Definition of a Broker-Dealer: Rapid Fire

What this video covers

• The dual capacity of a broker-dealer: broker acting in agency for a commission, dealer acting in principal for a markup or markdown
• Why excluded is stronger than exempt, and which entities (agents, issuers, banks, savings institutions, trust companies) are outright excluded from the definition entirely
• Why a bank holding company effecting securities transactions must register, even though a traditional bank is excluded
• The golden rule that any in-state office forces registration, regardless of client type
• Prong A of the no-office exclusion: dealing exclusively with institutions, including pension and profit-sharing trusts with no minimum asset size
• Prong B of the no-office exclusion, the snowbird rule: serving only existing customers whose residence is not in the state
• Canadian limited registration prerequisites, the December 1 renewal deadline, and the two permitted client categories (temporary residents with prior relationships, and self-directed tax-advantaged Canadian retirement plans)