Broker-Dealer Regulation: Rapid Fire

What this video covers

• The exact difference between acting as a broker (agent, commissions, no inventory) and a dealer (principal, markups or markdowns, inventory risk), and why the dual-capacity prohibition blocks both hats in one transaction
• Who is excluded from the broker-dealer definition entirely: agents, issuers, banks, and purely clerical or ministerial staff, and why a bank holding company or brokerage subsidiary is not automatically excluded
• How the place of business gate works: why no office in a state opens the door to the institutional-only exclusion and the snowbird exclusion, and why opening any office triggers mandatory registration regardless of client type
• The registration timeline: effective at noon on the 30th day, universal December 31 expiration, 30-day withdrawal effective after receipt, and one year of Administrator jurisdiction over pre-withdrawal conduct
• Form BD through the Central Registration Depository (CRD), the one-time consent to service of process that survives withdrawal, and why a successor firm must file a fresh consent
• The federal net capital exemption from separate state capital and surety-bond requirements
• The distinction between excluded (never met the definition) and exempt (meets it but gets a pass), and why antifraud provisions still bind excluded and exempt entities alike