaces state obligations.
Connect registration to supervision
Branch activity, records, financial responsibility and agent oversight remain part of the broker-dealer compliance system.