Exam Weight: ~3 questions (2% of exam)
Broker-dealers form the transaction side of the securities industry. While investment advisers provide advice, broker-dealers execute trades. The Series 65 exam tests who qualifies as a broker-dealer, how they register, and when state-level registration applies.
What You'll Learn
- Master the definition of broker-dealer, associated person, underwriter, market maker, and the entities excluded from the broker-dealer definition
- Understand broker-dealer registration through Form BD, post-registration filings (books and records, FOCUS reports, Form BD amendments), exclusions from state registration, and the rules for withdrawal, cancellation, and revocation