Broker-Dealer Exemptions and Supervision: Rapid Fire

What this video covers

• Why exclusions (never a broker-dealer) differ from exemptions (relief from registering), and why the antifraud provisions still apply to everyone
• Which persons are excluded from the broker-dealer definition, including agents, issuers, banks, savings institutions, and trust companies
• Why bank holding companies are not excluded even though banks themselves are, and how exam writers exploit this distinction
• The no-place-of-business exclusion and its two prongs: exclusively institutional clients, or one existing out-of-state client temporarily in the state, and why zero retail customers is the only safe number
• Post-registration requirements for broker-dealers: books and records, financial reports, prompt correcting amendments, consent to service of process, and examination at any time without subpoena
• Visitorial power and why a state Administrator can examine out-of-state records with no court order
• Why failure to reasonably supervise is a standalone violation, the three-part defense, and why paper written supervisory procedures alone are never enough