Broker-Dealers and Their Agents

Free NASAA Series 63 (Uniform Securities Agent State Law Examination) lesson in BD-Side Registration and Supervision. 31 min read, ~4,640 words.

A broker-dealer is any person in the business of effecting securities transactions for others or its own account; the four statutory exclusions are agents, issuers, banks, and out-of-state firms with no in-state office. The out-of-state BD exclusion requires no place of business in the state plus contact only with other...