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BROKER-DEALER REGULATION § 3:5.6 Financial Service Centers/Communication Links ..................................................................... 3-78 § 3:5.7 The Intrastate Exemption and Registration Issues Under State Law ........................................ 3-80 Chapter 4 Bank Exemptions from Broker-Dealer Regulation David F. Freeman, Jr. § 4:1 Background ..................................................................... 4-2 § 4:2 “Exempted Securities” and Instruments That Are Not “Securities” ....................................................... 4-4 § 4:3 What Is a “Bank”? .......................................................... 4-5 § 4:4 Bank Exemptions from Securities “Dealer” Status ......... 4-6 § 4:4.1 What Is a “Dealer”?................................................ 4-7 § 4:4.2 1934 Act Section 3(a)(5) and SEC GLB Act Dealer Rules............................................................ 4-8 [A] Permissible Securities Transactions ........................ 4-8 [B] Investment, Trustee, and Fiduciary Transactions ... 4-9 [C] Asset-Backed Transactions...................................... 4-9 [D] Identified Banking Products.................................. 4-10 [E] Securities Lending “Dealer” and “Broker” Exemption............................................................. 4-11 [F] Riskless Principal 500 Transaction Exemption..... 4-12 [G] Regulation S and Offshore Sales Exemption......... 4-12 § 4:5 Bank Exemptions from Securities “Broker” Status ....... 4-12 § 4:5.1 What Is a “Broker?” .............................................. 4-12 § 4:5.2 1934 Act Section 3(a)(4) and Regulation R........... 4-13 [A] Third-Party Brokerage “Networking” Arrangements ....................................................... 4-14 [B] Trust and Fiduciary Activities............................... 4-16 [C] Permissible Securities Transactions ...................... 4-18 [D] Certain Stock Purchase Plans ............................... 4-18 [E] Sweep Accounts .................................................... 4-19 [F] Affiliate Transactions ............................................ 4-20 [G] Private Securities Offerings ................................... 4-20 [H] Safekeeping and Custody Activities ...................... 4-20 [I] Identified Banking Products.................................. 4-22 [J] Municipal Securities ............................................. 4-22 [K] De Minimis Exception .......................................... 4-23 [L] Regulation S and Offshore Sales Exemption......... 4-23 § 4:6 FINRA Dual Bank Employees Supervision Rule Exemption ............................................................ 4-23 § 4:7 Volcker Rule and Title VII of the Dodd-Frank Act......... 4-24 lvi
Table of Contents Chapter 5 Broker-Dealer and Associated Person Registration Frederick Wertheim § 5:1 Overview......................................................................... 5-2 § 5:2 SEC Registration Process ................................................ 5-4 § 5:2.1 Requirements in the Statute and Rules .................. 5-4 [A] Application for Registration.................................... 5-4 [B] Grant or Denial of Registration .............................. 5-5 [C] Registration of Security Futures Broker-Dealers...... 5-6 [D] Six-Month Inspection ............................................. 5-7 § 5:2.2 Form BD ................................................................. 5-7 [A] Items 1–13.............................................................. 5-8 [B] Schedules A, B, and C ............................................ 5-9 [C] Schedule D.............................................................. 5-9 [D] Schedule E .............................................................. 5-9 § 5:2.3 Form BR—Registration of Branch Offices............... 5-9 § 5:2.4 SIPC...................................................................... 5-11 § 5:3 Registration of Personnel .............................................. 5-12 § 5:3.1 Generally............................................................... 5-12 [A] Disqualification..................................................... 5-13 [B] Restriction on Outside Activities.......................... 5-14 § 5:3.2 Categories of Registration ..................................... 5-14 § 5:3.3 Qualification Examinations .................................. 5-15 § 5:3.4 Forms U4 and U5................................................. 5-17 § 5:3.5 Warehousing Prohibition....................................... 5-19 § 5:4 FINRA Membership Process......................................... 5-20 § 5:4.1 Name of Firm ....................................................... 5-23 § 5:4.2 Membership Application....................................... 5-24 [A] Fidelity Bonding Requirements ............................. 5-29 § 5:4.3 Processing of Application...................................... 5-30 § 5:4.4 Interview ............................................................... 5-30 § 5:4.5 Decision and Appeals ........................................... 5-31 § 5:5 NYSE and Other National Securities Exchanges .......... 5-32 § 5:5.1 Demutualization................................................... 5-33 § 5:5.2 Affiliated Persons and Entities .............................. 5-34 [A] Control ................................................................. 5-34 [B] Allied Members; Principal Executives................... 5-35 [C] Approved Persons.................................................. 5-35 § 5:5.3 Opinion of Counsel .............................................. 5-36 § 5:5.4 Mandatory Charter Provisions.............................. 5-37 [A] Limitations on Withdrawals of Capital ................ 5-37 [B] Disabling Provision............................................... 5-37 § 5:6 State Registration Requirements................................... 5-38 (Broker-Dealer Reg., Rel. #3, 5/13) lvii
Page 1 and 2: Table of Contents VOLUME 1 About th
Page 3 and 4: [A] Generally .....................
Page 5: Table of Contents Chapter 3 Brokers
Page 9 and 10: Table of Contents § 5A:6.2 Exempti
Page 11 and 12: Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15 and 16: § 8:3.5 Training..................
Page 17 and 18: § 10:5 Harmonizing the Broker-Deal
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31 and 32: [D][3] SEC v. Materia: Misappropria
Page 33 and 34: § 17:4 SRO Research Rules.........
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39 and 40: § 18:7.2 Exchange Act Rule 15c3-5
Page 41 and 42: [D] Price Improvement .............
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
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Table of Contents Chapter 31A SEC a
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PART X: Compliance, Examinations, a
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Table of Contents § 33:3.8 Where R
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[B] Administrative Proceedings.....
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§ 36:2.2 To What Extent Should the
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Table of Contents § 37:4.1 Broker-
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Table of Contents § 37B:2.3 Arbitr
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§ 37C:3.2 Institutional Investment
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Table of Contents § 37D:3 Treasury
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Table of Contents § 38:6.4 Educati
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§ 39:5.6 Rule G-34 CUSIP Numbers a
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§ 40:2.2 Municipal Entity and Obli
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Table of Contents [E] Communication
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§ 42:4.3 Exclusive Benefit Rule...
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Table of Contents [C] Underwriting
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Table of Contents [D] Implications
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§ 42C:3.2 Consequences of Breachin
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Table of Contents § 42D:3.3 Applic
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§ 42E:6 Considerations in Connecti
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PART XVI: Special Topics Table of C
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§ 44:4 FINRA Rule 5121 (Public Off
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§ 44:9.3 Procedures Required by Ru
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[B][3] Stabilizing When the Princip
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Chapter 46 U.S. Securities Activiti
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