Fair Pricing and Anti-Intimidation Standards

What this video covers

• How the fair pricing test differs when a member acts as principal versus agent, and why only the principal test counts entitlement to a profit
• Why the 5% policy is a guide, not a rule, and why disclosure alone does not cure an unfair markup or commission
• What factors must be weighed in both the principal fair-price test and the agent fair-commission test, including the limit on passing through excessive expenses
• The two strict conditions for the Mark-Up Policy exclusion, and why a private placement fails both conditions and never qualifies
• Why Regulation A qualifies for the exclusion while Regulation D does not, and how the exam tests the offering-type distinction
• What the anti-intimidation rule prohibits between members and market participants, including price coordination, directed price changes, and harassment or retaliation
• The seven specific unilateral freedoms that the anti-intimidation rule does not restrict, and the customer-facing trap the rule does not cover at all