Broker-Dealers

Oct. 11, 2017

The Securities Exchange Act of 1934 ("Exchange Act" or "Act") governs the way in which the nation's securities markets and its brokers and dealers operate. This section contains some of the significant provisions of the Act and its rules. You will find information about whether you need to register as a broker-dealer and how you can register, as well as the standards of conduct and the financial responsibility rules that broker-dealers must follow.

Electronic Recordkeeping

FOIA Information

Foreign Broker-Dealers: Rule 15a-6

Government Securities/U.S. Treasuries

Material Nonpublic Information: Section 15(g) Reports

Broker-Dealer Internal Control Procedures for High Yield Securities (October 1993; 14 pages; PDF; 1.3 MB)
Broker-Dealer Policies and Procedures Designed to Segment the Flow and Prevent the Misuse of Material Non-Public Information (March 1990; 29 pages; PDF; 6 KB)

Registered Representatives

The term "person associated with a broker or dealer" or "associated person of a broker or dealer" means any partner, officer, director, or branch manager of such broker or dealer (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with such broker or dealer, or any employee of such broker or dealer, except that any person associated with a broker or dealer whose functions are solely clerical or ministerial shall not be included in the meaning of such term for purposes of section 15(b) (other than paragraph (6) thereof).