Securities broker and dealer
Individuals who buy and sell securities for themselves generally are considered traders and not dealers. A security sold in a transaction that is exempt from registration under the Securities broker and dealer Act of the " Act" is not necessarily an "exempted security" under the Exchange Act. CCH 84, at p. Part III, below, provides a discussion of how to register as a broker-dealer.
You will find a list of useful phone numbers at the end of this guide, or on the SEC's website at www. Securities broker and dealer means that, without SEC registration, a broker-dealer cannot participate in any transaction executed on a national securities exchange. In order to acquire the status of an ATS, a firm must first be registered as a broker-dealer, and it must file an initial operation report with respect to the trading system on Form ATS at least 20 days before commencing operation. Broker-dealers must notify customers purchasing securities on credit about the credit terms and the status securities broker and dealer their accounts. As such, when deciding to register as a broker-dealer, it is important to plan for the time required for processing Federal, state, and SRO registration or membership applications.
First of America Brokerage Services, Inc. They do not encompass sales of mutual funds and other securities that do not present the same regulatory difficulties. For additional information about how to obtain official publications of SEC rules and regulations, and for on-line access to SEC rules:. If you hold a series license and wish to start an independent securities business, or otherwise wish to effect securities transactions outside securities broker and dealer an "associated person" relationship, you would first need to register as a broker-dealer.
CCH 84, at p. The offer of real estate as such, without any collateral arrangements with the seller or others, does not involve the offer of a security. You can obtain copies of Form U-4, as well as information on securities qualification examinations, from an SRO. A registered broker-dealer must keep its Form BD current. A broker-dealer may also be obligated under the antifraud provisions of the Act to disclose additional information to the customer at the securities broker and dealer of his or her investment decision.
Certain broker-dealers must maintain and preserve certain information regarding those affiliates, subsidiaries and holding companies whose securities broker and dealer activities are reasonably likely to have a material impact on their own financial and operating condition including the broker-dealer's net capital, liquidity, or ability to conduct or finance operations. A word about municipal and government securities. See Exchange Act Release No.