Unit 11

Question 1

Persons excluded from broker-dealer definition

Answer 1

Agents, issuers, banks, trusts

Question 2

Exemptions from registration for a broker dealer

Answer 2

If you only generally advertise on the internet without giving recommendations, and don’t follow up with advice or offer securities to those in states you are not registered in

Question 3

3 criteria that make one not a broker-dealer

Answer 3

1. No place of business in a particular state 2. Only have clients who are other BDs or issuers in that state
2. Only work with snowbirds that travel to a particular state