Brokerage and dealing licensing requirements

Who this is for

• - Broker-dealers
• - Introducing brokers
• - Placement agents
• - Order routing platforms

Trigger questions

• - Who executes, arranges, introduces, or routes transactions?
• - Is anyone paid by transaction, placement, subscription, spread, or success fee?
• - Does the firm hold itself out as able to intermediate securities transactions?

Common mistakes

• - Hiding transaction compensation inside advisory or platform language.
• - Treating introductions and placement work as unregulated because no advice is given.

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