RegistrationPregunta 4 de 100
A broker-dealer registered in State X has no office in State Y. Its only State Y business consists of trades executed for three banks, a registered investment company, and another broker-dealer. Must the firm register in State Y?
a.Yes, because any securities business conducted with State Y residents requires registration
b.No, because a firm with no place of business in the state whose only clients there are institutions is excluded from the definition of broker-dealer in that state
c.No, because broker-dealers register only with the SEC and never with a state
d.Yes, unless it has fewer than five total clients in State Y
Explicación
The institutional exception removes a firm from the broker-dealer definition in a state where it has no place of business and deals only with other broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies, and large employee benefit plans. The exception depends on the character of the clients, not a headcount, so the five-client answer is wrong. Broker-dealers doing business in a state generally do register at the state level, so the third choice misstates the law.
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