![]() Section 3(a)(4)(A) of the Act generally defines a "broker" broadly asĪny person engaged in the business of effecting transactions in securities for the account of others. Bank brokerage activity is addressed in Regulation R, which was adopted jointly by the Commission and the Board of Governors of the Federal Reserve System. Aspects of bank dealer activity are discussed in a publication issued by the SEC's Division of Trading and Markets, entitled "Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules," which is available on the SEC's website at. Please see Sections 3(a)(4)(B) and 3(a)(5)(C) and related provisions, and consult with counsel. Self-regulatory organizations are described in Part III, below.Ī note about banks: The Exchange Act also contains special provisions relating to brokerage and dealing activities of banks. It also describes the types of brokers and dealers that do not have to register with the SEC. This section covers the factors that determine whether a person is a broker or dealer. Most "brokers" and "dealers" must register with the SEC and join a "self-regulatory organization," or SRO. ![]() Formal guidance may be sought through a written inquiry that is consistent with the SEC's guidelines for no-action, interpretive, and exemptive requests. While the staff attempts to provide guidance by telephone to individuals who are making inquiries, the guidance is informal and not binding. The SEC staff cannot act as an individual's or broker-dealer's lawyer. You will find a list of useful phone numbers at the end of this guide, or on the SEC's website at You may wish to consult with a private lawyer who is familiar with the federal securities laws, to assure that you comply with all laws and regulations. #Another word for running a register freeAfter reading this guide, if you have questions, please feel free to contact the Office of Interpretation and Guidance at (202) 551-5777 (e-mail or the Regional Office of the SEC in your area. The SEC staff stands ready to answer your questions and help you comply with our rules. Securities and Exchange Commission ("SEC" or "Commission"), as well as the requirements of any self-regulatory organizations to which the brokers and dealers belong, and not just those summarized here. Brokers and dealers, and their associated persons, must comply with all applicable requirements, including those of the U.S.
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