이진 옵션 서산시: 외환 딜러 요구 사항

NFA : 신규 Forex Dealer 회원 요건 발효 일.

신규 Forex Dealer 회원 요건 발효 일.

상품 선물 거래위원회 (CFTC)는 최근 NFA 재무 요건 섹션 11, NFA 재무 요건 섹션 12 및 NFA 준수 규칙 2-36에 대한 NFA의 개정안 및 NFA 준수 규칙 2-36 : 위험과 관련된 해석 통지 Forex Dealer 회원을위한 관리 프로그램. 이 개정안과 아래에 설명 된 새로운 해석 통지는 2016 년 1 월 4 일부터 적용됩니다.

NFA 재정 요구 사항 섹션 11.

각 외환 딜러 (FDM)는 최소 2,000 만 달러의 자본 및 추가 자본 (NFA 컴플라이언스 규칙 2-36 (o)에 정의 된 바와 같이)이 1,000 만 달러를 초과하는 고객에게 부과되는 모든 부채의 5 %를 계속 유지해야합니다. 재정 요구 사항 11 조의 수정안은 FDM이 유지해야하는 추가 자본에 영향을 미친다. 기본 금액과 고객에게 지불해야하는 모든 부채의 5 퍼센트에 추가로 1,000 만 달러를 초과하는 금액으로, 수정 조항에는 자격있는 계약 참가자 (ECP)와의 거래에 추가 자본을 유지해야하는 FDM이 필요합니다. 딜러로서, 다음과 같습니다 :

FDM이 FDM의 계열사가 아니며 딜러로 활동하지 않는 ECP에게 지불해야하는 모든 부채의 5 % (FDM이 고객에게 빚진 결합 부채와 ECP 상대방이 1,000 만 달러를 초과 할 때까지는이 청구가 적용되지 않습니다.) ; 모든 부채의 10 % FDM은 FDM의 계열사 인 ECP 상대방에게 빚을지고 있으며, FDM은 딜러로 활동하지 않습니다. 모든 부채의 10 % FDM의 계열사이며 소매 상품 거래와 관련된 부채를 포함하여 고객 (ECP 포함)에게 빚을지고있는 판매자 역할을하는 ECP 상대방 FDM은 소매 상품 거래와 관련된 부채를 포함하여 FDM의 계열사가 아닌 딜러 역할을하는 ECP 상대방에게 빚지고있는 모든 부채의 10 %를 차지합니다. 선물 수수료 상인 (FCM)으로 등록 된 모든 FDM은 NFA Financial Requirements Section 1에 따라 FCM 자본 요구 사항을 계속 준수하며 두 금액 중 더 높은 금액을 충족해야합니다.

FDM은 2016 년 1 월 4 일에 이러한 새로운 자본 요구 사항을 준수해야합니다.

NFA 재정 요구 사항 섹션 12.

금융 요구 사항 섹션 12의 개정은 각 FDM이 FDM이 고객과의 외환 거래를 위해 수집해야하는 금액과 동일한 금액의 ECP가있는 각 외환 거래에 대한 보증금을 징수하도록 요구합니다. 각 FDM은 기존 위치의 롤오버를 포함하여 2016 년 1 월 4 일 또는 그 이후에 발생한 거래에 대해 이러한 금액을 수집하고 유지 관리해야합니다.

12 조의 개정안은 또한 ECP 딜러가 고객 및 ECP 상대방으로부터 적어도 필요한 금액과 동일한 외환 거래에 대한 보증금 금액을 징수하고 유지 보수하지 않는 한, FDM이 딜러 역할을하는 ECP의 상대방 역할을하는 것을 금지합니다 이 개정안은 기존 직책의 전복을 포함하여 2016 년 1 월 4 일 이후에 발생한 거래에 유효합니다.

마지막으로, 섹션 12의 수정 사항에 따라 FDM이 NFA에서 요구하는 금액보다 높은 보증금을 요구하기 시작하면 각 FDM은 이제 전자 파일링을 통해 NFA의 규정 준수 부서에 즉시 통보해야합니다.

NFA 준수 규칙 2-36 및 관련 통보.

준수 규칙 2-36의 가장 중요한 개정안은 각 FDM이 외환 활동과 관련된 위험을 모니터링하고 관리하도록 고안된 위험 관리 프로그램을 채택하도록 요구합니다. 프로그램의 필수 구성 요소는 NFA 준수 규칙 2-36 : 외환 딜러 구성원의 위험 관리 프로그램이라는 새로운 해석 고지에 요약되어 있습니다. 이 요구 사항은 소매 외환 거래에 종사하는 FCM을 포함하여 모든 FDM에 적용됩니다.

각 FDM은 위험 관리 프로그램을 마련하고 2016 년 1 월 4 일까지 NFA에 제출해야합니다. 분기 별 위험 노출 보고서는 2016 년 3 월 31 일 마감 분기에 적용됩니다. FDM은 중간 보고서를 준비해야합니다. 2016 년 1 월 4 일 또는 그 이후에 회사의 위험 노출에 중대한 변화가 있음을 발견하는 시점. 회사가 이전 검토를 완료해야하는 경우를 제외하고는 프로그램의 첫 번째 검토 및 테스트가 2017 년 1 월 4 일까지 완료되어야합니다 FDM의 위험 프로필을 변경할 가능성이있는 FDM 사업의 중대한 변경으로 인해

준수 규칙 2-36의 개정은 또한 각 FDM이 회사의 CCO 역할을 수행 할 하나의 개인 교장을 지정하도록 요구합니다 (여러 CCO를 허용하는 현재 요구 사항과 반대 됨). 각 FDM은 2016 년 1 월 4 일까지이 CCO를 보유해야합니다. 또한 FDM은 CFTC 규정 3.3의 요구 사항을 충족하는 CCO 연례 보고서를 준비해야합니다. 첫 번째 보고서는 FDM의 첫 번째 회계 연도가 2016 년 1 월 4 일 이후에 만료 될 예정입니다.

마지막으로, 준수 규칙 2-36에 대한 개정은 각 FDM이 웹 사이트에서 특정 정보를 즉시 이용할 수있게하고 필요에 따라 정보를 업데이트하도록 요구합니다. 이 정보는 2016 년 1 월 4 일까지 각 FDM 웹 사이트에서 사용할 수 있어야합니다.

코멘트를 남겨주세요.

관련 뉴스.

속보 : ESMA는 바이너리 옵션을 금지 할 준비를하고 Forex Leverage를 1:30 이하로 줄입니다.

독점 : 브로커는 일방적 시장으로 인해 Crypto CFD를 종료합니다.

브로커 - 딜러 등록 안내.

무역 및 시장 부문 1.

미국 증권 거래위원회 (SEC).

목차.

소개 누가 등록해야 하는가 "브로커"는 누구인가 "딜러"는 누구인지 브로커 또는 딜러가 될 수 있다고 생각하면해야할 것 브로커 및 딜러는 일반적으로 증권 거래위원회 (SEC)의 "브로커 - 딜러 (Associated Person)"에 등록해야합니다 브로커 - 중개인 - 중개인 - 중개인 - 중개인 - 사업자가 제외 및 면제 증권으로 제한 브로커 - 딜러는 사설 위치 (또는 규제 D 오퍼링)를 포함하여 미등록 증권을 판매하기 전에 등록해야합니다. 발급자 면제 외국 브로커 - 딜러 면제 요건 브로커 및 딜러 환매권 계약을 포함한 시큐리티 증권 은행 및 기타 금융 기관에 적용되는 특별 규정 보험 기관 네트워킹 부동산 증권 및 부동산 중개인 / 대리인 중개인 그룹과의 관계 브로커 - 딜러 양식으로 등록하는 방법 BD SRO 멤버쉽 SIPC 회원 국가 요구 사항 Associated Persons 후계자 브로커 - 딜러 등록 Registratio에서 철회 엔; 등록 보안 선물 계약의 취소 규제 중개인 - 딜러의 규정 사기 방지 규정 공정 거래 적합성 의무 이행 의무 최고 실행 의무 고객 확인 규칙 신용 조건 공개 공매 중 규제 (규제 SHO) 제공시의 거래 (규정 M) 내부자 거래 제한 사적 증권 거래에 대한 제한 분석가 및 규제 교류, 중개인 및 딜러에 의한 AC 거래 신규 이슈에 대한 신용 확대 규제 NMS 주문 이행 의무 규정 ATS : 브로커 - 딜러 거래 시스템 페니 주식 규칙 소비자 금융 정보 (규제 SP) 투자 자문가 등록 중재 중개인 브로커 - 딜러의 재무 책임 순자본 규칙 고객 잔고 사용 고객 보호 요구 도서, 기록 및보고 위험 평가 요구 사항 기타 요구 사항 검사 및 검사 분실 및 도난 증권 프로그램 지문 요구 사항 o f 브로커 - 딜러 별 전자 매체 전자 서명 자금 세탁 방지 프로그램 외국 자산 관리국 비즈니스 연속성 계획 더 자세한 정보를 얻을 수있는 곳.

I. 서론.

1934 년 증권 거래법 ( "증권 거래법"또는 "법")은 증권 시장과 브로커 및 딜러가 운영되는 방식을 통제합니다. 우리는이 지침서의 중요한 조항 중 일부와 그 규칙을 요약하기 위해이 안내서를 준비했습니다. 브로커 - 딜러가 등록해야하는지 여부 및 등록 방법에 대한 정보는 물론 브로커 - 딜러가 준수해야하는 재무 기준 및 행동 기준을 찾을 수 있습니다.

주의 - 모든 법률 및 규정을 준수하는지 확인하십시오.

이 가이드는 법과 규정의 특정 조항을 강조하지만 포괄적 인 것은 아닙니다. 중개인과 딜러 및 관련 인은 미국 증권 거래위원회 ( "SEC"또는 "Commission")의 요구 사항을 비롯하여 브로커가 적용되는 자율 규제 기관의 요구 사항을 모두 준수해야합니다 여기에 요약 된 것뿐만 아니라 딜러가 속합니다.

SEC 직원이 귀하의 질문에 대답하고 우리의 규칙을 따르도록 도와줍니다. 이 안내서를 읽은 후에 궁금한 점이 있으면 통역 사무실 (202) 551-5777 (전자 메일 tradingandmarketssec. gov) 또는 해당 지역의 SEC 지역 사무소에 언제든지 연락하십시오. 유용한 전화 번호 목록은이 안내서의 끝 부분이나 SEC 웹 사이트 sec. gov/contact. shtml에서 찾을 수 있습니다.

모든 법률 및 규정을 준수하는지 확인하기 위해 연방 증권법에 익숙한 개인 변호사와상의하십시오. SEC 직원은 개인 또는 브로커 - 딜러의 변호사의 역할을 할 수 없습니다. 직원이 문의하는 개인에게 전화로 안내를 제공하려고 시도하는 동안 지침은 비공식적이며 구속력이 없습니다. 공식적인 지침은 무 행동, 해석 적 및 면제 요청에 대한 SEC의 지침과 일치하는 서면 문의를 통해 찾을 수 있습니다.

II. 등록해야하는 사람.

대부분의 "브로커"와 "딜러"는 SEC에 등록하고 "자체 규제 기관"또는 SRO에 가입해야합니다. 이 섹션에서는 사람이 브로커인지 또는 딜러인지 여부를 결정하는 요소에 대해 설명합니다. 또한 SEC에 등록 할 필요가없는 중개인 및 딜러 유형에 대해서도 설명합니다. 자율 규제 기관은 아래 3 부에서 설명합니다.

은행에 관한 주석 : Exchange Act에는 은행의 중개 및 거래 활동과 관련된 특별 조항이 포함되어 있습니다. 섹션 3 (a) (4) (B) 및 3 (a) (5) (C) 및 관련 조항을 참조하고 변호사와 상담하십시오. 은행 영업 활동의 측면에 대해서는 SEC의 거래 및 시장 부서에서 발행 한 "Dealer Statutory Exceptions and Rules에 관한 은행의 직원 준수 가이드"라는 발행물에서 논의되며, SEC 웹 사이트 : sec. gov/divisions/에서 확인할 수 있습니다. marketreg / bankdealerguide. htm. 은행 중개업 활동은 연방 준비 제도 이사회와 연방 준비 제도 이사회가 공동으로 채택한 Regulation R에서 다루어진다. Exchange Act Release No. 56501 (2007 년 9 월 24 일) sec. gov/rules/final/2007/34-56501.pdf를 참조하십시오.

A. "브로커"는 누구입니까?

이 법의 항 3 (a) (4) (A)는 일반적으로 "중개인"을 광범위하게 정의합니다.

타인의 계좌로 유가 증권 거래를하는 사업에 종사하는 자.

때로는 누군가가 중개인인지 쉽게 판단 할 수 있습니다. 예를 들어 증권 거래소에서 타인을 위해 거래를하는 사람은 브로커입니다. 그러나 다른 상황은 명확하지 않습니다. 예를 들어, 다음과 같은 개인 및 기업은 여러 가지 요인에 따라 중개인으로 등록해야 할 수 있습니다.

"중개인", "사업 중개인"및 다음 활동에 종사하는 기타 개인 또는 단체 : 등록 된 중개인 - 딜러, 투자 회사 (또는 헤지 펀드를 포함한 뮤추얼 펀드)에 대해 투자자 또는 고객을 찾고, 추천하거나, ) 또는 기타 증권 중개인; 등록 된 브로커 - 딜러를위한 투자 은행 고객 찾기; "컨설턴트"역량에서도 "발행자"(유가 증권 발행 기관)에 대한 투자자 찾기; 개인 배치를 포함한 벤처 캐피탈 또는 "천사"자금 조달에 참여하거나 투자자를 찾는다. 기업의 구매자와 판매자를 찾는 행위 (즉, 증권이 관련된 합병 및 인수와 관련된 활동); 투자 고문 및 재무 컨설턴트; 법 (아래 논의 됨)에 따라 규칙 15a-6에 의거 할 수없는 외국 중개업자 - 딜러. 증권을 거래하기 위해 전자 또는 기타 플랫폼을 운영 또는 통제하는 개인. 유가 증권 인 공동 소유권과 같은 부동산 투자 이익을 판매하는 개인; 증권의 사설 배치를위한 "배치 대리인"으로 행동하는 개인; 변액 연금 또는 증권 인 기타 투자 상품과 같이 증권 인 보험 상품을 거래하거나 판매하는 사람; 다른 사람이 친구 또는 가족 일 때도 유료로 다른 사람의 계정을 위해 유가 증권 거래를하는 사람; 등록 된 브로커 - 딜러에게 지원 서비스를 제공하는 사람; "독립적 인 계약자"로 행동하지만 브로커 - 딜러의 "관련자"가 아닌 사람 (관련 인물에 대한 정보는 아래 참조).

이러한 개인 (또는 다른 사람이나 비즈니스)이 중개인인지 여부를 판단하기 위해 해당 개인 또는 비즈니스가 실제로 수행하는 활동을 살펴 봅니다. 연방 법원의 판결과 우리 자신의 무책임 및 해석 서신에서 다양한 활동에 대한 분석을 찾을 수 있습니다. 다음은 중개인의 역할 수행 여부를 결정하기 위해 질문해야하는 몇 가지 질문입니다.

모집, 협상 또는 거래 실행을 포함하여 증권 거래의 중요한 부분에 참여하십니까? 거래 참여에 대한 귀하의 보상은 거래 또는 거래의 결과 또는 규모에 따라 달라지며 관련이 있습니까? 12b-1 수수료와 같은 후행 수수료를 받습니까? 기타 거래 관련 보상을 받고 있습니까? 증권 거래를 수행하거나 촉진하는 사업에 다르게 종사하고 있습니까? 유가 증권 거래와 관련하여 유가 증권 또는 타인의 자금을 취급합니까?

이 질문에 대한 "예"라는 대답은 브로커로 등록해야 할 수도 있음을 나타냅니다.

B. "딜러"는 누구입니까?

대리인 역할을하는 중개인과는 달리, 딜러가 교장 역할을합니다. 법의 3 (a) (5) (A)는 일반적으로 "딜러"를 다음과 같이 정의합니다.

브로커 또는 기타 방법을 통해 자신의 계좌로 유가 증권을 매매하는 사업에 종사하는 모든 사람.

"딜러"의 정의에는 "상인"즉, 개인 또는 신탁 인력으로 자신의 계좌로 유가 증권을 매매하는 사람이 포함되지만 정규 비즈니스의 일부로는 포함되지 않습니다. 유가 증권을 매매하는 개인은 일반적으로 상인이 아닌 상인으로 간주됩니다.

때때로 누군가가 딜러인지 쉽게 알 수 있습니다. 예를 들어, 유가 증권 시장을 공개적으로 광고하는 회사는 분명히 딜러입니다. 다른 상황은 덜 명확 할 수 있습니다. 예를 들어 다음과 같은 개인 및 기업은 여러 가지 요인에 따라 딜러로 등록해야 할 수 있습니다.

지속적으로 특정 증권을 사고 파는 것으로 자신을 붙잡은 사람; 환매 약정서를 운영하는 사람. 또는 그가 사고 팔고있는 유가 증권을 발행하거나 발행 한 사람.

다음은 딜러 역할을하는지 여부를 결정하기 위해 물어야하는 몇 가지 질문입니다.

귀하가 증권을 매매하는 사업에 종사하고 있음을 광고 또는 달리 알 립니까? 대중과 사업을합니까 (소매업 또는 기관)? 하나 이상의 유가 증권의 매입과 매도에 대해 시장을 만들거나 가격을 견적합니까? "판매 그룹"에 참여하거나 증권을 인수합니까? 자금 및 증권 취급, 신용 연장 또는 투자 조언 제공과 같은 투자자 서비스를 제공합니까? 유가 증권 파생 상품 계약서를 작성하십니까?

이 질문에 대한 "예"라는 대답은 귀하가 딜러로 등록해야 할 수도 있음을 나타냅니다.

C. 당신이 브로커 또는 딜러 일 수 있다고 생각한다면해야할 일.

브로커 또는 딜러의 활동을 수행 중이거나 할 수있는 경우 등록해야하는지 여부를 알아야합니다. 브로커 - 딜러 등록 프로세스에 대한 정보가 아래에 나와 있습니다. 확실하지 않은 경우 SEC의 해석을 검토하거나 개인 변호사와 상담하거나 SEC의 거래 및 시장 부서에 (202) 551-5777로 전화하거나 tradingandmarketssec. gov로 전자 메일을 보내 문의 할 수 있습니다 . (전화 번호를 반드시 기재하십시오.)

참고 : "중개인"또는 "딜러"로 활동할 경우, 귀하가 제대로 등록 될 때까지 증권 사업에 종사해서는 안됩니다. 이미 사업에 종사하고 있고 아직 등록하지 않은 경우, 귀하가 제대로 등록 될 때까지 모든 활동을 중단해야합니다. 더 자세한 정보는 아래 파트 II. D와 파트 III를 참조하십시오.

D. 중개인 및 딜러는 일반적으로 SEC에 등록해야합니다.

동법 제 15 조 (a) 항 (1) 호는 일반적으로 브로커 나 딜러가 메일 (전화, 팩시밀리 또는 인터넷과 같은 다른 주간 상거래 수단)을 "사용하여 브로커 또는 딜러가 법 제 15 조 (b) 항에 따라위원회에 등록되지 않은 경우 "증권의 매입 또는 매매를 유도하거나 유도하려고 시도하는 행위. 아래에서 논의 할이 일반적인 규칙에는 몇 가지 예외가 있습니다. 또한, 우리는 아래의 환매 조건을 포함하여 정부 및 지방 증권 브로커 - 딜러에게 적용되는 특별 등록 요건을 논의합니다.

1. 브로커 - 딜러의 "Associated Persons".

우리는 등록 된 브로커 - 딜러를 위해 일하는 개인을 "관련 인"이라고 부릅니다. 그러한 개인이 종업원이든, 독립 계약자이든간에 또는 브로커 - 딜러와 함께 일하는 경우입니다. 이러한 개인은 "주식 중개인"또는 "등록 된 대리인"이라고 부를 수도 있습니다. 관련 인물은 일반적으로 SEC에 별도로 등록 할 필요는 없지만 현재 등록 된 브로커 - 딜러가 적절하게 감독해야합니다. 그들은 또한 자신의 고용주가 회원으로있는 자율 규제 기관 (예 : 금융 산업 규제 당국, "FINRA") (f / k / a 전국 증권업 협회 ( "NASD")) 또는 국가 증권 거래소. 관련 인물이 브로커 - 딜러의 감독이 아닌 유가 증권 활동에 종사하는 경우 브로커 - 딜러로 별도로 등록해야합니다. 아래 3 부에서는 브로커 - 딜러로 등록하는 방법에 대해 설명합니다.

우리는 증권법 목적으로 직원과 다른 관련자를 구별하지 않습니다. 중개인 - 딜러는 주법에 정의 된 "직원"또는 "독립 계약자"로 간주되는지 여부와 상관없이 직원의 증권 활동을 감독해야합니다. 예를 들어, William V. Giordano의 증권 거래법 제 36742 호 (1996 년 1 월 19 일자)를 참조하십시오.

법은 또한 등록되지 않은 단체가 등록 된 대리인을 대신하여 수수료 수익을받을 수 있도록 허용하지 않습니다. 예를 들어, 관련 인은 커미션 수표를 받기 위해 별도의 법인을 설정할 수 없습니다. 이 상황에서 커미션 수입을받는 등록되지 않은 주체는 브로커 - 딜러로 등록해야합니다. 예를 들어 Wolff Juall Investments, LLC (2005 년 5 월 17 일)를 참조하십시오. 특정 상황에서 미등록 기업은 브로커 - 딜러와 관련된 급여 관리 서비스에 관여 할 수 있습니다. 예를 들어, 편지 re : ADP TotalSource, Inc. (2007 년 12 월 4 일)를 참조하십시오. 이러한 상황에서 브로커 - 딜러 고용주는 일반적으로 직원 업무의 모든 측면을 고용하고 감독하며 인사 관리를 중앙 집중화하기위한 수단으로 급여 관리 및 복리 후생 관리자를 사용합니다.

2. 주간 브로커 - 딜러.

한 주에서 모든 사업을 수행하는 브로커 - 딜러는 SEC에 등록 할 필요가 없습니다. (주 등록은 또 다른 문제이며, 아래의 제 III 부 참조) 주인 브로커 - 딜러 활동에 대한 예외는 매우 좁습니다. 자격을 얻으려면 모든 거래의 모든 측면이 한 주 경계 안에서 완료되어야합니다. 즉, SEC 등록이 없으면 브로커 - 딜러는 국가 증권 거래소에서 체결 된 거래에 참여할 수 없습니다.

주간 브로커 - 딜러 면제의 요건을 다르게 충족시키는 브로커 - 딜러는 주 (state)가 아닌 다른 사람이 볼 수있는 웹 사이트를 가지고 있기 때문에 브로커 - 딜러 간 면제를받을 수있는 자격을 종료하지 않습니다. 브로커 - 딜러는 비즈니스가 독점적으로 주 안에서 유지되도록 합리적으로 고안된 조치를 취합니다. 이러한 조치에는 중개인의 사업이 독점적으로 주 (intrastate)이고 브로커 - 딜러가 해당 주에있는 사람에게만 또는 중개인 - 딜러 서비스를 제공 할 수 있다는 것을 명시 적으로 나타내는 면책 조항이 포함될 수 있습니다. 브로커 - 딜러는 브로커 - 딜러의 서비스 상태를 알려주거나 브로커 - 딜러가 있다고 믿을만한 이유가있는 사람에게 브로커 - 딜러 서비스를 제공하지 않습니다.

이러한 조치는 독점적 인 것은 아닙니다. 브로커 - 딜러는 브로커 - 딜러와 동일한 국가에 있지 않은 사람들에게 브로커 - 딜러 서비스를 제공하지 않도록 합리적으로 고안된 다른 수단을 채택 할 수 있습니다. 그러나 중개인의 사업이 유가 증권을 판매하거나 다른 브로커 - 딜러 서비스를 제공 한 사람, 또는 브로커 - 딜러가 브로커가 아닌 것으로 믿을만한 이유가 있음을 나타내는 사람에게 제공 한 경우 중개자의 사업은 " 상인의 거주 국가.

주간 브로커 - 딜러별로 인터넷 사용에 관한 추가 정보는 sec. gov/rules/final/2016/33-10238.pdf를 참조하십시오.

지방 및 정부 증권에 관한 단어. 시 증권 매매업자 또는 정부 증권 중개인 및 상인에 대한 등록의 주된 예외는 없습니다.

3. 제외 및 면제 된 증권으로 사업을 제한하는 중개업 - 상인.

상업용 종이, 은행 수령 및 상업 어음으로 만 거래하는 브로커 - 딜러는 제 15 조 (b) 항 또는이 법의 다른 섹션에 따라 증권 거래위원회에 등록 할 필요가 없습니다. 한편, 법 제 3 조 (a) 항 (12) 항에 정의 된 바와 같이 특정 "면제 증권"에서만 사업 거래를하는 사람은 제 15 조 (b) 항에 의거 등록 할 필요가 없지만 다른 법 법의 조항들. 예를 들어, "면제 된 유가 증권"인 정부 유가 증권 중개인 - 중개인 중 일부는 아래 Part II. E에서 설명한 바와 같이 법 제 15C 조에 의거하여 정부 증권 브로커 또는 상인으로 등록해야합니다.

4. 브로커 - 딜러는 미등록 증권을 판매하기 전에 등록해야합니다 - 사모 게재 물 (또는 규제 D 오퍼링)

1933 년 증권법 ( "1933 Act")에 따라 등록이 면제 된 거래에서 판매 된 증권은 반드시 Exchange Act에 따라 "면책 된 보안"이 아닙니다. 예를 들어, 1933 년 법의 D 조 규정에 따라 면제 된 유가 증권을 판매하는 사람은 그럼에도 불구하고 중개인으로 등록해야합니다. 즉, "배치 담당자"는 브로커 - 딜러 등록 면제 대상이 아닙니다.

5. 발급 기관의 "면제"및 관련 인 (규칙 3a4-1)

발행자는 일반적으로 유가 증권을 자신의 계좌에 판매하고 다른 계좌에는 판매하지 않기 때문에 "중개인"이 아닙니다. 또한 발행인은 일반적으로 정규 비즈니스의 일환으로 자신의 계좌로 유가 증권을 매매하지 않기 때문에 일반적으로 "딜러"가 아닙니다. 그러나 자신의 유가 증권 판매 이상의 활동을하는 발행인은 브로커 - 딜러로 등록해야하는지 여부를 고려해야합니다. 여기에는 투자자뿐만 아니라 자신의 유가 증권이나 기능이 변경되거나 변경 될 수있는 유가 증권 시장을 효과적으로 운영하는 발행 기관뿐만 아니라 투자자로부터 유가 증권을 구매하는 발행자도 포함됩니다. 소위 발행자의 면제는 회사 또는 관련 회사 (제한된 파트너십을 통해 투자자를 찾는 일반 파트너와 같은)에 대해 증권 거래를 수행하는 사업에 일상적으로 종사하는 회사의 직원에게는 적용되지 않습니다. 유가 증권 판매를 지원하는 발행인의 직원 및 기타 관련자는 특히 브로커가 될 수 있습니다. 특히 유가 증권 판매에 대한 대가를 지불하고 기타 직무가 거의없는 경우입니다.

Exchange Act Rule 3a4-1은 발행자의 유가 증권 매매에 참여하는 발행자의 관련자 (또는 종업원)가 참여 당시 브로커 - 딜러로 등록 할 필요가 없다고 규정합니다. 법의 3 (a) (39) 절에 정의 된 "법정 실격 (statutory disqualification)"의 대상이 아닙니다. (2) 유가 증권 거래에 직접 또는 간접적으로 기초한 수수료 또는 기타 보수 지불로 보상받지 못한다. (3) 브로커 또는 딜러의 관련자가 아님; (4) 규칙에 명시된대로 영업 활동을 제한합니다.

일부 발행사는 배당 재투자 및 주식 구매 프로그램을 제공합니다. 특정 조건 하에서, 발행자는 브로커 - 딜러로 등록하지 않고 배당 재투자 또는 주식 구매 프로그램을 통해 자신의 유가 증권을 매매 할 수 있습니다. 권유, 수수료 및 비용 및 참가자의 자금 및 증권의 취급에 관한 이러한 조건은 증권 거래법 제 35041 호 (1994.12.1), 59 FR 63393 ( "1994 STA Letter")에 설명되어 있습니다. Regulation M2는 규칙 10b-6을 대체하고 1994 STA Letter를 대체했지만 Exchange Act 15 (a) 항의 적용에 관한이 서한에서의 직원 직위는 유효합니다. 17 CFR 242.102 (c) 및 증권 거래소 법 제 38067 호 (1996 년 12 월 20 일), 62 FR 520, 532 n. 100 (1997 년 1 월 3 일) 참조.

6. 외국 중개인 - 딜러 면제 (규칙 15a-6)

SEC는 일반적으로 브로커 - 딜러의 국제 운영에 등록 요건을 적용하는 데 영역 적 접근법을 사용합니다. 이 접근법에 따라 증권 거래를 유도하거나 유도하려고 시도하는 미국 내에서 물리적으로 운영되는 모든 브로커 - 딜러는 그들의 활동이 미국 이외 지역의 외국인 투자자에게만 이루어 지더라도 SEC에 등록해야합니다. 또한 미국 이외의 지역에서 미국 내 어떤 사람에 의한 유가 증권 거래를 유도하거나 시도하거나 또는 이러한 목적을 위해 미국의 주간 상거래 수단 또는 도구를 사용하는 외국 브로커 - 딜러들도 등록해야합니다. 여기에는 유가 증권을 제공하거나 유가 증권 거래를 요청하거나 미국인에게 투자 서비스를 알리는 인터넷 사용이 포함됩니다. Securities Exchange Act Release 39779 (1998 년 3 월 23 일) sec. gov/rules/interp/33-7516.htm을 참조하십시오.

그러나이 법의 규칙 15a-6에 의거하여 허용 된 외국 브로커 - 딜러는 미국 브로커 - 딜러 등록이 면제 될 수 있습니다. 이 면제에 의존하고자하는 외국 브로커 - 딜러는 증권 거래법 제 27017 호 (1989 년 8 월 15 일 발효), 54 FR 30013을 검토하여 규칙 15a-6의 조건을 충족하는지 판단해야합니다. 1997 년 4 월 9 일과 4 월 28 일 미국계 외상 업체의 유가 증권 활동 또한 2005 년 4 월에 시장 규제 부서 직원은 규정 AC와 관련하여 규칙 15a-6에 관한 자주 묻는 질문에 대한 답변을 발표했습니다. sec. gov/divisions/marketreg/mregacfaq0803.htm#partb를 참조하십시오. (규정 AC는 아래 V. B에서 논의된다.)

E. 환매 약정을 포함한 정부 및 시큐리티 중개인 및 딜러에 관한 요건.

정부 또는 지방 정부의 유가 증권에 대한 활동을 제한하는 브로커 - 딜러는 전문적인 등록이 필요합니다. 정부 증권에 대한 활동을 제한하는 사람들은 법 제 15 조 (b) 항에 의거하여 "범용"중개인 - 딜러로 등록 할 필요가 없습니다. 그러나 정부 증권 업무를 수행하는 범용 브로커 - 딜러는 양식 BD에이 활동을 기록해야합니다. (양식 BD는 아래에서 논의됩니다.) 증권 중개인 또는 상인 인 모든 회사는 SEC 규정뿐만 아니라 재무부 장관이 채택한 규칙을 준수해야합니다.

시중 유가 증권 매매를 자국 계좌 (시립 유가 증권 매매자)로 매매하는 것으로 제한하는 회사는 범용 브로커 - 딜러로 등록해야합니다. 그러나 이러한 단체가 은행이거나 제 II. D.2 절에서 논의 된 주 내 면제 요건을 충족해야합니다. 위의 경우, 그들은 시립 증권 딜러로 등록해야합니다. 시외 증권 브로커 (은행 제외)는 주간 브로커 딜러로서 주내 예외 규정이없는 한 등록해야합니다. 위의 파트 II. D.2를 참조하십시오.

환매 약정서 또는 기타 주식 대출 책을 운영하는 회사는 딜러로 간주됩니다. "도서 판매점"은 유가 증권 매매 의향이 있으므로 유가 증권 매매 업무에 종사하므로 브로커 대리점으로 등록해야합니다.

F. 은행 및 유사한 금융 기관에 적용되는 특별 규칙.

주 : 은행, 저축 및 기타 금융 기관은 연방 통신위원회가 영향을 줄 수있는 규칙을 채택했음을 인식해야한다. 규제 R, 증권 거래소 법 제 34-56501 호 (2007 년 9 월 24 일), 72 FR 56514 (2007 년 10 월 3 일), sec. gov/rules/final/2007/34-56501.pdf 및 증권 거래소 Act Release No. 34-56502 (2007 년 9 월 24 일) 72 FR 56562 (2007 년 10 월 3 일), sec. gov/rules/final/2007/34-56502.pdf.

은행. 1999 년 "Gramm-Leach-Bliley Act"( "GLBA")가 제정되기 전에는 미국 은행이이 법에 따라 "브로커"와 "딜러"의 정의에서 제외되었습니다. GLBA는 Exchange Act를 개정하였으며, 이제 은행들은 브로커 - 딜러 등록으로부터 특정 대상 예외 및 면제를받습니다. 현재위원회의 규칙 제정 결과로 은행들은 새로운 법률을 준수하기위한 착수 기간을 밟고 있습니다. 증권을 사고 파는 은행은 2003 년 10 월 1 일부터 연방 증권법에 따라 "딜러"인지 여부를 고려해야합니다. 무역 및 시장 부서는 SEC의 웹 사이트 : sec. gov/divisions/marketreg/bankdealerguide. htm에있는 "대리점 법규 예외 및 규칙에 관한 직원 준수 지침"이라는 제목의 은행을위한 특별 준수 가이드를 발행했습니다. . 은행 중개업 활동은 연방 준비 제도 이사회와 연방 준비 제도 이사회가 공동으로 채택한 Regulation R에서 다루어진다. Exchange Act Release No. 56501 (2007 년 9 월 24 일) (sec. gov/rules/final/2007/34-56501.pdf에서 확인할 수 있음)을 참조하십시오.

은행 예외 및 면제는 은행에만 적용되며 관련 단체에는 적용되지 않습니다. GLBA가 개정 한 거래법에 의거 한 은행에 적용되는 예외는 은행이 아닌 은행 자회사 및 계열사를 포함한 다른 단체에는 적용되지 않는다는 점에 유의해야합니다. 이와 같이 브로커 - 딜러 활동에 종사하는 은행의 자회사 및 계열사는이 법에 따라 브로커 - 딜러로 등록해야합니다. 또한, 지방 자치 증권 상인 또는 정부 증권 중개인 또는 상인으로 활동하는 은행은 계속해서 법에 따라 등록해야합니다.

저주. 법령에 따르면, 저축 조합 (저축 조합)은 은행과 동일한 지위를 가지며 은행과 마찬가지로 브로커 - 딜러 등록에서 동일한 목표 대상 예외 및 면제를 이용할 수 있습니다. (더 자세한 정보는 위에서 언급 한 "대리점 법규 예외 및 규칙에 관한 은행의 직원 준수 안내서"를 참조하십시오.) 은행과 마찬가지로, 저축에 적용되는 예외 및 면제는 자회사를 포함한 다른 단체에는 적용되지 않는다는 점에 유의해야합니다 그리고 저축하지 않는 계열사. 따라서 브로커 - 딜러 활동에 종사하는 저축의 자회사 및 계열사는이 법에 따라 브로커 - 딜러로 등록해야합니다.

신용 협동 조합 및 금융 기관 "네트워킹"약정. 거래소 법에 따라 은행에 적용되는 예외 및 면제는 신용 조합과 같은 다른 종류의 금융 기관에는 적용되지 않습니다. 그러나 SEC 직원은 신용 조합과 같은 특정 금융 기관이 브로커 - 딜러로 등록하지 않고 고객에게 유가 증권을 제공하도록 허용했습니다. 이것은 행동이없는 서한 및 NASD 규칙 2350에 명시된 조건에 따라 계열사 또는 제 3 자 브로커 - 딜러가 금융 기관의 고객을 위해 중개 서비스를 제공하는 "네트워킹"계약을 통해 수행됩니다.

네트워킹 계약에 따라 금융 기관은 특정 조건 하에서 고객이 생성 한 커미션을 공유 할 수 있습니다. 그러한 네트워킹에 종사하는 금융 기관은 적용 가능한 법률 및위원회 직원 지침을 엄격히 준수해야합니다. 예를 들어 Chubb Securities Corporation (1993 년 11 월 24 일) 및 NASD 규칙 2350 (은행, 저축 및 신용 조합과의 네트워킹 계약을 체결하는 브로커 - 딜러에게 해당)을 참조하십시오.

G. 보험 기관 네트워킹.

The SEC staff has permitted insurance agencies to make insurance products that are also securities (such as variable annuities) available to their customers without registering as broker-dealers under certain conditions. This again is done through "networking" arrangements, where an affiliated or third-party broker-dealer provides brokerage services for the insurance agency's customers, according to conditions stated in no-action letters. These arrangements are designed to address the difficulties of dual state and federal laws applicable to the sale of these products. Through networking arrangements, insurance agencies can share in the commissions generated by their referred customers under certain conditions. Insurance agencies engaging in such networking must be in strict compliance with applicable law and Commission staff guidance. Insurance companies should consult the letter re: First of America Brokerage Services, Inc. (September 28, 1995). Those interested in structuring such an arrangement should contact private counsel or the SEC staff for further information.

Notably, insurance networking arrangements are limited to insurance products that are also securities. They do not encompass sales of mutual funds and other securities that do not present the same regulatory difficulties. See letter re: Lincoln Financial Advisors Corp. (February 20, 1998).

H. Real Estate Securities and Real Estate Brokers/Agents.

The offer of real estate as such, without any collateral arrangements with the seller or others, does not involve the offer of a security. When the real estate is offered in conjunction with certain services, however, it may constitute an investment contract, and thus, a security. See generally , Securities Act Release No. 5347 (Jan. 4, 1973) (providing guidelines as to the applicability of the federal securities laws to offers and sales of condominiums or units in a real estate development).

There is no general exception from the broker-dealer registration requirements for licensed real estate brokers or agents who engage in the business of effecting transactions in real estate securities. In the past, the Division staff has granted no-action relief from the registration requirements to licensed real estate personnel that engage in limited activities with respect to the sale of condominium units coupled with an offer or agreement to perform or arrange certain rental or other services for the purchaser. The relief provided in these letters is limited solely to their facts and should not be relied upon for activities relating to sales of other types of real estate securities, including tenants-in-common interests in real property. See generally , NASD Notice to Members 05-18, finra. org/sites/default/files/NoticeDocument/p013455.pdf (addressing tenants-in-common interests in real property).

I. Broker-Dealer Relationships with Affinity Groups.

Broker-dealers may enter into arrangements to offer services to members of certain non-profit groups, including civic organizations, charities, and educational institutions that rely upon private donations. These arrangements are subject to certain conditions to ensure that the organizations, or "affinity groups," do not develop a salesman's stake with respect to the sale of securities. See , for example, letter re: Attkisson, Carter & Akers (June 23, 1998).

III. HOW TO REGISTER AS A BROKER-DEALER.

A broker-dealer may not begin business until:

it has properly filed Form BD, and the SEC has granted its registration; it has become a member of an SRO; it has become a member of SIPC, the Securities Investor Protection Corporation; it complies with all applicable state requirements; and its "associated persons" have satisfied applicable qualification requirements.

If a broker-dealer does not qualify for any of the exceptions or exemptions outlined in the sections above, it must register with the Commission under Section 15(b) of the Act. Broker-dealers register by filing an application on Form BD, which you may obtain from the SEC's webpage at sec. gov/about/forms/formbd. pdf or through the SEC's Publications Office at (202) 551-4040. You also use Form BD to:

apply for membership in an SRO, such as FINRA or a registered national securities exchange; give notice that you conduct government securities activities; or apply for broker-dealer registration with each state in which you plan to do business.

Form BD asks questions about the background of the broker-dealer and its principals, controlling persons, and employees. The broker-dealer must meet the statutory requirements to engage in a business that involves high professional standards, and quite often includes the more rigorous responsibilities of a fiduciary.

To apply for registration, you must file one executed copy of Form BD through the Central Registration Depository ("CRD"), which is operated by FINRA. (The only exception is for banks registering as municipal securities dealers, which file Form MSD directly with the SEC and with their appropriate banking regulator.) Form BD contains additional filing instructions. The SEC does not charge a filing fee, but the SROs and the states may. Applicants that reside outside the U. S. must also appoint the SEC as agent for service of process using a standard form. Incomplete applications are not considered "filed" and will be returned to the applicant for completion and re-submission.

Within 45 days of filing a completed application, the SEC will either grant registration or begin proceedings to determine whether it should deny registration. An SEC registration may be granted with the condition that SRO membership must be obtained. The SROs have independent membership application procedures and are not required to act within 45 days of the filing of a completed application. In addition, state registrations may be required. A broker-dealer must comply with relevant state law as well as federal law and applicable SRO rules. Timeframes for registration with individual states may differ from the federal and SRO timeframes. As such, when deciding to register as a broker-dealer, it is important to plan for the time required for processing Federal, state, and SRO registration or membership applications.

Duty to update Form BD. A registered broker-dealer must keep its Form BD current. Thus, it must promptly update its Form BD by filing amendments whenever the information on file becomes inaccurate or incomplete for any reason.

Prohibited Broker-Dealer Names. Title 18, Section 709 of the United States Code makes it a criminal offense to use the words "National," "Federal," "United States," "Reserve," or "Deposit Insurance" in the name of a person or organization in the brokerage business, unless otherwise allowed by federal law. Further, a broker-dealer name that is otherwise materially misleading would become subject to scrutiny under Exchange Act Section 10(b), and Rule 10b-5 thereunder, the general antifraud rules, and any other applicable provisions.

B. SRO Membership (Section 15(b)(8) and Rule 15b9-1)

Before it begins doing business, a broker-dealer must become a member of an SRO. SROs assist the SEC in regulating the activities of broker-dealers. FINRA and the national securities exchanges are all SROs. If a broker-dealer restricts its transactions to the national securities exchanges of which it is a member and meets certain other conditions, it may be required only to be a member of those exchanges. If a broker-dealer effects securities transactions other than on a national securities exchange of which it is a member, however, including any over-the-counter business, it must become a member of FINRA, unless it qualifies for the exemption in Rule 15b9-1. FINRA's webpage at finra. org provides detailed information on the FINRA membership process. You may also wish to consult the web pages of the individual exchanges for additional information.

Firms that engage in transactions in municipal securities must also comply with the rules of the Municipal Securities Rulemaking Board, or MSRB. The MSRB is an SRO that makes rules governing transactions in municipal securities, but, unlike other SROs, it does not enforce compliance with its rules. Compliance with MSRB rules is monitored and enforced by FINRA and the SEC (in the case of broker-dealers), and the Federal bank regulators and the SEC (in the case of banks). You may wish to consult the MSRB's website at msrb. org for additional information, or you can call the MSRB at (703) 797-6600.

C. SIPC Membership.

Every registered broker-dealer must be a member of the Securities Investor Protection Corporation, or SIPC, unless its principal business is conducted outside of the United States or consists exclusively of the sale or distribution of investment company shares, variable annuities, or insurance. Each SIPC member must pay an annual fee to SIPC. SIPC insures that its members' customers receive back their cash and securities in the event of a member's liquidation, up to $500,000 per customer for cash and securities. (Claims for cash are limited to $100,000.) For further information, contact SIPC, 805 15th St., NW, Suite 800, Washington, DC 20005. Telephone: (202) 371-8300, fax: (202) 371-6728, or visit SIPC's website at sipc. org.

D. State Requirements.

Every state has its own requirements for a person conducting business as a broker-dealer within that state. Each state's securities regulator can provide you with information about that state's requirements. You can obtain contact information for these regulators from the North American Securities Administrators Association, Inc. (NASAA), 750 First Street, NE, Suite 1140, Washington, DC 20002. Telephone: (202) 737-0900, or visit NASAA's website at nasaa. org.

E. Associated Persons (Section 3(a)(18); Rule 15b7-1)

The Act defines an "associated person" of a broker-dealer as any partner, officer, director, branch manager, or employee of the broker-dealer, any person performing similar functions, or any person controlling, controlled by, or under common control with, the broker-dealer. A broker-dealer must file a Form U-4 with the applicable SRO for each associated person who will effect transactions in securities when that person is hired or otherwise becomes associated. Form U-4 is used to register individuals and to record these individuals' prior employment and disciplinary history.

An associated person who effects or is involved in effecting securities transactions also must meet qualification requirements. These include passing an SRO securities qualification examination. Many individuals take the comprehensive "Series 7" exam. If individuals engage only in activities involving sales of particular types of securities, such as municipal securities, direct participation programs (limited partnerships) or mutual funds, they may wish to take a specialized examination focused on that type of security, instead of the general securities examination. There is also a special exam for assistant representatives, whose activities are limited to accepting unsolicited customer orders for execution by the firm. Supervisory personnel, and those who engage in specialized activities such as options trading, must take additional exams that cover those areas. These examinations require the Series 7 exam as a prerequisite.

You can obtain copies of Form U-4, as well as information on securities qualification examinations, from an SRO. FINRA's website at finra. org contains detailed information and guidance for individuals who wish to obtain a series license through FINRA. Also note that individual states have their own licensing and registration requirements, so you should consult with the applicable state securities regulators for further information.

Note: If you hold a series license, you must be properly associated with a registered broker-dealer to effect securities transactions. It is not sufficient merely to hold a series license when engaging in securities business. If you hold a series license and wish to start an independent securities business, or otherwise wish to effect securities transactions outside of an "associated person" relationship, you would first need to register as a broker-dealer.

F. Successor Broker-Dealer Registration (Rules 15b1-3, 15Ba2-4, and 15Ca2-3)

A successor broker-dealer assumes substantially all of the assets and liabilities, and continues the business, of a registered predecessor broker-dealer. A successor broker-dealer must file a new Form BD (or, in special instances, amend the predecessor broker-dealer's Form BD) within 30 days after such succession. The filing should indicate that the applicant is a successor. See Securities Exchange Act Release No. 31661 (December 28, 1992), 58 FR 7, which is available on the SEC's website at: sec. gov/rules/interp/1992/34-31661.pdf. See also, the instructions to Form BD.

G. Withdrawal from Registration (Rule 15b6-1) ; Cancellation of Registration.

When a registered broker-dealer stops doing business, it must file a Form BDW (sec. gov/about/forms/formbdw. pdf) to withdraw its registration with the SEC and with the states and SROs of which it is a member. This form requires the broker-dealer to disclose the amount of any funds or securities it owes customers, and whether it is the subject of any proceedings, unsatisfied judgments, liens, or customer claims. These disclosures help to ensure that a broker-dealer's business is concluded in an orderly manner and that customers' funds and securities are protected. In most cases, a broker-dealer must also file a final FOCUS report. Form BDW may also be used by a broker-dealer to withdraw from membership with particular SROs, or to withdraw from registration with particular states, without withdrawing all of its registrations and memberships.

Form BDW is not considered "filed" unless it is deemed complete by the SEC and the SRO that reviews the filing. The SEC may also cancel a broker-dealer's registration if it finds that the firm is no longer in existence or has ceased doing business as a broker-dealer.

IV. SECURITY FUTURES.

Security futures, which are contracts of sale for future delivery of a single security or a narrow-based security index, are regulated as both securities by the SEC and as futures by the Commodity Futures Trading Commission ("CFTC"). As a result, firms that conduct business in security futures must be registered with both the SEC and the CFTC. Federal law permits firms already registered with either the SEC or the CFTC to register with the other agency, for the limited purpose of trading security futures, by filing a notice. Specifically, firms registered as general purpose broker-dealers under Section 15(b) of the Act may "notice" register with the CFTC. Likewise, futures commission merchants and introducing brokers registered with the CFTC may notice register with the SEC. (Section 15(b)(12) of the Act provides a limited exception to this notice registration requirement for certain natural persons who are members of security futures exchanges). However, futures commission merchants or introducing brokers that conduct a business in securities other than security futures must be registered as general-purpose broker-dealers. For more information on this topic, See Exchange Act Release No. 44730 (effective August 27, 2001), 66 FR 45138, and 66 FR 43080 (effective September 17, 2001).

V. CONDUCT REGULATION OF BROKER-DEALERS.

Broker-dealers, like other securities market participants, must comply with the general "antifraud" provisions of the federal securities laws. Broker-dealers must also comply with many requirements that are designed to maintain high industry standards. We discuss some of these provisions below.

A. Antifraud Provisions (Sections 9(a), 10(b), and 15(c)(1) and (2))

The "antifraud" provisions prohibit misstatements or misleading omissions of material facts, and fraudulent or manipulative acts and practices, in connection with the purchase or sale of securities. 3 While these provisions are very broad, the Commission has adopted rules, issued interpretations, and brought enforcement actions that define some of the activities we consider manipulative, deceptive, fraudulent, or otherwise unlawful. 4 Broker-dealers must conduct their activities so as to avoid these kinds of practices.

1. Duty of Fair Dealing.

Broker-dealers owe their customers a duty of fair dealing. This fundamental duty derives from the Act's antifraud provisions mentioned above. Under the so-called "shingle" theory, by virtue of engaging in the brokerage profession ( e. g. , hanging out the broker-dealer's business sign, or "shingle"), a broker-dealer represents to its customers that it will deal fairly with them, consistent with the standards of the profession. Based on this important representation, the SEC, through interpretive statements and enforcement actions, and the courts, through case law, have set forth over time certain duties for broker-dealers. These include the duties to execute orders promptly, disclose certain material information ( i. e. , information the customer would consider important as an investor), charge prices reasonably related to the prevailing market, and fully disclose any conflict of interest.

SRO rules also reflect the importance of fair dealing. For example, FINRA members must comply with NASD's Rules of Fair Practice. These rules generally require broker-dealers to observe high standards of commercial honor and just and equitable principles of trade in conducting their business. The exchanges and the MSRB have similar rules.

2. Suitability Requirements.

Broker-dealers generally have an obligation to recommend only those specific investments or overall investment strategies that are suitable for their customers. The concept of suitability appears in specific SRO rules such as NASD Rule 2310 and has been interpreted as an obligation under the antifraud provisions of the federal securities laws. Under suitability requirements, a broker-dealer must have an "adequate and reasonable basis" for any recommendation that it makes. Reasonable basis suitability, or the reasonable basis test, relates to the particular security or strategy recommended. Therefore, the broker-dealer has an obligation to investigate and obtain adequate information about the security it is recommending.

A broker-dealer also has an obligation to determine customer-specific suitability. In particular, a broker-dealer must make recommendations based on a customer's financial situation, needs, and other security holdings. This requirement has been construed to impose a duty of inquiry on broker-dealers to obtain relevant information from customers relating to their financial situations and to keep such information current. SROs consider recommendations to be unsuitable when they are inconsistent with the customer's investment objectives.

3. Duty of Best Execution.

The duty of best execution, which also stems from the Act's antifraud provisions, requires a broker-dealer to seek to obtain the most favorable terms available under the circumstances for its customer orders. This applies whether the broker-dealer is acting as agent or as principal.

The SRO rules also include a duty of best execution. For example, FINRA members must use "reasonable diligence" to determine the best market for a security and buy or sell the security in that market, so that the price to the customer is as favorable as possible under prevailing market conditions.

4. Customer Confirmation Rule (Rule 10b-10 and MSRB rule G-15)

A broker-dealer must provide its customers, at or before the completion of a transaction, with certain information, including:

the date, time, identity, price, and number of shares involved; its capacity (agent or principal) and its compensation (for agency trades, compensation includes its commission and whether it receives payment for order flow; 5 and for principal trades, mark-up disclosure may be required); the source and amount of any third party remuneration it has received or will receive; 6 other information, both general (such as, if the broker-dealer is not a SIPC member) and transaction-specific (such as the yield, in most transactions involving debt securities).

A broker-dealer may also be obligated under the antifraud provisions of the Act to disclose additional information to the customer at the time of his or her investment decision.

5. Disclosure of Credit Terms (Rule 10b-16)

Broker-dealers must notify customers purchasing securities on credit about the credit terms and the status of their accounts. A broker-dealer must establish procedures for disclosing this information before it extends credit to a customer for the purchase of securities. A broker-dealer must give the customer this information at the time the account is opened, and must also provide credit customers with account statements at least quarterly.

6. Restrictions on Short Sales (Regulation SHO)

A "short sale" is generally a sale of a security that the seller doesn't own or for which the seller delivers borrowed shares. Regulation SHO was adopted in 2004 to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938. Compliance with Regulation SHO began on January 3, 2005. Some of the goals of Regulation SHO include:

Establishing uniform "locate" and "close-out" requirements in order to address problems associated with failures to deliver, including potentially abusive "naked" short selling.

Locate Requirement: Regulation SHO requires a broker-dealer to have reasonable grounds to believe that the security can be borrowed so that it can be delivered on the date delivery is due before effecting a short sale order in any equity security. This "locate" must be made and documented prior to effecting the short sale. Market makers engaged in bona fide market making are exempted from the "locate" requirement.

"Close-out" Requirement: Regulation SHO imposes additional delivery requirements on broker-dealers for securities in which there are a relatively substantial number of extended delivery failures at a registered clearing agency ("threshold securities"). For instance, with limited exception, Regulation SHO requires brokers and dealers that are participants of a registered clearing agency to take action to "close-out" failure-to-deliver positions ("open fails") in threshold securities that have persisted for 13 consecutive settlement days. Closing out requires the broker or dealer to purchase securities of like kind and quantity. Until the position is closed out, the broker or dealer and any broker or dealer for which it clears transactions (for example, an introducing broker) may not effect further short sales in that threshold security without borrowing or entering into a bona fide agreement to borrow the security (known as the "pre-borrowing" requirement).

Creating uniform order marking requirements for sales of all equity securities. This means that a broker-dealer must mark orders as "long" or "short."

For further information, please see the adopting release for Regulation SHO, as well as Frequently Asked Questions, Key Points, and other related materials at sec. gov/spotlight/shortsales. htm.

7. Trading During an Offering (Regulation M)

Regulation M is designed to protect the integrity of the securities trading market as an independent pricing mechanism by governing the activities of underwriters, issuers, selling security holders, and other participants in connection with a securities offering. These rules are aimed at preventing persons having an interest in an offering from influencing the market price for the offered security in order to facilitate a distribution. The adopting release for Regulation M is available at sec. gov/rules/final/34-38067.txt.

Rule 101 of Regulation M generally prohibits underwriters, broker-dealers and other distribution participants from bidding for, purchasing, or attempting to induce any person to bid for or purchase, any security which is the subject of a distribution until the applicable restricted period has ended. An offering's "restricted period" begins either one or five business days (depending on the trading volume value of the offered security and the public float value of the issuer) before the day of the offering's pricing and ends upon completion of the distribution.

Rule 101 contains various exceptions that are designed to permit an orderly distribution of securities and limit disruption in the market for the securities being distributed. For example, underwriters can continue to trade in actively-traded securities of larger issuers (securities with an average daily trading volume, or ADTV, value of $1 million or more and whose issuers have a public float value of at least $150 million). In addition, the following activities, among others, may be excepted from Rule 101, if they meet specified conditions:

disseminating research reports; making unsolicited purchases; purchasing a group, or "basket" of 20 or more securities; exercising options, warrants, rights, and convertible securities; effecting transactions that total less than 2% of the security's ADTV; and effecting transactions in securities sold to "qualified institutional buyers."

Rule 102 of Regulation M prohibits issuers, selling security holders, and their affiliated purchasers from bidding for, purchasing, or attempting to induce any person to bid for or purchase, any security which is the subject of a distribution until after the applicable restricted period.

Rule 103 of Regulation M governs passive market making by broker-dealers participating in an offering of a Nasdaq security.

Rule 104 of Regulation M governs stabilization transactions, syndicate short covering activity, and penalty bids.

Rule 105 of Regulation M prevents manipulative short sales prior to pricing an offering by prohibiting the purchase of offering securities if a person sold short the security that is the subject of the offering during the Rule 105 restricted period. The rule contains exceptions for bona fide purchases, separate accounts, and investment companies.

For frequently asked questions about Regulation M, see Staff Legal Bulletin No. 9 at sec. gov/interps/legal/mrslb9.htm.

8. Restrictions on Insider Trading.

The SEC and the courts interpret Section 10(b) and Rule 10b-5 under the Act to bar the use by any person of material non-public information in the purchase or sale of securities, whenever that use violates a duty of trust and confidence owed to a third party. Section 15(f) of the Act specifically requires broker-dealers to have and enforce written policies and procedures reasonably designed to prevent their employees from misusing material non-public information. Because employees in the investment banking operations of broker-dealers frequently have access to material non-public information, firms need to create procedures designed to limit the flow of this information so that their employees cannot use the information in the trading of securities. Broker-dealers can use these information barriers as a defense to a claim of insider trading. Such procedures typically include:

training to make employees aware of these restrictions; employee trading restrictions; physical barriers; isolation of certain departments; and limitations on investment bank proprietary trading. 7.

9. Restrictions on Private Securities Transactions.

NASD Rule 3040 provides that "no person associated with a member shall participate in any manner in a private securities transaction" except in accordance with the provisions of the rule. To the extent that any such transactions are permitted under the rule, prior to participating in any private securities transaction, the associated person must provide written notice to the member firm as described in the rule. If compensation is involved, the member firm must approve or disapprove the proposed transaction, record it in its books and records, and supervise the transaction as if it were executed on behalf of the member firm. Other conditions may also apply. In addition, private securities transactions of an associated person may be subject to an analysis under Exchange Act Section 10(b) and Rule 10b-5, as well as the broker-dealer supervisory provisions of Section 15(f) (described in Part V. A.8, above) and Section 15(b)(4)(E), and other relevant statutory or regulatory provisions.

B. Analysts and Regulation AC.

Regulation AC (or Regulation Analyst Certification) requires brokers, dealers, and persons associated with brokers or dealers that publish, distribute, or circulate research reports to include in those reports a certification that the views expressed in the report accurately reflect the analyst's personal views. The report must also disclose whether the analyst received compensation for the views expressed in the report. If the analyst has received related compensation, the broker, dealer, or associated person must disclose its amount, source, and purpose. Regulation AC applies to all brokers and dealers, as well as to those persons associated with a broker or dealer that fall within the definition of "covered person." Regulation AC also requires that broker-dealers keep records of analyst certifications relating to public appearances.

In addition to Commission rules, analyst conduct is governed by SRO rules, such as NASD Rule 2711 and NYSE Rule 472. The SRO rules impose restrictions on analyst compensation, personal trading activities, and involvement in investment banking activities. The SRO rules also include disclosure requirements for research reports and public appearances.

For further information, including investor guidance, SEC releases, and SRO rules, see sec. gov/divisions/marketreg/securitiesanalysts. htm. In addition, staff responses to frequently asked questions are available at sec. gov/divisions/marketreg/mregacfaq0803.htm.

C. Trading by Members of Exchanges, Brokers and Dealers (Section 11(a))

Broker-dealers that are members of national securities exchanges are subject to additional regulations regarding transactions they effect on exchanges. For example, except under certain conditions, they generally cannot effect transactions on exchanges for their own accounts, the accounts of their associated persons, or accounts that they or their associated persons manage. Exceptions from this general rule include transactions by market makers, transactions routed through other members, and transactions that yield to other orders. Exchange members may wish to seek guidance from their exchange regarding these provisions.

D. Extending Credit on New Issues; Disclosure of Capacity as Broker or Dealer (Section 11(d))

Section 11(d)(1) of the Act generally prohibits a broker-dealer that participates in the distribution of a new issue of securities from extending credit to customers in connection with the new issue during the distribution period and for 30 days thereafter. Sales by a broker-dealer of mutual fund shares and variable insurance product units are deemed to constitute participation in the distribution of a new issue. Therefore, purchase of mutual fund shares or variable product units using credit extended or arranged by the broker-dealer during the distribution period is a violation of Section 11(d)(1). However, Exchange Act Rule 11d1-2 permits a broker-dealer to extend credit to a customer on newly sold mutual fund shares and variable insurance product units after the customer has owned the shares or units for 30 days.

Section 11(d)(2) of the Act requires a broker-dealer to disclose in writing, at or before the completion of each transaction with a customer, whether the broker-dealer is acting in the capacity of broker or dealer with regard to the transaction.

E. Regulation NMS.

Regulation NMS addresses four interrelated topics that are designed to modernize the regulatory structure of the U. S. equity markets: (1) order protection, (2) intermarket access, (3) sub-penny pricing, and (4) market data.

The "Order Protection Rule" requires trading centers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of trades at prices inferior to protected quotations displayed by other trading centers, subject to an applicable exception. To be protected, a quotation must be immediately and automatically accessible. The "Access Rule" requires fair and non-discriminatory access to quotations, establishes a limit on access fees to harmonize the pricing of quotations across different trading centers, and requires each national securities exchange and national securities association to adopt, maintain, and enforce written rules that prohibit their members from engaging in a pattern or practice of displaying quotations that lock or cross automated quotations. The "Sub-Penny Rule" prohibits market participants from accepting, ranking, or displaying orders, quotations, or indications of interest in a pricing increment smaller than a penny, except for orders, quotations, or indications of interest that are priced at less than $1.00 per share. The "Market Data Rules" update the requirements for consolidating, distributing, and displaying market information. In addition, amendments to the joint industry plans for disseminating market information modify the formulas for allocating plan revenues among the self-regulatory organizations and broaden participation in plan governance.

Regulation NMS also updates and streamlines the existing Exchange Act rules governing the national market system previously adopted under Section 11A of the Exchange Act, and consolidates them into a single regulation.

F. Order Execution Obligations (Rules 602-604 of Regulation NMS)

Broker-dealers that are exchange specialists or Nasdaq market makers must comply with particular rules regarding publishing quotes and handling customer orders. These two types of broker-dealers have special functions in the securities markets, particularly because they trade for their own accounts while also handling orders for customers. These rules, which include the "Quote Rule" and the "Limit Order Display Rule," increase the information that is publicly available concerning the prices at which investors may buy and sell exchange-listed and Nasdaq National Market System securities.

The Quote Rule requires specialists and market makers to provide quotation information to their self-regulatory organization for dissemination to the public. The quote information that the specialist or market maker provides must reflect the best prices at which he is willing to trade (the lowest price the dealer will accept from a customer to sell the securities and the highest price the dealer will pay a customer to purchase the securities). A specialist or market maker may still trade at better prices in certain private trading systems, called electronic communications networks, or "ECNs," without publishing an improved quote. This is true only when the ECN itself publishes the improved prices and makes those prices available to the investing public. Thus, the Quote Rule ensures that the public has access to the best prices at which specialists and market makers are willing to trade even if those prices are in private trading systems.

Limit orders are orders to buy or sell securities at a specified price. The Limit Order Display Rule requires that specialists and market makers publicly display certain limit orders they receive from customers. If the limit order is for a price that is better than the specialist's or market maker's quote, the specialist or market maker must publicly display it. The rule benefits investors because the publication of trading interest at prices that improve specialists' and market makers' quotes present investors with improved pricing opportunities.

G. Regulation ATS: Broker-Dealer Trading Systems.

Regulation ATS (17 CFR 242.300 et seq.) provides a means for broker-dealers to operate automated trading platforms, to collect and execute orders in securities electronically, without registering as a national securities exchange under Section 6 of the Exchange Act or as an exempt exchange pursuant to Section 5 of the Act. For purposes of the regulation, an alternative trading system or ATS is any organization, association, person, group of persons, or system that constitutes, maintains, or provides a marketplace or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as defined in Rule 3b-16 under the Exchange Act. See 17 CFR 242.300. Further, for purposes of the regulation, an ATS may not set rules governing the conduct of subscribers (other than with respect to the use of the particular trading system), or discipline subscribers other than by exclusion from trading. To the extent that an ATS or the sponsoring broker-dealer seeks to establish conduct or disciplinary rules, the entity may be required to register as a national securities exchange or obtain a Commission exemption from exchange registration based on limited trading volume.

In order to acquire the status of an ATS, a firm must first be registered as a broker-dealer, and it must file an initial operation report with respect to the trading system on Form ATS at least 20 days before commencing operation. The initial operation report must be accurate and kept current. The Commission does not issue approval orders for Form ATS filings; however, the Form ATS is not considered filed unless it complies with all applicable requirements under the Regulation. Regulation ATS contains provisions concerning the system's operations, including: fair access to the trading system; fees charged; the display of orders and the ability to execute orders; system capacity, integrity and security; record keeping and reporting; and procedures to ensure the confidential treatment of trading information.

An ATS must file with the Division of Trading and Markets quarterly reports regarding its operations on Form ATS-R. An ATS must also comply with any applicable SRO rules and with state laws relating to alternative trading systems and relating to the offer or sale of securities or the registration or regulation of persons or entities effecting securities transactions.

Finally, an ATS may not use in its name the word "exchange," or terms similar to the word "exchange," such as the term "stock market." See 17 CFR 242.301. For further information on the operation and regulation of alternative trading systems, see the adopting release for Regulation ATS at sec. gov/rules/final/34-40760.txt.

H. Penny Stock Rules (Rules 15g-2 through 15g-9, Schedule 15G)

Most broker-dealers that effect transactions in "penny stocks" have certain enhanced suitability and disclosure obligations to their customers. 8 A penny stock is generally defined as any equity security other than a security that: (a) is an NMS stock ( See Rule 600(b)(47)) listed on a "grandfathered" national securities exchange, (b) is an NMS stock listed on a national securities exchange or an automated quotation system sponsored by a registered national securities association (including Nasdaq) that satisfies certain minimum quantitative listing standards, (c) has a transaction price of five dollars or more, (d) is issued by a registered investment company or by the Options Clearing Corporation, (e) is a listed security futures product, or (f) is a security whose issuer has met certain net tangible assets or average revenues ( See Rule 3a51-1). Penny stocks include the equity securities of private companies with no active trading market if they do not qualify for one of the exclusions from the definition of penny stock.

Before a broker-dealer that does not qualify for an exemption 9 may effect a solicited transaction in a penny stock for or with the account of a customer it must: (1) provide the customer with a risk disclosure document, as set forth in Schedule 15G, and receive a signed and dated acknowledgement of receipt of that document from the customer ( See Rule 15g-2); (2) approve the customer's account for transactions in penny stocks, provide the customer with a suitability statement, and receive a signed a dated copy of that statement from the customer; and (3) receive the customer's written agreement to the transaction ( See Rule 15g-9). The broker-dealer also must wait at least two business days after sending the customer the risk disclosure document and the suitability statement before effecting the transaction. In addition, Exchange Act Rules 15g-3 through 15g-6 generally require a broker-dealer to give each penny stock customer:

information on market quotations and, where appropriate, offer and bid prices; the aggregate amount of any compensation received by the broker-dealer in connection with such transaction; the aggregate amount of cash compensation that any associated person of the broker-dealer, who is a natural person and who has communicated with the customer concerning the transaction at or prior to the customer’s transaction order, other than a person whose function is solely clerical or ministerial, has received or will receive from any source in connection with the transaction; and monthly account statements showing the market value of each penny stock held in the customer’s account.

I. Privacy of Consumer Financial Information (Regulation S-P)

Broker-dealers, including foreign broker-dealers registered with the Commission and unregistered broker-dealers in the United States, must comply with Regulation S-P, ( See 17 CFR Part 248) even if their consumers are non-U. S. persons or if they conduct their activities through non-U. S. offices or branches.

Regulation S P generally requires a broker-dealer to provide its customers with initial, annual and revised notices containing specified information about the broker-dealer's privacy policies and practices. These notices must be clear and conspicuous, and must accurately reflect the broker-dealer's policies and practices. See 17 CFR 248.4, 248.5, 248.6 and 248.8. Before disclosing nonpublic personal information about a consumer to a nonaffiliated third party, a broker-dealer must first give a consumer an opt-out notice and a reasonable opportunity to opt out of the disclosure. See 17 CFR 248.7 and 248.10. There are exceptions from these notice and opt-out requirements for disclosures to other financial institutions under joint marketing agreements and to certain service providers. See 17 CFR 248.13. There also are exceptions for disclosures made for purposes such as maintaining or servicing accounts, and disclosures made with the consent or at the direction of a consumer, or for purposes such as protecting against fraud, reporting to consumer reporting agencies, and providing information to law enforcement agencies. See 17 CFR 248.14 and 248.15.

Regulation S P also imposes limits on the re-disclosure and re-use of information, and on sharing account number information with nonaffiliated third parties for use in telemarketing, direct mail marketing and marketing. See 17 CFR 248.11 and 248.12. In addition, it includes a safeguards rule that requires a broker-dealer to adopt written policies and procedures for administrative, technical, and physical safeguards to protect customer records and information. See 17 CFR 248.30(a). Further, it includes a disposal rule that requires a broker-dealer (other than a broker-dealer registered by notice with the Commission to engage solely in transactions in securities futures) that maintains or possesses consumer report information for a business purpose to take reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal. See 17 CFR 248.30(b).

Recently proposed amendments which would further strengthen the privacy protections under Regulation S-P are available at sec. gov/rules/proposed/2008/34-57427.pdf.

J. Investment Adviser Registration.

Broker-dealers offering certain types of accounts and services may also be subject to regulation under the Investment Advisers Act. 10 (An investment adviser is defined as a person who receives compensation for providing advice about securities as part of a regular business.) ( See Section 202(a)(11) of the Investment Advisers Act .) In general, a broker-dealer whose performance of advisory services is "solely incidental" to the conduct of its business as a broker-dealer and that receives no "special compensation" is excepted from the definition of investment adviser. Thus, for example, a broker-dealer that provides advice and offers fee-based accounts (i. e., accounts that charge an asset-based or fixed fee rather than a commission, mark-up, or mark-down) must treat those accounts as advisory because an asset-based fee is considered "special compensation." Also, under a recently proposed rule, a broker-dealer would be required to treat (1) each account over which it exercises investment discretion as an advisory account, unless the investment discretion is granted by a customer on a temporary or limited basis and (2) an account as advisory if the broker-dealer charges a separate fee for, or separately contracts to provide, advisory services. ( See sec. gov/rules/proposed/2007/ia-2652.pdf.) Finally, under the same proposed rule, a broker-dealer that is registered under the Exchange Act and registered under the Investment Advisers Act would be an investment adviser solely with respect to those accounts for which it provides services that subject the broker-dealer to the Investment Advisers Act.

VI. ARBITRATION.

Pursuant to the rules of self-regulatory organizations, broker-dealers are required to arbitrate disputes with their customers, if the customer chooses to arbitrate. See e. g. , NASD Code of Arbitration Procedure for Customer Disputes, Rule 12200; American Stock Exchange, Rule 600; and Chicago Board of Options Exchange, Rule 18.1.

VII. FINANCIAL RESPONSIBILITY OF BROKER-DEALERS.

Broker-dealers must meet certain financial responsibility requirements, including:

maintaining minimum amounts of liquid assets, or net capital; taking certain steps to safeguard the customer funds and securities; and making and preserving accurate books and records.

A. Net Capital Rule (Rule 15c3-1)

The purpose of this rule is to require a broker-dealer to have at all times enough liquid assets to promptly satisfy the claims of customers if the broker-dealer goes out of business. Under this rule, broker-dealers must maintain minimum net capital levels based upon the type of securities activities they conduct and based on certain financial ratios. For example, broker-dealers that clear and carry customer accounts generally must maintain net capital equal to the greater of $250,000 or two percent of aggregate debit items. Broker-dealers that do not clear and carry customer accounts can operate with lower levels of net capital.

B. Use of Customer Balances (Rule 15c3-2)

C. Customer Protection Rule (Rule 15c3-3)

This rule protects customer funds and securities held by broker-dealers. Under the rule, a broker-dealer must have possession or control of all fully-paid or excess margin securities held for the account of customers, and determine daily that it is in compliance with this requirement. The broker-dealer must also make periodic computations to determine how much money it is holding that is either customer money or obtained from the use of customer securities. If this amount exceeds the amount that it is owed by customers or by other broker-dealers relating to customer transactions, the broker-dealer must deposit the excess into a special reserve bank account for the exclusive benefit of customers. This rule thus prevents a broker-dealer from using customer funds to finance its business.

D. Required Books, Records, and Reports (Rules 17a-3, 17a-4, 17a-5, 17a-11) 11.

Broker-dealers must make and keep current books and records detailing, among other things, securities transactions, money balances, and securities positions. They also must keep records for required periods and furnish copies of those records to the SEC on request. These records include e-mail. Broker-dealers also must file with the SEC periodic reports, including quarterly and annual financial statements. The annual statements generally must be certified by an independent public accountant. In addition, broker-dealers must notify the SEC and the appropriate SRO 12 regarding net capital, recordkeeping, and other operational problems, and in some cases file reports regarding those problems, within certain time periods. This gives us and the SROs early warning of these problems.

E. Risk Assessment Requirements (Rules 17h-1T and 17h-2T)

Certain broker-dealers must maintain and preserve certain information regarding those affiliates, subsidiaries and holding companies whose business activities are reasonably likely to have a material impact on their own financial and operating condition (including the broker-dealer's net capital, liquidity, or ability to conduct or finance operations). Broker-dealers must also file a quarterly summary of this information. This information is designed to permit the SEC to assess the impact these entities may have on the broker-dealer.

VIII. OTHER REQUIREMENTS.

In addition to the provisions discussed above, broker-dealers must comply with other requirements. 여기에는 다음이 포함됩니다.

submitting to Commission and SRO examinations; participating in the lost and stolen securities program; complying with the fingerprinting requirement; maintaining and reporting information regarding their affiliates; following certain guidelines when using electronic media to deliver information; and maintaining an anti-money laundering program.

A. Examinations and Inspections (Rules 15b2-2 and 17d-1)

Broker-dealers are subject to examination by the SEC and the SROs. The appropriate SRO generally inspects newly-registered broker-dealers for compliance with applicable financial responsibility rules within six months of registration, and for compliance with all other regulatory requirements within twelve months of registration. A broker-dealer must permit the SEC to inspect its books and records at any reasonable time.

B. Lost and Stolen Securities Program (Rule 17f-1)

In general, all broker-dealers must register in the lost and stolen securities program. The limited exceptions include broker-dealers that effect securities transactions exclusively on the floor of a national securities exchange solely for other exchange members and do not receive or hold customer securities, and broker-dealers whose business does not involve handling securities certificates. Broker-dealers must report losses, thefts, and instances of counterfeiting of securities certificates on Form X-17F-1A, and, in some cases, broker-dealers must make inquiries regarding securities certificates coming into their possession. Broker-dealers must file these reports and inquiries with the Securities Information Center (SIC), which operates the program for the SEC. A registration form can be obtained from Securities Information Center, P. O. Box 55151, Boston, MA 02205-5151. For registration and additional information, see the SIC's website at secic.

C. Fingerprinting Requirement (Rule 17f-2)

Generally, every partner, officer, director, or employee of a broker-dealer must be fingerprinted and submit his or her fingerprints to the U. S. Attorney General. This requirement does not apply, however, to broker-dealers that sell only certain securities that are not ordinarily evidenced by certificates (such as mutual funds and variable annuities) or to persons who do not sell securities, have access to securities, money or original books and records, and do not supervise persons engaged in such activities. A broker-dealer claiming an exemption must comply with the notice requirements of Rule 17f-2. Broker-dealers may obtain fingerprint cards from their SRO and should submit completed fingerprint cards to the SRO for forwarding to the FBI on behalf of the Attorney General.

D. Use of Electronic Media by Broker-Dealers.

See Securities Exchange Act Release No. 37182 (May 15, 1996), 61 FR 24644. See also , Securities Exchange Act Release No. 39779 (March 23, 1998), 63 FR 14806 (sec. gov/rules/interp/33-7516.htm).

E. Electronic Signatures (E-SIGN)

Broker-dealers should also consider the impact, if any, that the Electronic Signatures in Global and National Commerce Act (commonly known as E-SIGN), Pub. L. No. 106-229, 114 Stat. 464 (2000) [15 U. S.C. §7001], has on their ability to deliver information to customers electronically.

F. Anti-Money Laundering Program.

Broker-dealers have broad obligations under the Bank Secrecy Act ("BSA") 13 to guard against money laundering and terrorist financing through their firms. The BSA, its implementing regulations, and Rule 17a-8 under the Exchange Act require broker-dealers to file reports or retain records relating to suspicious transactions, customer identity, large cash transactions, cross-border currency movement, foreign bank accounts and wire transfers, among other things.

The BSA, as amended by the USA PATRIOT Act, as well as SRO rules (e. g., NASD Rule 3011 and NYSE Rule 445), also requires all broker-dealers to have anti-money laundering compliance programs in place. Firms must develop and implement a written anti-money laundering compliance program, approved in writing by a member of senior management, which is reasonably designed to achieve and monitor the member's ongoing compliance with the requirements of the BSA and its implementing regulations. Under this obligation, firms must:

establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions; establish and implement policies, procedures, and internal controls reasonably designed to achieve compliance with the BSA and implementing regulations; provide for independent testing for compliance, to be conducted by member personnel or by a qualified outside party; designate and identify to the SROs an individual or individuals responsible for implementing and monitoring the day-to-day operations and internal controls of the program and provide prompt notification regarding any change in such designation(s); and provide ongoing training for appropriate personnel.

For a compilation of key anti-money laundering laws, rules and guidance applicable to broker-dealers, see Anti-Money Laundering Source Tool sec. gov/about/offices/ocie/amlsourcetool. htm; see also, FINRA Anti-Money Laundering Issue Center finra. org/RulesRegulation/IssueCenter/Anti-MoneyLaundering/index. htm. In addition, the Financial Crimes Enforcement Network ("FinCEN"), the division within the Department of the Treasury that administers the BSA, provides useful information for helping financial institutions, including broker-dealers, meet their BSA obligations. See FinCEN Web site fincen. gov/.

G. Office of Foreign Assets Control.

Broker-dealers have an obligation to comply with the sanctions programs administered by the Department of Treasury's Office of Foreign Assets Control (OFAC). OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. 14 OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction.

OFAC's sanctions programs are separate and distinct from, and in addition to, the anti-money laundering requirements imposed under the BSA on broker-dealers. 15 Unlike the BSA, OFAC programs apply to all U. S. persons and are applicable across business lines. OFAC programs are also strict liability programs — there are no safe harbors and no de minimis standards, although having a comprehensive compliance program in place could act as a mitigating factor in any enforcement action. OFAC publishes regulations implementing each of its programs, which include trade restrictions and asset blockings against particular countries and parties tied to terrorism, narcotics trafficking, proliferation of weapons of mass destruction, as well as a number of programs targeting members of certain foreign jurisdictions. As part of its efforts to implement these programs, OFAC publishes a list of Specially Designated Nationals, which is frequently updated on an as-needed basis. 16 In general, OFAC regulations require you to do the following:

block accounts and other property of specified countries, entities, and individuals; prohibit or reject unlicensed trade and financial transactions with specified countries, entities, and individuals; and report all blockings and rejections of prohibited transactions to OFAC within ten days of the occurrence and annually. 17.

OFAC has the authority to impose civil penalties of over $1,000,000 per count for violations of its sanctions programs. OFAC has stated that it will take into account the adequacy of your OFAC compliance program when it evaluates whether to impose a penalty if an OFAC violation occurs. To guard against engaging in OFAC prohibited transactions, you should generally follow a best practice of "screening against" the OFAC lists. 18 Consistent with this best practice, you should take care to screen all new accounts, existing accounts, customers and relationships against the OFAC lists, including any updates to the lists. This screening should include originators or recipients of wire and securities transfers. 19.

H. Business Continuity Planning.

The Commission, Federal Reserve Board, and Comptroller of the Currency published an interagency White Paper emphasizing the importance of core clearing and settlement organizations and establishing guidelines for their capacity and ability to restore operations within a short time of a wide-scale disruption. 20 Separately, the Commission also published a Policy Statement urging the organized securities markets to improve their business continuity arrangements, 21 and encouraging SRO-operated markets and electronic communications networks, or ECNs to establish plans to enable the restoration of trading no later than the business day following a wide-scale disruption.

In 2004, NASD and the NYSE adopted rules requiring every member to establish and maintain a business continuity plan, with elements as specified in the rules, and to provide the respective SROs with emergency contact information. See NASD Rule 3510 and NYSE Rule 446. See also , sec. gov/rules/sro/nasd/34-49537.pdf.

IX. WHERE TO GET FURTHER INFORMATION.

For general questions regarding broker-dealer registration and regulation:

Office of Interpretation and Guidance.

Division of Trading and Markets.

U. S. Securities and Exchange Commission.

100 F Street, NE.

Washington, DC 20549.

For additional information about how to obtain official publications of SEC rules and regulations, and for on-line access to SEC rules:

Superintendent of Documents.

Government Printing Office.

Washington, DC 20402-9325.

For copies of SEC forms and recent SEC releases,

U. S. Securities and Exchange Commission.

100 F Street, NE.

Washington, DC 20549.

Other useful addresses, telephone numbers, and websites:

The SEC's website contains contact numbers for SEC offices in Washington and for the SEC's regional offices: sec. gov/contact/addresses. htm.

금융 산업 규제 당국.

9509 Key West Avenue.

Rockville, MD 20850.

(301) 590-6500 (call center)

(800) 289-9999 (to check on the registration status of a firm or individual)

New York Stock Exchange, Inc.

20 Broad Street.

뉴욕, NY 10005.

North American Securities Administrators Association, Inc.

750 First Street, NE, Suite 1140.

Washington, DC 20002.

Municipal Securities Rulemaking Board.

>1900 Duke Street, Suite 600.

Alexandria, VA 22314

증권 투자자 보호 공사.

805 15th Street, N. W. Suite 800.

Washington, D. C. 20005-2215.

We wish to stress that we have published this guide as an introduction to the federal securities laws that apply to brokers and dealers. It only highlights and summarizes certain provisions, and does not relieve anyone from complying with all applicable regulatory requirements. You should not rely on this guide without referring to the actual statutes, rules, regulations, and interpretations.

1 The Division of Trading and Markets was known as the Division of Market Regulation from August 7, 1972, until November 14, 2007.

2 The treatment of dividend (or interest) reinvestment and stock purchase plans is addressed in Rule 102(c) of Regulation M. ( See Part V. A.7.)

3 Section 9(a) prohibits particular manipulative practices regarding securities registered on a national securities exchange. Section 10(b) is a broad "catch-all" provision that prohibits the use of "any manipulative or deceptive device or contrivance" in connection with the purchase or sale of any security. Sections 15(c)(1) and 15(c)(2) apply to the over-the-counter markets. Section 15(c)(1) prohibits broker-dealers from effecting transactions in, or inducing the purchase or sale of, any security by means of "any manipulative, deceptive or other fraudulent device," and Section 15(c)(2) prohibits a broker-dealer from making fictitious quotes.

4 These include Rules 10b-1 through 10b-18, 15c1-1 through 15c1-9, 15c2-1 through 15c2-11, and Regulation M.

5 In addition, Rule 11Ac1-3 requires broker-dealers to inform their customers, upon opening a new account and annually thereafter, of their policies regarding payment for order flow and for determining where to route a customer's order.

6 The purpose of this disclosure is to inform the customer of the nature and extent of a broker-dealer's conflict of interest. Broker-dealers are neither required to disclose the precise amount of these payments nor any formula that would allow a customer to calculate this amount. Nevertheless, Rule 10b-10 is not a safe harbor from the anti-fraud provisions. Recent enforcement actions have indicated that failures to disclose the nature and extent of the conflict of interest may violate Section 17(a)(2) of the 1933 Act. See Edward D. Jones & Co., L. P., Securities Exchange Act Release No. 50910 (Dec. 22, 2004); Morgan Stanley DW, Inc., Securities Exchange Act Release No. 48789 (Nov. 17, 2003).

7 SEC, Report by Division of Market Regulation, Broker-Dealer Policies and Procedures Designed to Segment the Flow and Prevent the Misuse of Material Non-Public Information, [1989-1990 Transfer Binder] Fed. 비서. L. Rep. (CCH) 84,520 at p. 80, 620-25 (March, 1990).

8 Rule 15g-1(a)(1) establishes a transaction exemption for brokers or dealers whose commission equivalents, mark-ups, and mark-downs from transactions in penny stocks during each of the immediately preceding three months and during eleven or more of the preceding twelve months, or during the immediately preceding six months, did not exceed five percent of its total commissions, commission equivalents, mark-ups, and mark-downs from transactions in securities during those months.

9 Exemptions from the requirements of Exchange Act Rules 15g-2 through 15g-6 are provided for non-recommended transactions, broker-dealers doing a minimal business in penny stocks, trades with institutional investors, and private placements. See Rule 15g-1. Rule 15g-9(c) exempts certain transactions from the requirements of Rule 15g-9.

10 See Certain Broker-Dealers Deemed Not To Be Investment Advisers, Exchange Act Release No. 51523 (April 12, 2005).

11 Rules 17a-2, 17a-7, 17a-8, 17a-10 and 17a-13 contain additional recordkeeping and reporting requirements that apply to broker-dealers.

12 When a broker-dealer is a member of more than one SRO, the SEC designates the SRO responsible for examining such broker-dealer for compliance with financial responsibility rules (the "designated examining authority").

13 The Currency and Foreign Transactions Reporting Act of 1970 (commonly referred to as the "Bank Secrecy Act") is codified at 31 U. S.C. 5311, et seq. The regulations implementing the Bank Secrecy Act are located at 31 CFR Part 103.

14 A list of countries subject to OFAC sanctions, as well as a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted counties (collectively called Specially Designated Nationals (SDNs)), is available on the OFAC website: treas. gov/ofac.

A summary of OFAC regulations as they apply to the securities industry can be found at the following link: treas. gov/offices/enforcement/ofac/regulations/t11facsc. pdf.

See also Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering Examination Manual ("FFIEC Manual"), at pages 137-145 (8/24/2007). The FFIEC Manual contains an entire section outlining best practices for OFAC Compliance, including risk matrices. Although that manual is written for the banking community, it provides information which may be useful to broker-dealers.

15 See also FinCEN Interpretive Release No. 2004-02 "Unitary Filing of Suspicious Activity and Blocking Reports," 69 Fed. Reg. 76847 (Dec. 23, 2004).

16 OFAC offers a RISS feed service as well as an notice system which pushes out digital information about its programs, including updates to its SDN List. See treas. gov/ofac. These may be especially helpful to smaller firms whose OFAC compliance programs are more manual in nature.

17 You will find forms for blocking and rejection reports on OFAC's website using the following links:

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Tuesday 6 March 2018

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