Exam Weight: ~2 questions (1.5% of exam)
Broker-dealers form the transaction side of the securities industry: a broker-dealer is any person engaged in the business of effecting securities transactions for others' accounts or its own account. 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, Form BD amendments, inspections), exclusions from state registration, and the rules for withdrawal, cancellation, and revocation