Edgar międzynarodowy forex. SEC Filings. NEWSWARE dostarcza najlepszych źródeł informacji finansowych, które udowodniły, że dostarczają najświeższych wiadomości, w których zyska Select Colour ww ww ww ww ww. Edgar R Cruz G LinkedIn. Freign wymiany inwestycji oszustwach Choć firma jest mały, EDGAR FIGER, MIĘDZYNARODOWY FOREX KALIFORNII, INC. Edgar Gonzalez Facebook. Inc jest wiodącym dostawcą w ciągu dnia akcji i towarów w czasie rzeczywistym lub opóźnione wykresy z potężnymi wskaźnikami i analizy technicznej. Register forex bez załączników międzynarodowych. Sprawdź najnowsze osiągnięcia z innowacji OANDA s wsparcie dla handlu forex z Singapuru i jest również licencjonowane przez International Enterprise ZARZąDZANIE ZARZąDZANIEM BIZNESOWYM - Scribd.8 6 2010 Edgar Forex Scam ytlpowr, zgadzam się z tobą Cały świat i to matka wzbogaca się od wspaniałej kreatury finansowej Edgar International. global visionariez austin godsey iMarketsLive - YouTube Musisz zaakceptować nasze Warunki korzystania z usługi przed kontynuowaniem Nieprawidłowa nazwa użytkownika Nieprawidłowy adres e-mail Hasło nie pasuje. Numerne linki - Forex 400 1 Wykorzystaj Micro Lots. Investor Assistance 800 732-0330 3 manipuluj oprogramowaniem handlowym w celu zniekształcenia cen opcji i wypłaty opcji binarnych Na przykład , gdy klient s. Google Maps. View Edgar Mitchell jest profesjonalnym profilem w LinkedIn Lin kedIn jest największą na świecie siecią firmową, pomagającą profesjonalistom, takim jak Edgar Mitchell, odkryć wnętrze. Inwestycje bazowe. EDGAR Narzędzia wyszukiwania Narzędzia wyszukiwania firmy Jak szukać EDGAR z prośbą o udostępnienie dokumentów publicznych Formularze Informacje o filarach Informacje o prasie EDGAR Press. Forex news and Mba. Financial market dane na żądanie Xindite finansowe usługi internetowe pomagają budować inteligentne strony internetowe i aplikacje w ciągu kilku minut z zerową inwestycją. Edgar International.8 4 2017 Dostęp do wszystkich dokumentów SEC dla American International Group, I AIG Przejdź do wyszukiwania Forex i CFD Wiadomości Rynki Gospodarka Pełna Składanie dokumentów na EDGAR. Barchart - strona oficjalna. Forex został utworzony z wyraźnym zamiarem strony korporacyjnej, SEC Filing danych i informacji dostarczonych przez EDGAR. Edgar International A Scam Forex Army Peace - Your. Item 8 01 Inne wydarzenia 1 lipca 2010 , Forex International Trading Corp Spółka zawarła list intencyjny LOI z Forex New York City LLC. AIG SEC Składa American International Group, I Stoc k. edgar kennedy zmarszczki Gluten Free Ceramides-PCD Wskazówki Dorośli Take One Capsule Daily z Food. Edgar Mitchell LinkedIn. PathFinder Trader jest na Facebooku Daniel Fernandes, Edgar Fernandes, Kin Communications, Joves Międzynarodowy Dzień Pocałunku, Forex Economics Group. concours international Forum Forex.3 9 2017 Video osadzony globalny visionariez austin godsey iMarketsLive forex iml, co jest iml, 10 Powody, aby nie przystąpić do IML INTERNATIONAL. Coates International, LTD COTE Engine Inventor. View w czasie rzeczywistym SEC Filings dla firm, które pójdziesz na Forex Forex Broker Porównanie zarządzania majątkiem Edgar Online, Inc Aktualizacja. IBM Rapporti alla SEC na Międzynarodowe ceny eksporacji ETF Center Ostatnie Seaniemac International, Ltd Edgar US Regulatory Pon 16 maja 2017 7 42 PM. PathFinder Trader Facebook. INTERNATIONAL BUSINESS MANAGEMENT UNIT I WPROWADZENIE DO MIĘDZYNARODOWEGO BUSINESS Temat 1 1 Wprowadzenie Znaczenie-Ewolucja-Routes. EDGAR ONLINE - GOPHER PROTOKÓŁ INC - SEC FILINGS.6 7 2011 Rejoigne z la concours international La plus grande francuophone sur le Forex. Pendekar Forex Forex eBook. Forex news i Mba Szukaj w menu głównym Przejdź do zawartości Pgina principal viernes, 15 de abril de 2017, by Edgar Rynek forex jest międzynarodowy. Newspaper Rekomendacje dla handlowców Forex. Zmiany rejestrują się na rynku forex bez załączników międzynarodowych. Zleceniodawca złoży oświadczenie o rejestracji papierów wartościowych zgodnie z propozycją Formularza F-6 na formularzu F-6. GOPHER PROTOCOL INC SEC Filings. Edgar - Finanse. About EDGAR Logowanie online Dzisiejsze wyniki wyszukiwania firmy Screener Analytics PARTNERZY ŚREDNIA 1995-2017 EDGAR Online, Inc Wszystkie prawa. Instytut Finansów Międzynarodowych - IIF. SportPsych Konsulting forex, kontrakty futures, akcje, CFD s Edgar jest wymieniony w Międzynarodowej Księdze Specjalistów 2000.Edgar International - Strona 3.Coates International, LTD COTE St Oficer forum dyskusyjnego Oskarżony o oszustwach międzynarodowych. Polecam literaturę dotyczącą handlu forex i internetu zarówno dla początkujących, jak i dla międzynarodowych rynków pieniężnych i walutowych, wprowadzając Petrosa Edgar'a, analizę rynku fraktalnego zastępuje tradycyjną teorię rynku kapitałowego z firmą Bms forex B - ms generx Bms holdings sarl Bms holding hiszpania, s L bms międzynarodowa firma ubezpieczeniowa Bms investco sas Salli cel Edgar salli profil na soccerway Międzynarodowe cele według daty, miejsca, czapki, przeciwnika, wynik, wynik i konkurencja Na przykład platforma może przewidywać pierwszy depozyt premii za wszystkie depozyty powyżej 40, edgar international forex. Edgar international forex. Termin ważności przelewu na konto klienta wynosi do 5 dni roboczych, forex international edgar Minimalna kwota wynosi 50-100 dolarów, w zależności od sposobu wypłaty Opłata może być zastosowana w zależności od rodzaju rachunku Deponowanie i wycofywanie środków na Opteck jest bezpieczną procedurą dzięki zaawansowanej technologii zabezpieczeń, która szyfruje dane osobowe i finansowe, z usług świadczących ekspresową dostawę ładunków forex i nowych klientów Promocje Opteck oferuje dobry system premii rejestrowania nowym klientom, forex międzynarodowy edgar W zależności od typu konta , wahają się od 25 do 100 w przypadku pierwszego depozytu David dodał, że po SNB, Retail poprawił swoje relacje hurtowe, ale pojawiły się problemy dotyczące pobierania opłat, międzynarodowy koncern edgar Mam nadzieję, że firma Hirose UK wprowadzi więcej aktywów i klas aktywów handlowców do wyboru w najbliższej przyszłości, forex wieczorem gwiazdy. Forex Chin wiadomości, perforex bc 1008 hs. Jeśli dbasz o swoje pieniądze, upewnij się dokładnie przeczytać ten artykuł, star wieczorowy wzór forex Jedyne oprogramowanie, że handlowcy używają auto trading jest z OptionRobot, starszy model forex wieczorem CTOption Platform Review CTOption jest różnym binarnym brokerem opcji Co naprawdę ustawia m oprócz innego brokera jest platforma handlowa Użycie Używają platformy handlowej Panda TS MT4 Podczas przeglądania opcji CT widać, że oprócz ich unikalnej platformy handlowej oferują handlowcom bot handlu auto, zobacz tutaj opodatkowanie opcji akcjonariuszy pracowników canada Ich auto skanuje transakcje z ponad 140 aktywami Paypal versus Credit Cards Kiedy porównamy szybkość tych dwóch, możemy stwierdzić, że paypal depozyt i wypłaty są tak szybkie, jak karty kredytowe i debetowe, forex wzór gwiazdy wieczorowej Firma ma również nabyła technologię spiekania plazmowego Spark SpSK, która pozwala na uzyskiwanie gęstej ceramiki w jednolitym ogrzewaniu w stosunkowo niskich temperaturach iw krótkich okresach przetworzenia, zespół globalnych zespołów badawczych forex china news skończy się najnowszymi badaniami rynku forex, które pomogą Ci pozostać w kontakcie z rozbiciem finansowym aktualności rynku waluty aktualizacje Chiny handlu forex usługi wiadomości z ein wiadomości mediów monitoring online wiadomości z Chin handlu forex. Jak lon g to jest w biznesie Czy mogę uzyskać więcej informacji o prospekcie emisyjnym, najnowszych dokumentach SEC lub najnowszym raporcie rocznym, wiadomości forex w Chinach, forex bny mellon Jakie pytania należy zadać przed dokonaniem inwestycji w fundusze inwestycyjne, wiadomości z Chin forex Jakie konkretne zagrożenia są związane z tym Jaki rodzaj papierów wartościowych ma fundusz posiadania opcji na akcje, transaksi forex adalah, 100 depozytowych premii forex 2017, cara membaca indikator pada forex, co to jest forex arbitrage scalping, hector deville trading forex course download za darmo, como operar forex com noticias, forex krótkie i długie gleichzeitig, forex platforma transakcyjna dla linuksa, kontakt forex Silahkan kirimkan pertanyaan anda disini, tim kami akan berusaha memberikan jawaban yang terbaik Lisinopril użył african black pill pill review i jak rozwijać dick leczenia raka prostaty może powodować impotencję erekcji dysfunkcja lub ed Uwaga wzór świeczników w czasie rzeczywistym na dzisiejszy dzień będzie obliczany dopiero po 2pm. Global trading strategy es aqr. Some dłuższych ustanowionych australijskich binarnych opcji brokerów i witryn handlowych zaczęły oferować nowym klientom i klientom szansę na twierdzenie, że są znane jako opcje depozytowe bez depozytów i oznacza to, że kopiowali głęboko w kieszenie i dali możesz bezpłatnie zarabiać na swoim koncie handlowym, kiedy zarejestrujesz się i zarejestrujesz się jako nowy klient, a te wolne fundusze mogą zostać użyte do obstawiania opcji Binarnych i jako takie, jeśli robisz kilka wygranych transakcji, zyski z tych transakcji są twoje, aqr trading global strategies Warto jednak zaznaczyć, że w odniesieniu do Twojego roszczenia i pełnego wykorzystania opcji lub opcji promocyjnych, które nie są objęte depozytami bankowymi, często będziesz musiał trawlować stronę lub dwie zasady i warunki dotyczące jak możesz skorzystać z takiej bezpłatnej gotówki i jako taka musisz zapoznać się z tymi warunkami i wiedzieć, czego oczekuje od Ciebie, jeśli zamierzasz skorzystać z takich ofert i promocji Istnieją oczywiście zarówno dobra, jak i zła Opcja Binarna nie dotyczy depozytów i zależy od tego, która witryna handlowa opcji Binary Option lub Broker, której używasz w odniesieniu do uzyskania rozdań na bardziej hojne oferty tam, globalne strategie handlowania aqr One rzeczą, o której warto pamiętać, kiedy podejmujesz jakąkolwiek witrynę handlową Binarnego Programu na taki typ bez depozytu nowego klienta lub bonusu, jest to, że często sprawiają, że wiele pieniędzy można zarobić zanim zdecydujesz się na wygraną handel, forex trading breakout system To może być porównane ze sposobem, w jaki hazardu online witryn internetowych, takich jak kasyna online nie obsługuje żadnych bonusów depozytowych, będziesz musiał dokonać pewnej kwoty zakładów, zanim będziesz mógł wypłacić swoje wygrane. system używany głównie w dzisiejszym rynku, globalne strategie handlowe aqr. Nowe rejestracja dołącz do naszego bezpłatnego nie włączenia Zarabiaj z podstawy binarnej księgi handlowej jak na pokładzie Opcje binarne obrotów punktów przegięcia s trategy jest jednym z najpotężniejszych strategii korespondencji 72 rynkowej giełdowej strategii opcji Poniżej widać linię wykresu, ale zrzut ekranu jest pobierany z meta trader 4 i nadal oferuje więcej informacji niż linia liniowa widoczna na większości platform opcji binarnych, ea system handel, system handlu ea pierwiastek kwadratowy 72 system obrotu giełdowego opcje pierwiastek kwadratowy 72 system obrotu giełdowego w systemie opcji binarnych kurs został powolny w dniach na żywo konto Następnie tam w handlu online marketgea promocji dostępnych handlu kłopoty z a. Edgar międzynarodowych forex, system ea. Biody fprex dla nas, na których witrynach sieci web Uważamy, że stanowi to uczciwy wgląd w jakikolwiek taki materiał chroniony prawami autorskimi roreks przewidziany w sekcji 107 amerykańskiego prawa autorskiego Słyszymy, że istnieje lista oczekujących na brokerów, którzy chcą być częścią system Najlepszy wybór wskaźnika opcji binarnych zakresu Dopasowanie do danych Reguła wymaga, aby dane transakcji były dostępne do raportowania rano po dniu transakcje były realizowane, edgar international forex Opcje handlu oznacza, że zamiast handlu zapasów, handlu opcji, które są oferowane na tych akcjach, edgar międzynarodowy wskaźnik forex wtyczek wordpress forex i zarządzane odzyskiwać forex wtyczki sygnału wordpress będą pomagać forex wtyczki sygnału wordpress najlepszym sprawdzeniem wtyczki Forex wordpress Inną prawdą jest to, że dostawcy zarabiają pieniądze tylko wtedy, gdy przedsiębiorca śledzi je i zarabiaj pieniądze Jan 3, 2017 Chiny są surowe w transakcjach forex, aby zatrzymać pieniądze wychodzące za granicę Bloomberg news Mon jan 02 2017 19 08 15 gmt-0800 pst tue jan Dowiedz się więcej o Chinach i cechach handlowych chińskiego juana renminna Dowiedz się, jak handlować forex Zaloguj się dołącz do sportu, do podróży kosmicznych, do potęg gospodarczych, Chiny powoli wkradnie się do liderów Artykuły Forex i artykuły z forex forex quizzes forex foru 7 grudnia 2017 r. Chiny rezerwy walutowe spadają o 70 miliardów euro, ponieważ odpływy przyspieszają Największy spadek od wybrania temat, dostarczamy wiadomości Wybierz temat. Strzelnica Edgar International. Join Data Lipiec 2010 Stanowiska 27.Dobry, Edgar jest tylko częścią dużej organizacji oszustwo Grupa jest rzeczywiście większa niż myślisz, istniała dłużej niż możesz sobie wyobrazić Jeśli czytasz moje post na stronie 1 tego wątku, zobaczysz listę nazw firm, które według Hayden Best, mogłyby być obsługiwane przez tę samą grupę osób Wystarczy skopiować te linki i wkleić ją do swojej przeglądarki Sprawdź nas i ty zdziw się, że niektóre firmy zostały zarejestrowane już w 2002 roku. Niektóre z większych nazwisk przed Edgar urodził się w 2009 roku, były Loyal Group Limited, Union Pacific Limited i inne takie jak Olympic International itp. Jeśli ich google, zobaczysz te nazwy są wymienione na forach z powrotem w 2007 roku lub wcześniej, przez osoby w KL Sposób działania jest dokładnie taki sam Używali tego samego oprogramowania - itrader, który można pobrać z dowolnej z wymienionych stron internetowych Temat, nad którym rozmawiamy teraz, był dokładny co się wydarzyły w 2007 r. Po tym, jak zostały zerwane, zniknęli, a potem wracali z nową firmą i sprzedali tę samą historię w innym stanie Kilka lat później Edgar stanie się historią, a ludzie z innych państw będą rozmawiać ten sam temat, ale inna firma i może używać tego wątku jako referencji. Happy Trading Mam nadzieję, że nikt nie zrani się Dołącz do gry na piramidę na własne ryzyko Good luck. Last edited by ytlpowr 08-04-2010 o 11 31 AM. Join Data Sierpień 2010 Postanowienia 114.Edgar Forex Scam. ytlpowr, zgadzam się z Tobą Powrót do 2002 r. Top Star Development Co Ltd robi wielką nowość na rynku futures w Nowej Zelandii Ponad 200 kont brało udział w tym oszustwie Dla mnie nie ma szczęśliwego handlu, jeśli oszustwa lub piramidy uczestniczące w rynku kontraktów futures Futures jest finansową pochodną dla międzynarodowych koniunktury w celu zminimalizowania ich międzynarodowego ryzyka biznesowego z zabezpieczeniem ich portfela To jest tak profesjonalne dla niektórych, którzy prowadzą handel na rynku terminowym. Zanim Edgar wejdzie w historię, to smutek proces dla inwestora, aby przejść wraz z Edgar przez to Bańka musi być zepsute pewnego dnia w tym roku Thanks. Join Data Lipiec 2010 Stanowiska 40.Arbiter, Detractor lub Rzecznik Prawdziwe, kiedy dołączyć do tego zagrożenia chciałem wiedzieć, co ludzie zaangażowani do dzielenia się w tej branży, dobre złe doświadczenia dotyczące Forex W rzeczywistości, byłem entuzjastycznie. Każdy z was oświecić mnie, czy któryś z was tutaj był faktycznie zaangażowany w Forex trading. What nie rozumiem jest w dół do ziemi negatywne strony do tego Jeśli to jest tak źle, skąd nie ma złej strony opowieści, z wyjątkiem spekulowanej krytyki. Mogę przypuszczać, że tutaj wszystko ma pracę dzienną lub nocną. Jeśli znasz swoje matematyki, możesz stracić, handlując sobą lub kogoś inny handel dla Ciebie To tylko kwestia znajomości biznesu i uzyskania dobrych rzeczy, może nie pierwszego dnia, ale ostatecznie. Jak w tym zagrożeniu, zawsze będą ludzie mówią o sprawach związanych z tym, że znalazłem to zagrożenie, że inni mają kogoś do handlu podczas gdy googling dla r fraught scam topics, faktycznie najciekawsze, ale przykro mi to powiedzieć, że nie ma realnego materiału ani korzystnego, ani odpowiedzialności. Jestem zmęczony, zostawię to do ciebie. Join Date Aug 2010 Posts 114.Dear Solai, coś, co chcę aby wyjaśnić swoje stanowisko tutaj ponownie wierzę, że niektóre informacje z tego forum już pokazują, jak ludzie dbają o swój handel, czy idź z oszustwem lub rzeczywistym futures trading profesjonalnej grupy To zupełnie inna sytuacja, jeśli masz pieniądze dla kogoś zamierza zrobić coś zły Znam finansową pochodną, ale nie mogę powiedzieć guru, ale znam znaczenie kodeksu etyki Pomyśl o Nick Leeson skorumpowany przypadek Barings Bank, pomyśl o pogoni za srebrnym rogiem brata i postawiono przed sądem Wszyscy, którzy uczestniczą w rynku kontraktów terminowych, ale nigdy spodziewaj się, że odpowiednik jest firmą oszustwa Co najmniej zgadzasz się ze mną dobrze Po drugie, wspomniałem już o tym jest bańka, to zająć trochę czasu Przed pęknięciem pęcherzyków, wszyscy mogą wciąż się schować py i pozytywne zakończenie Jednak niektórzy profesjonalni pisarze na ten wątek wykazują, że ich krytycyzm jest rozsądny Krytyka jest dobra, nigdy nie uważaj, aby spekulować, aby wszyscy ocenili sytuację, albo już zarobisz wystarczająco dużo zysków, aby zignorować potencjalny problem, pragnę Edgara wreszcie zgodność z rozporządzeniem NZ iw ten sposób może być szczęśliwym zakończeniem dla wszystkich, którzy nadal mają rachunek z Edgariem To nie jest tak trudne do skomplikowania z prawem, nie sądzę, że NZ stara się zrezygnować z animatora rynku, jeśli Edgar jest trzecią, według 80 lat statystycznego raportu CME, większość zwycięzcy kontraktów terminowych to Hedger, a nie Scalpers czy Spekulanci, które zostały zbadane z wykorzystaniem metody handlowej, w której ktoś użył w Edgar, jest to 100 strategii Skalpera i Speculatora. ponad 70 szans na utratę pieniędzy Wreszcie, jak mówisz dobroczynne i odpowiedzialne Jestem bardzo pewien, że przynajmniej jesteś tym, który korzysta z Edgara Anyway, ja też jestem zmęczony, ja już otrzymali ostrzeżenie od Edgara i to będzie moja ostatnia wiadomość na tym forum Najlepsze życzenia dla każdego, kto szczerze i profesjonalnie handluje na rynku kontraktów terminowych Ze względu na ciebie, zostawię to do Ciebie Dziękuję. Data ślubu Jul 2010 Posty 27.Solai, Nie mam dość tego, co próbujesz wyrazić tam. Niemniej jednak, jestem pewien, że po tym THREAD od 1 dnia i trzeba przeczytać wiele o Edgarze Informacje w tym wątku Wierzę, że jest więcej niż wystarczająco na nowo aby powiedzieć, czy jest zadowolony z działalności i obsługi klientów zaufania money. Forget o wszystko powiedział tutaj Zysk lub żaden zysk, zarządzający funduszem jest umiejętne lub niewygodne, fałszywe lub prawdziwe platformy handlowej, regulowane lub nie regulowane, Cosca, Demac lub Edgar, ASB, HSBC lub Maybank, spot lub futures trading, nie są już ważne. Najważniejsze jest to, że Ty i Twoi przyjaciele możesz wycofać 100 swoich pieniędzy w tym zysku Zwłaszcza, jeśli kwota jest duża Jeśli nie, wykonane są jak budowanie zamków w powietrzu Coraz więcej ludzi ma teraz wycofywanie trudności technicznych Więc wszystko co najlepsze i dobre szczęście. Ostatnio edytowane przez ytlpowr 08-04-2010 o godzinie 21 21. Coś dla każdego. I czytałem ten wątek między najwyraźniej 2 różne strony, więc mogę dać kilka neutralne advice. I jestem całkiem nowy na arenie forex, ale zrobili obszerne badania na temat firm i jak forex pracy może być w stanie pomóc związać ten problem oszustwa Forex Zgadzam się z obu obozów Ale Pozwólcie, że wszystko załatwię. 1 Kto jest Edgarem i podobnym wariantem. Mogę ci bezpiecznie powiedzieć, że grupa Edgara i całej witryny prawdopodobnie pochodziła z Hongkongu czy Malezji, a nie z Filipin, jak większość podejrzanych Spoglądaj na ich najwcześniejsze wcielenie otrzymasz większe zdjęcie.2 Czy są licencjonowani na handel w ogóle. Ze sposobu, w jaki grupa jest skonfigurowana Jeśli nie sądzę, że biuro handlowe będzie w NZ Także nie jesteś sam przedsiębiorcą i wiesz w i poza przemysł jego di trudne, aby w pełni zrozumieć, jak działają Ale, najwyraźniej handel można zrobić bez papieru i za pośrednictwem serwera, który wiem, że mają Ale gdzie robią handel to ja nie wiem, mój odczucie jelit jest, jeśli zrobią to będzie w Hong Kong.3 Jak oni działają. Uważam, że wszyscy grupa mają podobny serwer, ale inną nazwę grupy i mają inne konto z automatyczną księgą, może być powiązana z konkretnym agentem lub krajem, aby umożliwić tym osobom handel i rozpoczęcie działalności dlaczego są w stanie przenieść pieniądze na inny bank Jeśli nie ma centralnego serwera to byłoby prawie niemożliwe do wyszukania pieniędzy. oni bezpiecznie otworzyć konto z. This jest milion dolarów pytanie Wszystko, co mogę powiedzieć, to każda firma ma ryzyko Pozwala umieścić go w ten sposób, nawet licencjonowana firma może zbankrutować lub zrobić nielegalną transakcję i inwestora też tracą pieniądze w końcu nie ma firmy 100 bezpiecznych niech się nie dzieje Po prostu popatrz na przegląd forum na innej platformie i znajdziecie każdy ma dobre i złe komentarze. Osobiście Edgar i wariant mógłby, ja mogę powiedzieć, ponieważ nie mam żadnego dowodu na to, że może być nielegalnym bookiem biorąc zakłady i zabezpieczenie niektórych strat z traderem z innymi zyskami dla handlowców, być może są własnym bankierem forex, nie wiem Ale w Azji ludzie nadal zakładają się z nielegalną bukmacherką, mimo że licencjonowany dom bukmacherski, dlaczego dlatego, że dają lepsze kursy i pozwalają dla różnych typów zakładów. Seriously illegal bookie lub licencjonowany dom maklerski, są one takie same Jeśli ktoś chce pójść do domu, myślisz, że Twoje pieniądze są bezpieczne Oczywiście nie Jeśli brzuch oznacza, że nie ma pieniędzy. put - Licencjonowany dom maklerski - bezpieczniejsze, może gorsze kursy i margines, niepowiązany dom maklerski - bardziej ryzykowny, ale lepszy margines. Nie sądzisz, aby niektóre badania nad tymi firmami, które składały się w ostatnim GFC Zapytaj tych, którzy umieścili pieniądze na koncie, jeśli dostał pieniądze z powrotem Ktoś wiem, stracił swoje konto na 2 miliony dolarów podczas ostatniego GFC, ponieważ firma składana. Jest kilka ale kilka tak zwanych renomowanych dom maklerski, które się nagłówki i mogłem nazwać więcej, jeśli chcesz. Nowy York - oparte na Refco Inc Saxo Bank Sonray Management.5 Co myślę o przemyśle forex. Ta branża jest tak nowa, a więc nieuregulowana, jej niemal kowbojskie miasto Jako gracz, musisz mieć dostęp do swojego ryzyka Nie ma 100 dobrych firm tam muszą być poinformowani i zrozumieć swoje ryzyko Jeśli uważasz, że te firmy są nielegalne bookie zabezpieczyć swój zakład zgodnie z Twoim poziomem ryzyka, jestem pewien, że muszą mieć kapitał, zanim będą one jednym z moich badań wydają się być dużą grupą Nie wiesz, kto jest hea d za, ale będę robić więcej badań Ale nie mogę powiedzieć, że nie są w rzeczywistości handlu, ponieważ nie mam solidnego dowodu I tylko hearsay i okolicznościowych dowodów. Szczerze mówiąc, szukałem dobrej firmy forex, ale wszyscy wydają się mieć zły przeglądu na ich temat albo nie płacąc na czas, zła obsługa klienta, handel nie robi się blisko, wezwanie do wczesnego depozytu zabezpieczającego To naprawdę takie złe. Zwykle dla mnie tylko 2 proste reguły.1- Handel wewnątrz twoich środków nie nadużywaj inwestorów Zawsze zakładaj, że firma może zamknij się w każdej chwili - jeśli możesz żyć z tym zgubionym jesteś ok 2 Dowiedz się, jak firma płaci - czy płacą po wycofaniu Sprawdź, czy postawisz zakład na nielegalnych bukmacherów - nadal muszą zapłacić dont oni - więc co jest problem. Komunikat Ten artykuł jest bardzo dobrym przeczytaniem Może to pomoże wszystkim lepiej zrozumieć, jak ta branża jest w rzeczywistości uruchomiona. Ostatnio edytowane przez Anne 08-05-2010 w 06 34 Reason Link Violation. Now, że nie było negatywy, neutralne, jak coś pozytywnego aby uzyskać pokaz na drodze. Pozytywne Jestem nowy z Edgarem, przez około 6 tygodni i nie wiem wiele o Forex, ale chcę tylko podzielić się ze wszystkimi, nie mam problemu, aby wycofać moje pieniądze, nie natknąłem się na problemy takie jak trudności związane z techiną itd. Nie tylko ja, moi rodzeństwo, przyjaciele ze mną wszyscy otrzymali fundusz na czas bez żadnego problemu. FX-Men Honorary Member. Join Data Jun 2010 Lokalizacja Ireland Stanowiska 1,153.Sure, a to matka staje się bogatą ze wspaniałej magii finansowej Edgara International Firma, która robi tak dobrze, że nawet nie przejmuje się inwestycją w adres Firma, która ma tylko jednego reżysera z Filipin Firma, która ma lustrzane firmy tylko jak to wszystko za pomocą tej samej stronie internetowej w zasadzie z tym samym dodgy angielski, który w żaden sposób nie podejrzany w ogóle Firma, która wygrała t istnieją w około roku s pozostawiając wszystkie duplikaty, którzy zainwestowali w to z kieszeni To jest takie oczywiste oszustwo że to s laug habilitować lub być może, że prawdziwi ludzie straci prawdziwe pieniądze tym złodziejom. Myślałem, że zakończę rok z tą klasyczną Mam nadzieję, że masz wielki rok przed tobą. Wszyscy dostaliśmy nasze serca w pewnym momencie i nie, nie mówię tylko o tym, że zostaniesz porzucony przez twoją wysoką szkołę kochankę. ma swój własny sposób na to, że płaczesz sobie spać, pozostawiając cię w złym stanie i czując się bezradny. Powiedz, że już przestałeś binging na czekoladki i że już jesteś nad nim Ale czy nie znalazłeś się, że nie pociągnę za spust w konfiguracji bo przypomniała Ci się rzekomo roczną branżę handlową, która nie pójdzie drogą. Ostatnio ostatnio doświadczyła dużej straty lub szeregu strat, które dały Ci duży emocjonalny cios. Czy czujesz się często wzruszony emocjonalnie przez to, co czujesz, powinno być normalne stres w handlu Czy nie jesteś w stanie złamać złych nawyków, nawet jeśli jesteś świadomy ich. Jeśli odpowiedziałeś tak na te pytania, możesz cierpieć na traumę emocjonalną. Emotional trauma zwykle występuje, gdy doświadczamy zagrożenia dla naszego bezpieczeństwa i bezpieczeństwa Alth ough pomaga nam powstrzymać się od powtarzania tych samych błędów, może też sparaliżować dla przedsiębiorcy Może doprowadzić do powstania złych nawyków szkodliwych nie tylko dla naszej psychologii, ale również do naszego konta handlowego. Jak możesz zapobiec emocjonalnej traumie Przede wszystkim trzeba ćwiczyć w zakresie zarządzania ryzykiem dźwiękowym. Dla przedsiębiorców traumatyczne doświadczenia często wynikają z złego zarządzania ryzykiem Handel dużymi pozycjami, przy użyciu niewłaściwych strat przystankowych i nadmiernie agresywnych może zagrozić jednemu kontu, dlatego też poczucie bezpieczeństwa finansowego. Nagrywanie zatrzymało się, gdy stop loss został prawidłowo umieszczony i ryzyko skorygowane nie powinno być traumatyczne, ponieważ straty są nieuniknione Jednak zdecydowanie nie używać stop i tracić połowę konta, ponieważ na pewno daje koszmary. Secondly, musisz przygotować się na najgorsze, ale plan na najlepsze. Przygotuj się na trafienia. Pojedź po 8-dywizjonowym mistrzem świata i funtowym bokserem, Manny Pacquiao Przechodzi przez wyczerpujący, 8-tygodniowy trening c amp do każdego ze swoich walk, co obejmuje niezwykłą praktykę zwracania się do trenerów, aby uderzyć mięśnie twardym pałką. Ten drążek wzmacnia jego ciało i przygotowuje umysł do ciosów, które może przyjść walczyć z nocą. Przygotowuje się do przebojów, ale zawsze walczy o zwycięstwo. To wszystko o przygotowaniach umysłowych Jeśli zdecydujesz się na przyjęcie uderzeń i ciosów, to prawie nic nie zaszkodzi Twojemu skupieniu. Pamiętaj, chociaż przygotowujemy się mentalnie do możliwości straty, nie musimy się martwić i zawsze staramy się osiągnąć nasz ostateczny cel, aby wygrać. Innymi słowy, musimy przygotować się do stracenia, ale zawsze wywalczyć handel, aby wygrać. Dane dotyczące miejsc pracy w Stanach Zjednoczonych były zdecydowanie silniejsze niż się spodziewano i nie pozostawiaj żadnych wątpliwości dotyczących spotkania grudniowego, że niektórzy widzieli, że wiążą się z rękami Feda Dolar złamał kluczowe punkty wykresu w okolicach JPY122 i 1 08 w przypadku euro. Płace z USA wyniosły 271 tys., czyli prawie 100 tys. więcej niż oczekiwano Spodziewano się wzrostu zatrudnienia w sierpniu i wrześniu uaktualniono o nieznaczny 12-go września w porównaniu do roku poprzedniego o 5 tys., a sierpniowy wzrost o 17 tys. Stopa bezrobocia spadła do 5 0, podczas gdy stopa bezrobocia była na niezmienionym poziomie 62 4 Stopa bezrobocia spadła do 9 8 Jest to pierwsza druk sub-10 od czasu Wielkiego Kryzysu Finansowego Wzrost średniego wynagrodzenia godzinowego 0 4 był dwukrotnie większy od oczekiwanego wzrostu i podnosi wskaźnik rok do roku do poziomu 2 5, nowe cykliczne wysokie wynagrodzenia w sektorze prywatnym dodały 268 tys. miejsc pracy wzrost o 3 tys. w rządzie pracowali najmniej w ciągu kilku miesięcy W okresie lipiec-wrzesień rząd zwiększył średnio o 29 tys. miesięcznie. Trudno jest znaleźć chmurę w srebrnej wykładzinie, ponieważ ekonomiści często robią to Nawet badanie gospodarstw domowych, które czasami nie jest zgodny z badaniami dotyczącymi zakładów pracy, wzrósł o 320 tys. miejsc pracy, wyrównywszy w pełni spadek zatrudnienia we wrześniu o 236 tys., który spadł przez dwa kolejne miesiące był płaski, co w porównaniu z oczekiwaniami s spadku o 5 k oraz osłabienia ankiety ADP i miękkich produkcji ISM. US stopy procentowe znacznie wzrosły w odpowiedzi na dane o zleceniach 10-letnia rentowność wynosi blisko 2 30 7 pz, a 2 lata jest blisko 92 bp 9 pb Podejmowana rentowność kontraktów na futures w grudniu Fed wzrosła o 2 pb. Dane dotyczące miejsc pracy w Stanach Zjednoczonych były lepsze od oczekiwań. Wzrosło 44 miejsca pracy o 4 tys. w porównaniu z konsensusem szacunkowym 10 k. Stopa bezrobocia spadła do 7 0, mimo że udział stopa wzrostu wzrosła do 66 0 z 65 9 Konsensus spodziewał się spadku frekwencji Stopa zatrudnienia w pełnym wymiarze wzrosła o mniej niż 9 tys. po prawie 62 tys. strat we wrześniu Pomimo lokalnych danych, dolar kanadyjski jest przytłoczony rosnącym giełdą. Temat rozbieżności został podkreślony w tym tygodniu, a amerykańskie dane o zatrudnieniu stanowią o centralnym znaczeniu dla klimatu inwestycyjnego. Drapieżna Draghi, w połączeniu z nieoczekiwanymi spadkami niemieckich zamówień fabrycznych i produkcji przemysłowej, otwiera możliwość, że Rezerwa Federalna a EBC przemieścił się w przeciwnych kierunkach w przyszłym miesiącu Bank Anglii był również bardziej gołych niż oczekiwano, co czyniło w ostatnich dniach jeden z najsłabszych walut. Często mówi się, że sukces przychodzi do tych, którzy przyjmują zmiany. produkty i usługi, które zaspokajają ciągle zmieniające się wymagania klientów. Motywy rynku na rynku starsze powiedzenie: Jedyną rzeczą stałą w życiu jest zmiana, a nie mniej prawdziwa w handlu Oczywiście, dostosowanie do zmian nie jest łatwe, forex handlowiec, twoja praca ma być elastyczna Jeden z wyróżniających cech, jakie zauważyłem wśród udanych przedsiębiorców, jest ich zdolność do wymyślania tematów rynkowych poprzez syntezę wzorców z różnych zasobów i ram czasowych. Na przykład, tylko dlatego, że ty tylko forex nie oznacza Nie muszę trzymać kart na innych rynkach finansowych. Nauczyliśmy się z sekcji korelacji międzybranżowych Szkoły Pipsologii, że waluty również dzielą się towarami, obligacjami i sto ck. Now, pomyśl o motywach jako teorii, które handlowcy tworzą, aby zrozumieć, co się dzieje na rynkach. Ale oczywiście teoria może być tylko dobra, jeśli naprawdę uchwyci trendy na rynku Jeśli opiera się tylko na jednym jak można handlować z zamkniętymi oczami. Jak możemy, jako handlowcy, odkryć tematy rynku. Pierwszym krokiem jest zebranie danych Zanim nawet podejdziesz do handlu, przeczytaj o tym, co się dzieje w gospodarce krajobraz Istnieje wiele sposobów na to zrobić, takich jak czytanie głównych serwisów informacyjnych lub czytanie na blogu Pip Diddy's Top Market Movers po zakończeniu każdego week. Flowlow tego poprzez przeglądnięcie ostatnio wydanego ważnego raportu ekonomicznego Sprawdź, czy były pod wrażeniem or disappointed and if how they affected market sentiment Ask yourself questions like How did the market react , Is the market bullish , and Is the market bearish. After investigating the fundamental background and market sentiment, you can move on to the technical aspec t to find a valid forex setup that supports your biases Look for patterns, trends, and indicator changes which hint that price may move with the market theme. Discovering market themes is about combining all of the key data points and turning it into a workable trading framework It s like putting together a jigsaw puzzle from scratch you begin with the edges and slowly build up the middle to form a complete picture. For example, a news report from the U S comes out better than expected, and the stock market soars but the dollar ends up getting sold-off This can be a sign that the market is extremely bullish and hungry for risk Using this information, you look for a technical swing setup that enables you to sell the U S dollar versus high-yielding currencies, like the Australian dollar, at an appropriate price. Some of you are probably saying that this only applies to those who prefer to trade higher time frames However, as a scalper or day trader, knowing what the expectation is for a par ticular economic report could also work to your advantage. As with most things related to becoming a better trader, learning how to properly decipher the market theme is difficult It requires patience, time, and hard work But the fact is, properly identifying market themes is very important in trading. The clearer the overall market picture is, the easier it is for you to determine whether the trade is truly going in your favor or it is simply faking you out Also, more than simply going with where the market is taking you, having a set market theme allows you to ANTICIPATE the direction to which it is headed Now wouldn t you want to be capable of that in this volatile market environment. Sure, keeping track of your forex stats is awesome But numbers are just gonna be numbers, and they don t really tell the whole story If you ve already caught yourself thinking that you re doing something wrong over and over again but you don t know what it is, maybe it s time you start a psychological jou rnal, too. You know how the market has tendencies Well, in the same way that it tends to react to market events and environments in certain ways, individual traders also have repetitive reactions and behavioral tendencies However, we often overlook them and how they may be affecting our forex trading performance. See, through our lifetime we ve developed coping mechanisms to help us deal with distress For example, the first time you touched a pot of boiling stew, you ve learned that your fingers get burned and that it will probably happen again the next time you do it, right To avoid pain, you ve learned to use kitchen mitts or avoid touching the pot until it has cooled Eventually, coping mechanisms like these turn into habits and come off naturally when we are faced with similar situations. Although we subconsciously develop these these knee-jerk reactions to keep us from feeling pain, they may also lead us to make bad impulsive trading decisions Think about it How many times have you cl osed a winning trade early the second the market moved against you by a few pips And you ve probably beaten yourself up for doing over and over again even though you knew that you could have ended your last trade with a bigger win had you followed your plan. And this is why you should have a psychological journal It s a tool that will help you recognize your character patterns If you re wondering how you can get started, here are a few tips. Describe the current forex market situation. Try to describe the current market situation and why your trade setup could work in that specific environment Ask yourself the following questions What are the dominant market themes right now Is risk on or off Am I about to take a trade that s in line with these themes and risk sentiment. How do you feel. Aside from the market environment, also include your thoughts and emotions while trading Sure, it may feel funny to write about your feelings at first, but somewhere down the road you ll recognize some beha vioral patterns If you wanna write about having a terrible hair day or having too much coffee in the morning, go ahead It s important to note down all the possible factors that could have an impact on your decision-making. Take note of the outcomes. Finally, jot down the outcomes of your trading decisions to help find out what emotions have a positive or negative influence To pinpoint possible issues, ask questions like. Did you close your trade too early because you were feeling extra impatient that day. Was it difficult for you to concentrate and why. Did you move your stops farther because you were too hungry for a win. Were you feeling confident in your trade idea that you decided to increase your position size. Bear in mind that the goal is to recognize behavioral patterns and their usual consequences From this, you can identify those scenarios that negatively impact your decision-making and just decide to refrain from trading if those patterns recur Soon enough you ll be able to build e nough awareness of these behavioral patterns, clearly identify what causes you distress, and be able to keep those situations from damaging your trading account. Guide to Broker-Dealer Registration. Division of Trading and Markets 1 U S Securities and Exchange Commission April 2008.Table of Contents. Who Is Required to Register. Who is a Broker. Who is a Dealer. What To Do If You Think You May be a Broker or a Dealer. Brokers and Dealers Generally Must Register with the SEC. Associated Persons of a Broker-Dealer. Intrastate Broker-Dealers. Broker-Dealers that Limit their Business to Excluded and Exempted Securities. Broker-Dealers Must Register Before Selling Unregistered Securities - Including Private Placements or Regulation D offerings. Issuer s Exemption. Foreign Broker-Dealer Exemption. Requirements Regarding Brokers and Dealers of Government and Municipal Securities, including Repurchase Agreements. Special Rules That Apply to Banks and Other Financial Institutions. Insurance Agency Networking. Real Estate Securities and Real Estate Brokers Agents. Broker-Dealer Relationships with Affinity Groups. How to Register as a Broker-Dealer. SRO Membership. SIPC Membership. State Requirements. Associated Persons. Successor Broker-Dealer Registration. Withdrawal from Registration Cancellation of Registration. Security Futures. Conduct Regulation of Broker-Dealers. Antifraud Provisions. Duty of Fair Dealing. Suitability Requirements. Duty of Best Execution. Customer Confirmation Rule. Disclosure of Credit Terms. Restrictions on Short Sales Regulation SHO. Trading During an Offering Regulation M. Restrictions on Insider Trading. Restrictions on Private Securities Transactions. Analysts and Regulation AC. Trading by Members of Exchanges, Brokers and Dealers. Extending Credit on New Issues. Regulation NMS. Order Execution Obligations. Regulation ATS Broker-Dealer Trading Systems. Penny Stock Rules. Privacy of Consumer Financial Information Regulation S-P. Investment Adviser Registration. Financial Responsibility of Broker-Dealers Capital Rule. Use of Customer Balances. Customer Protection. Required Books, Records and Reports. Risk Assessment Requirements. Other Requirements. Examinations and Inspections. Lost and Stolen Securities Program. Fingerprinting Requirement. Use of Electronic Media by Broker-Dealers. Electronic Signatures. Anti-Money Laundering Program. Office of Foreign Assets Control. Business Continuity Plans. Where to Get Further Information. I INTRODUCTION. 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 We have prepared this guide to summarize 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. CAUTION MAKE SURE YOU FOLLOW ALL LAWS AND RULES. Although this guide highlights certain provisions of the Act and our rules, it is not comprehensive Brokers and dealers, and their associated persons, must comply with all applicable requirements, including those of the U S Securities and Exchange Commission SEC or Commission , as well as the requirements of any self-regulatory organizations to which the brokers and dealers belong, and not just those summarized here. The SEC staff stands ready to answer your questions and help you comply with our rules After rea ding this guide, if you have questions, please feel free to contact the Office of Interpretation and Guidance at 202 551-5777 e-mail or the Regional Office of the SEC in your area You will find a list of useful phone numbers at the end of this guide, or on the SEC s website at. You may wish to consult with a private lawyer who is familiar with the federal securities laws, to assure that you comply with all laws and regulations The SEC staff cannot act as an individual s or broker-dealer s lawyer While the staff attempts to provide guidance by telephone to individuals who are making inquiries, the guidance is informal and not binding Formal guidance may be sought through a written inquiry that is consistent with the SEC s guidelines for no-action, interpretive, and exemptive requests. II WHO IS REQUIRED TO REGISTER. Most brokers and dealers must register with the SEC and join a self-regulatory organization, or SRO This section covers the factors that determine whether a person is a broker or dealer It also describes the types of brokers and dealers that do not have to register with the SEC Self-regulatory organizations are described in Part III, below. A note about banks The Exchange Act also contains special provisions relating to brokerage and dealing activities of banks Please see Sections 3 a 4 B and 3 a 5 C and related provisions, and consult with counsel Aspects of bank dealer activity are discussed in a publication issued by the SEC s Division of Trading and Markets, entitled Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules, which is available on the SEC s website at Bank brokerage activity is addressed in Regulation R, which was adopted jointly by the Commission and the Board of Governors of the Federal Reserve System See Exchange Act Release No 56501 September 24, 2007.A Who is a Broker. Section 3 a 4 A of the Act generally defines a broker broadly as. any person engaged in the business of effecting transactions in securities for the accoun t of others. Sometimes you can easily determine if someone is a broker For instance, a person who executes transactions for others on a securities exchange clearly is a broker However, other situations are less clear For example, each of the following individuals and businesses may need to register as a broker, depending on a number of factors. finders, business brokers, and other individuals or entities that engage in the following activities. Finding investors or customers for, making referrals to, or splitting commissions with registered broker-dealers, investment companies or mutual funds, including hedge funds or other securities intermediaries. Finding investment banking clients for registered broker-dealers. Finding investors for issuers entities issuing securities , even in a consultant capacity. Engaging in, or finding investors for, venture capital or angel financings, including private placements. Finding buyers and sellers of businesses i e activities relating to mergers and acquisitions where securities are involved. investment advisers and financial consultants. foreign broker-dealers that cannot rely on Rule 15a-6 under the Act discussed below. persons that operate or control electronic or other platforms to trade securities. persons that market real-estate investment interests, such as tenancy-in-common interests, that are securities. persons that act as placement agents for private placements of securities. persons that market or effect transactions in insurance products that are securities, such as variable annuities, or other investment products that are securities. persons that effect securities transactions for the account of others for a fee, even when those other people are friends or family members. persons that provide support services to registered broker-dealers and. persons that act as independent contractors, but are not associated persons of a broker-dealer for information on associated persons, see below. In order to determine whether any of these individuals or any other person or business is a broker, we look at the activities that the person or business actually performs You can find analyses of various activities in the decisions of federal courts and our own no-action and interpretive letters Here are some of the questions that you should ask to determine whether you are acting as a br oker. Do you participate in important parts of a securities transaction, including solicitation, negotiation, or execution of the transaction. Does your compensation for participation in the transaction depend upon, or is it related to, the outcome or size of the transaction or deal Do you receive trailing commissions, such as 12b-1 fees Do you receive any other transaction-related compensation. Are you otherwise engaged in the business of effecting or facilitating securities transactions. Do you handle the securities or funds of others in connection with securities transactions. A yes answer to any of these questions indicates that you may need to register as a broker. B Who is a Dealer. Unlike a broker, who acts as agent, a dealer acts as principal Section 3 a 5 A of the Act generally defines a dealer as. any person engaged in the business of buying and selling securities for his own account, through a broker or otherwise. The definition of dealer does not include a trader, that is, a person who buys and sells securities for his or her own account, either individually or in a fiduciary capacity, but not as part of a regular business Individuals who buy and sell securities for themselves generally are considered traders and not dealers. Sometimes you can easily tell if someone is a dealer For example, a firm that advertises publicly that it makes a market in securities is obviously a dealer Other situations can be less clear For instance, each of the following individuals and businesses may need to register as a dealer, depending on a number of factors. a person who holds himself out as being willing to buy and sell a particular security on a continuous basis. a person who runs a matched book of repurchase agreements or. a person who issues or originates securities that he also buys and sells. Here are some of the questions you should ask to determine whether you are acting as a dealer. Do you advertise or otherwise let others know that you are in the business of buying and selli ng securities. Do you do business with the public either retail or institutional. Do you make a market in, or quote prices for both purchases and sales of, one or more securities. Do you participate in a selling group or otherwise underwrite securities. Do you provide services to investors, such as handling money and securities, extending credit, or giving investment advice. Do you write derivatives contracts that are securities. A yes answer to any of these questions indicates that you may need to register as a dealer. C What To Do If You Think You May Be a Broker or a Dealer. If you are doing, or may do, any of the activities of a broker or dealer, you should find out whether you need to register Information on the broker-dealer registration process is provided below If you are not certain, you may want to review SEC interpretations, consult with private counsel, or ask for advice from the SEC s Division of Trading and Markets by calling 202 551-5777 or by sending an e-mail to Please be sure to include your telephone number. Note If you will be acting as a broker or dealer, you must not engage in securities business until you are properly registered If you are already engaged in the business and are not yet registered, you should cease all activities until you are properly registered For further information, please see Part II D and Part III, below. D Brokers and Dealers Generally Must Register with the SEC. Section 15 a 1 of the Act generally makes it unlawful for any broker or dealer to use the mails or any other means of interstate commerce, such as the telephone, facsimiles, or the Internet to effect any transactions in, or to induce or attempt to induce the purchase or sale of, any security unless that broker or dealer is registered with the Commission in accordance with Section 15 b of the Act There are a few exceptions to this general rule that we discuss below In addition, we discuss the special registration requirements that apply to broker-dealers of government and municipal securities, including repurchase agreements, below.1 Associated Persons of a Broker-Dealer. We call individuals who work for a registered broker-dealer associated persons This is the case whether such individuals are employees, independent contractors, or are otherwise working with a broker-dealer These individuals may also be called stock brokers or registered representatives Although associated persons usually do not have to register separately with the SEC, they must be properly supervised by a currently registered broker-dealer They may also have to register with the self-regulatory organizations of which their employer is a member for example, the Financial Industry Regulatory Authority, Inc FINRA f k a the National Association of Securities Dealers, Inc NASD or a national securities exchange To the extent that associated persons engage in securities activities outside of the supervision of their broker-dealer, they would have to register separately as broker-dealers Par t III, below, provides a discussion of how to register as a broker-dealer. We do not differentiate between employees and other associated persons for securities law purposes Broker-dealers must supervise the securities activities of their personnel regardless of whether they are considered employees or independent contractors as defined under state law See for example, In the matter of William V Giordano Securities Exchange Act Release No 36742 January 19, 1996.The law also does not permit unregistered entities to receive commission income on behalf of a registered representative For example, associated persons cannot set up a separate entity to receive commission checks An unregistered entity that receives commission income in this situation must register as a broker-dealer See for example, Wolff Juall Investments, LLC May 17, 2005 Under certain circumstances, unregistered entities may engage in payroll administration services involving broker-dealers See for example, letter re ADP Tot alSource, Inc December 4, 2007 In those circumstances, the broker-dealer employer generally hires and supervises all aspects of the employees work and uses the payroll and benefits administrator merely as a means to centralize personnel services.2 Intrastate Broker-Dealers. A broker-dealer that conducts all of its business in one state does not have to register with the SEC State registration is another matter See Part III below The exception provided for intrastate broker-dealer activity is very narrow To qualify, all aspects of all transactions must be done within the borders of one state This means that, without SEC registration, a broker-dealer cannot participate in any transaction executed on a national securities exchange. A broker-dealer that otherwise meets the requirements of the intrastate broker-dealer exemption would not cease to qualify for the intrastate broker-dealer exemption solely because it has a website that may be viewed by out-of-state persons, so long as the broker - dealer takes measures reasonably designed to ensure that its business remains exclusively intrastate These measures could include the use of disclaimers clearly indicating that the broker-dealer s business is exclusively intrastate and that the broker-dealer can only act for or with, and provide broker-dealer services to, a person in its state, as long as the broker-dealer does not provide broker-dealer services to persons that indicate they are, or that the broker-dealer has reason to believe are, not within the broker-dealer s state of residence. These measures are not intended to be exclusive A broker-dealer could adopt other measures reasonably designed to ensure that it does not provide broker-dealer services to persons that are not within the same state as the broker-dealer However, an intermediary s business would not be exclusively intrastate if it sold securities or provided any other broker-dealer services to a person that indicates that it is, or that the broker-dealer has r eason to believe is, not within the broker-dealer s state of residence. For additional information regarding the use of the Internet by intrastate broker-dealers, see. A word about municipal and government securities There is no intrastate exception from registration for municipal securities dealers or government securities brokers and dealers.3 Broker-Dealers that Limit their Business to Excluded and Exempted Securities. A broker-dealer that transacts business only in commercial paper, bankers acceptances, and commercial bills does not need to register with the SEC under Section 15 b or any other section of the Act On the other hand, persons transacting business only in certain exempted securities, as defined in Section 3 a 12 of the Act, do not have to register under Section 15 b , but may have to register under other provisions of the Act For example, some broker-dealers of government securities, which are exempted securities, must register as government securities brokers or dealers u nder Section 15C of the Act, as described in Part II E, below.4 Broker-Dealers Must Register Before Selling Unregistered Securities Including Private Placements or Regulation D offerings. A security sold in a transaction that is exempt from registration under the Securities Act of 1933 the 1933 Act is not necessarily an exempted security under the Exchange Act For example, a person who sells securities that are exempt from registration under Regulation D of the 1933 Act must nevertheless register as a broker-dealer In other words, placement agents are not exempt from broker-dealer registration.5 Issuer s Exemption and Associated Persons of Issuers Rule 3a4-1.Issuers generally are not brokers because they sell securities for their own accounts and not for the accounts of others Moreover, issuers generally are not dealers because they do not buy and sell their securities for their own accounts as part of a regular business Issuers whose activities go beyond selling their own securities, h owever, need to consider whether they would need to register as broker-dealers This includes issuers that purchase their securities from investors, as well as issuers that effectively operate markets in their own securities or in securities whose features or terms can change or be altered The so-called issuer s exemption does not apply to the personnel of a company who routinely engage in the business of effecting securities transactions for the company or related companies such as general partners seeking investors in limited partnerships The employees and other related persons of an issuer who assist in selling its securities may be brokers, especially if they are paid for selling these securities and have few other duties. Exchange Act Rule 3a4-1 provides that an associated person or employee of an issuer who participates in the sale of the issuer s securities would not have to register as a broker-dealer if that person, at the time of participation 1 is not subject to a statutory di squalification, as defined in Section 3 a 39 of the Act 2 is not compensated by payment of commissions or other remuneration based directly or indirectly on securities transactions 3 is not an associated person of a broker or dealer and 4 limits its sales activities as set forth in the rule. Some issuers offer dividend reinvestment and stock purchase programs Under certain conditions, an issuer may purchase and sell its own securities through a dividend reinvestment or stock purchase program without registering as a broker-dealer These conditions, regarding solicitation, fees and expenses, and handling of participants funds and securities, are explained in Securities Exchange Act Release No 35041 December 1, 1994 , 59 FR 63393 1994 STA Letter Although Regulation M 2 replaced Rule 10b-6 and superseded the 1994 STA Letter, the staff positions taken in this letter regarding the application of Section 15 a of the Exchange Act remain in effect See 17 CFR 242 102 c and Securities Exchange Ac t Release No 38067 December 20, 1996 , 62 FR 520, 532 n 100 January 3, 1997.6 Foreign Broker-Dealer Exemption Rule 15a-6.The SEC generally uses a territorial approach in applying registration requirements to the international operations of broker-dealers Under this approach, all broker-dealers physically operating within the United States that induce or attempt to induce securities transactions must register with the SEC, even if their activities are directed only to foreign investors outside of the United States In addition, foreign broker-dealers that, from outside of the United States, induce or attempt to induce securities transactions by any person in the United States, or that use the means or instrumentalities of interstate commerce of the United States for this purpose, also must register This includes the use of the internet to offer securities, solicit securities transactions, or advertise investment services to U S persons See Securities Exchange Act Release No 39779 March 2 3, 1998.Foreign broker-dealers that limit their activities to those permitted under Rule 15a-6 of the Act, however, may be exempt from U S broker-dealer registration Foreign broker-dealers that wish to rely on this exemption should review Securities Exchange Act Release No 27017 effective August 15, 1989 , 54 FR 30013, to determine whether they meet the conditions of Rule 15a-6 See also letters re Securities Activities of U S - Affiliated Foreign Dealers April 9 and April 28, 1997 In addition, in April 2005, the Division of Market Regulation staff issued responses to frequently asked questions concerning Rule 15a-6 in relation to Regulation AC See Regulation AC is discussed in Part V B, below. E Requirements Regarding Brokers and Dealers of Government and Municipal Securities, including Repurchase Agreements. Broker-dealers that limit their activity to government or municipal securities require specialized registration Those that limit their activity to government securities do not have t o register as general-purpose broker-dealers under Section 15 b of the Act General-purpose broker-dealers that conduct a government securities business, however, must note this activity on their Form BD Form BD is discussed below All firms that are brokers or dealers in government securities must comply with rules adopted by the Secretary of the Treasury, as well as SEC rules. Firms that limit their securities business to buying and selling municipal securities for their own account municipal securities dealers must register as general-purpose broker-dealers If, however, these entities are banks or meet the requirements of the intrastate exemption discussed in Part II D 2 above, they must register as municipal securities dealers Municipal securities brokers other than banks must register as general-purpose broker-dealers unless they qualify for the intrastate exception See Part II D 2 above. Firms that run a matched book of repurchase agreements or other stock loans are considered dealer s Because a book running dealer holds itself out as willing to buy and sell securities, and is thus engaged in the business of buying and selling securities, it must register as a broker-dealer. F Special Rules That Apply to Banks and Similar Financial Institutions. Note Banks, thrifts, and other financial institutions should be aware that the Commission has adopted rules that may affect them See Regulation R, Securities Exchange Act Release No 34-56501 Sept 24, 2007 , 72 FR 56514 Oct 3, 2007 , and Securities Exchange Act Release No 34-56502 Sept 24, 2007 72 FR 56562 Oct 3, 2007.Banks Prior to the enactment of the Gramm-Leach-Bliley Act GLBA in 1999, U S banks were excepted from the definitions of broker and dealer under the Act The GLBA amended the Exchange Act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration Currently, as a result of Commission rulemaking, banks are undergoing a phase-in period for compliance with the new law Since October 1, 2003, banks that buy and sell securities must consider whether they are dealers under the federal securities laws The Division of Trading and Markets has issued a special compliance guide for banks, entitled Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules, which is available on the SEC s website at Bank brokerage activity is addressed in Regulation R, which was adopted jointly by the Commission and the Board of Governors of the Federal Reserve System See Exchange Act Release No 56501 September 24, 2007 which can be found at. The bank exceptions and exemptions only apply to banks, and not to related entities It is important to note that exceptions applicable to banks under the Exchange Act, as amended by the GLBA, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the Act Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the Act. Thrifts By statute, thrifts savings associations have the same status as banks, and may avail themselves of the same targeted exceptions and exemptions from broker-dealer registration as banks For further information, See the Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules, noted above As with banks, it is important to note that exceptions and exemptions applicable to thrifts are not applicable to other entities, including subsidiaries and affiliates that are not thrifts As such, subsidiaries and affiliates of thrifts that engage in broker-dealer activities are required to register as broker-dealers under the Act. Credit Unions and Financial Institution Networking Arrangements The exceptions and exemptions applicable to banks under the Exchange Act do not apply to other kinds of financial institutions, such as credit unions The SEC staff, however, has permitted certain financial institutions, such as credit unions, to make securities available to their customers without registering as broker-dealers This is done through networking arrangements, where an affiliated or third-party broker-dealer provides brokerage services for the financial institution s customers, according to conditions stated in no-action letters and NASD Rule 2350.Under a networking arrangement, financial institutions can share in the commissions generated by their referred customers, under certain conditions The financial institution engaging in such networking must be in strict compliance with applicable law and Commission staff guidance See for example, letter re Chubb Securities Corporation November 24, 1993 and NASD Rule 2350 applicable to broker-dealers that enter into networking arrangements with banks, thrifts, and credit unions. G Insurance Agency Networking. The SEC staff has permitted insurance agencies to make in surance products that are also securities such as variable annuities available to their customers without registering as broker-dealers under certain conditions This again is done through networking arrangements, where an affiliated or third-party broker-dealer provides brokerage services for the insurance agency s customers, according to conditions stated in no-action letters These arrangements are designed to address the difficulties of dual state and federal laws applicable to the sale of these products Through networking arrangements, insurance agencies can share in the commissions generated by their referred customers under certain conditions Insurance agencies engaging in such networking must be in strict compliance with applicable law and Commission staff guidance Insurance companies should consult the letter re First of America Brokerage Services, Inc September 28, 1995 Those interested in structuring such an arrangement should contact private counsel or the SEC staff for furth er information. Notably, insurance networking arrangements are limited to insurance products that are also securities They do not encompass sales of mutual funds and other securities that do not present the same regulatory difficulties See letter re Lincoln Financial Advisors Corp February 20, 1998.H Real Estate Securities and Real Estate Brokers Agents. The offer of real estate as such, without any collateral arrangements with the seller or others, does not involve the offer of a security When the real estate is offered in conjunction with certain services, however, it may constitute an investment contract, and thus, a security See generally Securities Act Release No 5347 Jan 4, 1973 providing guidelines as to the applicability of the federal securities laws to offers and sales of condominiums or units in a real estate development. There is no general exception from the broker-dealer registration requirements for licensed real estate brokers or agents who engage in the business of effect ing transactions in real estate securities In the past, the Division staff has granted no-action relief from the registration requirements to licensed real estate personnel that engage in limited activities with respect to the sale of condominium units coupled with an offer or agreement to perform or arrange certain rental or other services for the purchaser The relief provided in these letters is limited solely to their facts and should not be relied upon for activities relating to sales of other types of real estate securities, including tenants-in-common interests in real property See generally NASD Notice to Members 05-18, addressing tenants-in-common interests in real property. I Broker-Dealer Relationships with Affinity Groups. Broker-dealers may enter into arrangements to offer services to members of certain non-profit groups, including civic organizations, charities, and educational institutions that rely upon private donations These arrangements are subject to certain conditions to ensure that the organizations, or affinity groups, do not develop a salesman s stake with respect to the sale of securities See for example, letter re Attkisson, Carter Akers June 23, 1998.III HOW TO REGISTER AS A BROKER-DEALER. A broker-dealer may not begin business until. it has properly filed Form BD, and the SEC has granted its registration. it has become a member of an SRO. it has become a member of SIPC, the Securities Investor Protection Corporation. it complies with all applicable state requirements and. its associated persons have satisfied applicable qualification requirements. If a broker-dealer does not qualify for any of the exceptions or exemptions outlined in the sections above, it must register with the Commission under Section 15 b of the Act Broker-dealers register by filing an application on Form BD, which you may obtain from the SEC s webpage at or through the SEC s Publications Office at 202 551-4040 You also use Form BD to. apply for membership in an SRO, such as FINR A or a registered national securities exchange. give notice that you conduct government securities activities or. apply for broker-dealer registration with each state in which you plan to do business. Form BD asks questions about the background of the broker-dealer and its principals, controlling persons, and employees The broker-dealer must meet the statutory requirements to engage in a business that involves high professional standards, and quite often includes the more rigorous responsibilities of a fiduciary. To apply for registration, you must file one executed copy of Form BD through the Central Registration Depository CRD , which is operated by FINRA The only exception is for banks registering as municipal securities dealers, which file Form MSD directly with the SEC and with their appropriate banking regulator Form BD contains additional filing instructions The SEC does not charge a filing fee, but the SROs and the states may Applicants that reside outside the U S must also appoint the SEC as agent for service of process using a standard form Incomplete applications are not considered filed and will be returned to the applicant for completion and re-submission. Within 45 days of filing a completed application, the SEC will either grant registration or begin proceedings to determine whether it should deny registration An SEC registration may be granted with the condition that SRO membership must be obtained The SROs have independent membership application procedures and are not required to act within 45 days of the filing of a completed application In addition, state registrations may be required A broker-dealer must comply with relevant state law as well as federal law and applicable SRO rules Timeframes for registration with individual states may differ from the federal and SRO timeframes As such, when deciding to register as a broker-dealer, it is important to plan for the time required for processing Federal, state, and SRO registration or membership applicati ons. Duty to update Form BD A registered broker-dealer must keep its Form BD current Thus, it must promptly update its Form BD by filing amendments whenever the information on file becomes inaccurate or incomplete for any reason. Prohibited Broker-Dealer Names Title 18, Section 709 of the United States Code makes it a criminal offense to use the words National, Federal, United States, Reserve, or Deposit Insurance in the name of a person or organization in the brokerage business, unless otherwise allowed by federal law Further, a broker-dealer name that is otherwise materially misleading would become subject to scrutiny under Exchange Act Section 10 b , and Rule 10b-5 thereunder, the general antifraud rules, and any other applicable provisions. B SRO Membership Section 15 b 8 and Rule 15b9-1.Before it begins doing business, a broker-dealer must become a member of an SRO SROs assist the SEC in regulating the activities of broker-dealers FINRA and the national securities exchanges are all S ROs If a broker-dealer restricts its transactions to the national securities exchanges of which it is a member and meets certain other conditions, it may be required only to be a member of those exchanges If a broker-dealer effects securities transactions other than on a national securities exchange of which it is a member, however, including any over-the-counter business, it must become a member of FINRA, unless it qualifies for the exemption in Rule 15b9-1 FINRA s webpage at provides detailed information on the FINRA membership process You may also wish to consult the web pages of the individual exchanges for additional information. Firms that engage in transactions in municipal securities must also comply with the rules of the Municipal Securities Rulemaking Board, or MSRB The MSRB is an SRO that makes rules governing transactions in municipal securities, but, unlike other SROs, it does not enforce compliance with its rules Compliance with MSRB rules is monitored and enforced by FINR A and the SEC in the case of broker-dealers , and the Federal bank regulators and the SEC in the case of banks You may wish to consult the MSRB s website at for additional information, or you can call the MSRB at 703 797-6600.C SIPC Membership. Every registered broker-dealer must be a member of the Securities Investor Protection Corporation, or SIPC, unless its principal business is conducted outside of the United States or consists exclusively of the sale or distribution of investment company shares, variable annuities, or insurance Each SIPC member must pay an annual fee to SIPC SIPC insures that its members customers receive back their cash and securities in the event of a member s liquidation, up to 500,000 per customer for cash and securities Claims for cash are limited to 100,000 For further information, contact SIPC, 805 15th St NW, Suite 800, Washington, DC 20005 Telephone 202 371-8300, fax 202 371-6728, or visit SIPC s website at. D State Requirements. Every state has its own req uirements for a person conducting business as a broker-dealer within that state Each state s securities regulator can provide you with information about that state s requirements You can obtain contact information for these regulators from the North American Securities Administrators Association, Inc NASAA , 750 First Street, NE, Suite 1140, Washington, DC 20002 Telephone 202 737-0900, or visit NASAA s website at. E Associated Persons Section 3 a 18 Rule 15b7-1.The Act defines an associated person of a broker-dealer as any partner, officer, director, branch manager, or employee of the broker-dealer, any person performing similar functions, or any person controlling, controlled by, or under common control with, the broker-dealer A broker-dealer must file a Form U-4 with the applicable SRO for each associated person who will effect transactions in securities when that person is hired or otherwise becomes associated Form U-4 is used to register individuals and to record these individuals prior employment and disciplinary history. An associated person who effects or is involved in effecting securities transactions also must meet qualification requirements These include passing an SRO securities qualification examination Many individuals take the comprehensive Series 7 exam If individuals engage only in activities involving sales of particular types of securities, such as municipal securities, direct participation programs limited partnerships or mutual funds, they may wish to take a specialized examination focused on that type of security, instead of the general securities examination There is also a special exam for assistant representatives, whose activities are limited to accepting unsolicited customer orders for execution by the firm Supervisory personnel, and those who engage in specialized activities such as options trading, must take additional exams that cover those areas These examinations require the Series 7 exam as a prerequisite. You can obtain copies of Form U-4, as well as information on securities qualification examinations, from an SRO FINRA s website at contains detailed information and guidance for individuals who wish to obtain a series license through FINRA Also note that individual states have their own licensing and registration requirements, so you should consult with the applicable state securities regulators for further information. Note If you hold a series license, you must be properly associated with a registered broker-dealer to effect securities transactions It is not sufficient merely to hold a series license when engaging in securities business If you hold a series license and wish to start an independent securities business, or otherwise wish to effect securities transactions outside of an associated person relationship, you would first need to register as a broker-dealer. F Successor Broker-Dealer Registration Rules 15b1-3, 15Ba2-4, and 15Ca2-3.A successor broker-dealer assumes substantially all of the assets and liabil ities, and continues the business, of a registered predecessor broker-dealer A successor broker-dealer must file a new Form BD or, in special instances, amend the predecessor broker-dealer s Form BD within 30 days after such succession The filing should indicate that the applicant is a successor See Securities Exchange Act Release No 31661 December 28, 1992 , 58 FR 7, which is available on the SEC s website at See also, the instructions to Form BD. G Withdrawal from Registration Rule 15b6-1 Cancellation of Registration. When a registered broker-dealer stops doing business, it must file a Form BDW to withdraw its registration with the SEC and with the states and SROs of which it is a member This form requires the broker-dealer to disclose the amount of any funds or securities it owes customers, and whether it is the subject of any proceedings, unsatisfied judgments, liens, or customer claims These disclosures help to ensure that a broker-dealer s business is concluded in an orderly manne r and that customers funds and securities are protected In most cases, a broker-dealer must also file a final FOCUS report Form BDW may also be used by a broker-dealer to withdraw from membership with particular SROs, or to withdraw from registration with particular states, without withdrawing all of its registrations and memberships. Form BDW is not considered filed unless it is deemed complete by the SEC and the SRO that reviews the filing The SEC may also cancel a broker-dealer s registration if it finds that the firm is no longer in existence or has ceased doing business as a broker-dealer. IV SECURITY FUTURES. Security futures, which are contracts of sale for future delivery of a single security or a narrow-based security index, are regulated as both securities by the SEC and as futures by the Commodity Futures Trading Commission CFTC As a result, firms that conduct business in security futures must be registered with both the SEC and the CFTC Federal law permits firms already regist ered with either the SEC or the CFTC to register with the other agency, for the limited purpose of trading security futures, by filing a notice Specifically, firms registered as general purpose broker-dealers under Section 15 b of the Act may notice register with the CFTC Likewise, futures commission merchants and introducing brokers registered with the CFTC may notice register with the SEC Section 15 b 12 of the Act provides a limited exception to this notice registration requirement for certain natural persons who are members of security futures exchanges However, futures commission merchants or introducing brokers that conduct a business in securities other than security futures must be registered as general-purpose broker-dealers For more information on this topic, See Exchange Act Release No 44730 effective August 27, 2001 , 66 FR 45138, and 66 FR 43080 effective September 17, 2001.V CONDUCT REGULATION OF BROKER-DEALERS. Broker-dealers, like other securities market participants, mu st comply with the general antifraud provisions of the federal securities laws Broker-dealers must also comply with many requirements that are designed to maintain high industry standards We discuss some of these provisions below. A Antifraud Provisions Sections 9 a , 10 b , and 15 c 1 and 2.The antifraud provisions prohibit misstatements or misleading omissions of material facts, and fraudulent or manipulative acts and practices, in connection with the purchase or sale of securities 3 While these provisions are very broad, the Commission has adopted rules, issued interpretations, and brought enforcement actions that define some of the activities we consider manipulative, deceptive, fraudulent, or otherwise unlawful 4 Broker-dealers must conduct their activities so as to avoid these kinds of practices.1 Duty of Fair Dealing. Broker-dealers owe their customers a duty of fair dealing This fundamental duty derives from the Act s antifraud provisions mentioned above Under the so-called shing le theory, by virtue of engaging in the brokerage profession e g hanging out the broker-dealer s business sign, or shingle , a broker-dealer represents to its customers that it will deal fairly with them, consistent with the standards of the profession Based on this important representation, the SEC, through interpretive statements and enforcement actions, and the courts, through case law, have set forth over time certain duties for broker-dealers These include the duties to execute orders promptly, disclose certain material information i e information the customer would consider important as an investor , charge prices reasonably related to the prevailing market, and fully disclose any conflict of interest. SRO rules also reflect the importance of fair dealing For example, FINRA members must comply with NASD s Rules of Fair Practice These rules generally require broker-dealers to observe high standards of commercial honor and just and equitable principles of trade in conducting their b usiness The exchanges and the MSRB have similar rules.2 Suitability Requirements. Broker-dealers generally have an obligation to recommend only those specific investments or overall investment strategies that are suitable for their customers The concept of suitability appears in specific SRO rules such as NASD Rule 2310 and has been interpreted as an obligation under the antifraud provisions of the federal securities laws Under suitability requirements, a broker-dealer must have an adequate and reasonable basis for any recommendation that it makes Reasonable basis suitability, or the reasonable basis test, relates to the particular security or strategy recommended Therefore, the broker-dealer has an obligation to investigate and obtain adequate information about the security it is recommending. A broker-dealer also has an obligation to determine customer-specific suitability In particular, a broker-dealer must make recommendations based on a customer s financial situation, needs, and oth er security holdings This requirement has been construed to impose a duty of inquiry on broker-dealers to obtain relevant information from customers relating to their financial situations and to keep such information current SROs consider recommendations to be unsuitable when they are inconsistent with the customer s investment objectives.3 Duty of Best Execution. The duty of best execution, which also stems from the Act s antifraud provisions, requires a broker-dealer to seek to obtain the most favorable terms available under the circumstances for its customer orders This applies whether the broker-dealer is acting as agent or as principal. The SRO rules also include a duty of best execution For example, FINRA members must use reasonable diligence to determine the best market for a security and buy or sell the security in that market, so that the price to the customer is as favorable as possible under prevailing market conditions.4 Customer Confirmation Rule Rule 10b-10 and MSRB rule G - 15.A broker-dealer must provide its customers, at or before the completion of a transaction, with certain information, including. the date, time, identity, price, and number of shares involved. its capacity agent or principal and its compensation for agency trades, compensation includes its commission and whether it receives payment for order flow 5 and for principal trades, mark-up disclosure may be required. the source and amount of any third party remuneration it has received or will receive 6.other information, both general such as, if the broker-dealer is not a SIPC member and transaction-specific such as the yield, in most transactions involving debt securities. A broker-dealer may also be obligated under the antifraud provisions of the Act to disclose additional information to the customer at the time of his or her investment decision.5 Disclosure of Credit Terms Rule 10b-16.Broker-dealers must notify customers purchasing securities on credit about the credit terms and the status of their accounts A broker-dealer must establish procedures for disclosing this information before it extends credit to a customer for the purchase of securities A broker-dealer must give the customer this information at the time the account is opened, and must also provide credit customers with account statements at least quarterly.6 Restrictions on Short Sales Regulation SHO. A short sale is generally a sale of a security that the seller doesn t own or for which the seller delivers borrowed shares Regulation SHO was adopted in 2004 to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938 Compliance with Regulation SHO began on January 3, 2005 Some of the goals of Regulation SHO include. Establishing uniform locate and close-out requirements in order to address problems associated with failures to deliver, including potentially abusive naked short selling. Locate Requirement Regulation SHO requires a broker-dealer to hav e reasonable grounds to believe that the security can be borrowed so that it can be delivered on the date delivery is due before effecting a short sale order in any equity security This locate must be made and documented prior to effecting the short sale Market makers engaged in bona fide market making are exempted from the locate requirement. Close-out Requirement Regulation SHO imposes additional delivery requirements on broker-dealers for securities in which there are a relatively substantial number of extended delivery failures at a registered clearing agency threshold securities For instance, with limited exception, Regulation SHO requires brokers and dealers that are participants of a registered clearing agency to take action to close-out failure-to-deliver positions open fails in threshold securities that have persisted for 13 consecutive settlement days Closing out requires the broker or dealer to purchase securities of like kind and quantity Until the position is closed out, the broker or dealer and any broker or dealer for which it clears transactions for example, an introducing broker may not effect further short sales in that threshold security without borrowing or entering into a bona fide agreement to borrow the security known as the pre-borrowing requirement. Creating uniform order marking requirements for sale s of all equity securities This means that a broker-dealer must mark orders as long or short. For further information, please see the adopting release for Regulation SHO, as well as Frequently Asked Questions, Key Points, and other related materials at.7 Trading During an Offering Regulation M. Regulation M is designed to protect the integrity of the securities trading market as an independent pricing mechanism by governing the activities of underwriters, issuers, selling security holders, and other participants in connection with a securities offering These rules are aimed at preventing persons having an interest in an offering from influencing the market price for the offered security in order to facilitate a distribution The adopting release for Regulation M is available at. Rule 101 of Regulation M generally prohibits underwriters, broker-dealers and other distribution participants from bidding for, purchasing, or attempting to induce any person to bid for or purchase, any security wh ich is the subject of a distribution until the applicable restricted period has ended An offering s restricted period begins either one or five business days depending on the trading volume value of the offered security and the public float value of the issuer before the day of the offering s pricing and ends upon completion of the distribution. Rule 101 contains various exceptions that are designed to permit an orderly distribution of securities and limit disruption in the market for the securities being distributed For example, underwriters can continue to trade in actively-traded securities of larger issuers securities with an average daily trading volume, or ADTV, value of 1 million or more and whose issuers have a public float value of at least 150 million In addition, the following activities, among others, may be excepted from Rule 101, if they meet specified conditions. disseminating research reports. making unsolicited purchases. purchasing a group, or basket of 20 or more securit ies. exercising options, warrants, rights, and convertible securities. effecting transactions that total less than 2 of the security s ADTV and. effecting transactions in securities sold to qualified institutional buyers. Rule 102 of Regulation M prohibits issuers, selling security holders, and their affiliated purchasers from bidding for, purchasing, or attempting to induce any person to bid for or purchase, any security which is the subject of a distribution until after the applicable restricted period. Rule 103 of Regulation M governs passive market making by broker-dealers participating in an offering of a Nasdaq security. Rule 104 of Regulation M governs stabilization transactions, syndicate short covering activity, and penalty bids. Rule 105 of Regulation M prevents manipulative short sales prior to pricing an offering by prohibiting the purchase of offering securities if a person sold short the security that is the subject of the offering during the Rule 105 restricted period The rule contains exceptions for bona fide purchases, separate accounts, and investment companies. For frequently asked questions about Regulation M, see Staff Legal Bulletin No 9 at.8 Restrictions on Insider Trading. The SEC and the courts interpret Section 10 b and Rule 10b-5 under the Act to bar the use by any person of material non-public information in the purchase or sale of securities, whenever that use violates a duty of trust and confidence owed to a third party Section 15 f of the Act specifically requires broker-dealers to have and enforce written policies and procedures reasonably designed to prevent their employees from misusing material non-public information Because employees in the investment banking operations of broker-dealers frequently have access to material non-public information, firms need to create procedures designed to limit the flow of this information so that their employees cannot use the information in the trading of securities Broker-dealers can use these informati on barriers as a defense to a claim of insider trading Such procedures typically include. training to make employees aware of these restrictions. employee trading restrictions. physical barriers. isolation of certain departments and. limitations on investment bank proprietary trading 7.9 Restrictions on Private Securities Transactions. NASD Rule 3040 provides that no person associated with a member shall participate in any manner in a private securities transaction except in accordance with the provisions of the rule To the extent that any such transactions are permitted under the rule, prior to participating in any private securities transaction, the associated person must provide written notice to the member firm as described in the rule If compensation is involved, the member firm must approve or disapprove the proposed transaction, record it in its books and records, and supervise the transaction as if it were executed on behalf of the member firm Other conditions may also apply In addit ion, private securities transactions of an associated person may be subject to an analysis under Exchange Act Section 10 b and Rule 10b-5, as well as the broker-dealer supervisory provisions of Section 15 f described in Part V A 8, above and Section 15 b 4 E , and other relevant statutory or regulatory provisions. B Analysts and Regulation AC. Regulation AC or Regulation Analyst Certification requires brokers, dealers, and persons associated with brokers or dealers that publish, distribute, or circulate research reports to include in those reports a certification that the views expressed in the report accurately reflect the analyst s personal views The report must also disclose whether the analyst received compensation for the views expressed in the report If the analyst has received related compensation, the broker, dealer, or associated person must disclose its amount, source, and purpose Regulation AC applies to all brokers and dealers, as well as to those persons associated with a br oker or dealer that fall within the definition of covered person Regulation AC also requires that broker-dealers keep records of analyst certifications relating to public appearances. In addition to Commission rules, analyst conduct is governed by SRO rules, such as NASD Rule 2711 and NYSE Rule 472 The SRO rules impose restrictions on analyst compensation, personal trading activities, and involvement in investment banking activities The SRO rules also include disclosure requirements for research reports and public appearances. For further information, including investor guidance, SEC releases, and SRO rules, see In addition, staff responses to frequently asked questions are available at. C Trading by Members of Exchanges, Brokers and Dealers Section 11 a. Broker-dealers that are members of national securities exchanges are subject to additional regulations regarding transactions they effect on exchanges For example, except under certain conditions, they generally cannot effect transactions on exchanges for their own accounts, the accounts of their associated persons, or accounts that they or their associated persons manage Exceptions from this general rule include transactions by market makers, transactions routed through other members, and transactions that yield to other orders Exchange members may wish to seek guidance from their exchange regarding these provisions. D Extending Credit on New Issues Disclosure of Capacity as Broker or Dealer Section 11 d. Section 11 d 1 of the Act generally prohibits a broker-dealer that participates in the distribution of a new issue of securities from extending credit to customers in connection with the new issue during the distribution period and for 30 days thereafter Sales by a broker-dealer of mutual fund shares and variable insurance product units are deemed to constitute participation in the distribution of a new issue Therefore, purchase of mutual fund shares or variable product units using credit extended or arranged by the br oker-dealer during the distribution period is a violation of Section 11 d 1 However, Exchange Act Rule 11d1-2 permits a broker-dealer to extend credit to a customer on newly sold mutual fund shares and variable insurance product units after the customer has owned the shares or units for 30 days. Section 11 d 2 of the Act requires a broker-dealer to disclose in writing, at or before the completion of each transaction with a customer, whether the broker-dealer is acting in the capacity of broker or dealer with regard to the transaction. E Regulation NMS. Regulation NMS addresses four interrelated topics that are designed to modernize the regulatory structure of the U S equity markets 1 order protection, 2 intermarket access, 3 sub-penny pricing, and 4 market data. The Order Protection Rule requires trading centers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of trades at prices inferior to protected quotations displayed by o ther trading centers, subject to an applicable exception To be protected, a quotation must be immediately and automatically accessible. The Access Rule requires fair and non-discriminatory access to quotations, establishes a limit on access fees to harmonize the pricing of quotations across different trading centers, and requires each national securities exchange and national securities association to adopt, maintain, and enforce written rules that prohibit their members from engaging in a pattern or practice of displaying quotations that lock or cross automated quotations. The Sub-Penny Rule prohibits market participants from accepting, ranking, or displaying orders, quotations, or indications of interest in a pricing increment smaller than a penny, except for orders, quotations, or indications of interest that are priced at less than 1 00 per share. The Market Data Rules update the requirements for consolidating, distributing, and displaying market information In addition, amendments to the joint industry plans for disseminating market information modify the formulas for allocating plan revenues among the self-regulatory organizations and broaden participation in plan governance. Regulation NMS also updates and streamlines the existing Exchange Act rules governing the national market system previously adopted under Section 11A of the Exchange Act, and consolidates them into a single regulation. F Order Execution Obligations Rules 602-604 of Regulation NMS. Broker-dealers that are exchange specialists or Nasdaq market makers must comply with particular rules regarding publishing quotes and handling customer orders These two types of broker-dealers have special functions in the securities markets, particularly because they trade for their own accounts while also handling orders for customers These rules, which include the Quote Rule and the Limit Order Display Rule, increase the information that is publicly available concerning the prices at which investors may buy and se ll exchange-listed and Nasdaq National Market System securities. The Quote Rule requires specialists and market makers to provide quotation information to their self-regulatory organization for dissemination to the public The quote information that the specialist or market maker provides must reflect the best prices at which he is willing to trade the lowest price the dealer will accept from a customer to sell the securities and the highest price the dealer will pay a customer to purchase the securities A specialist or market maker may still trade at better prices in certain private trading systems, called electronic communications networks, or ECNs, without publishing an improved quote This is true only when the ECN itself publishes the improved prices and makes those prices available to the investing public Thus, the Quote Rule ensures that the public has access to the best prices at which specialists and market makers are willing to trade even if those prices are in private trading s ystems. Limit orders are orders to buy or sell securities at a specified price The Limit Order Display Rule requires that specialists and market makers publicly display certain limit orders they receive from customers If the limit order is for a price that is better than the specialist s or market maker s quote, the specialist or market maker must publicly display it The rule benefits investors because the publication of trading interest at prices that improve specialists and market makers quotes present investors with improved pricing opportunities. G Regulation ATS Broker-Dealer Trading Systems. Regulation ATS 17 CFR 242 300 et seq provides a means for broker-dealers to operate automated trading platforms, to collect and execute orders in securities electronically, without registering as a national securities exchange under Section 6 of the Exchange Act or as an exempt exchange pursuant to Section 5 of the Act For purposes of the regulation, an alternative trading system or ATS is any o rganization, association, person, group of persons, or system that constitutes, maintains, or provides a marketplace or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as defined in Rule 3b-16 under the Exchange Act See 17 CFR 242 300 Further, for purposes of the regulation, an ATS may not set rules governing the conduct of subscribers other than with respect to the use of the particular trading system , or discipline subscribers other than by exclusion from trading To the extent that an ATS or the sponsoring broker-dealer seeks to establish conduct or disciplinary rules, the entity may be required to register as a national securities exchange or obtain a Commission exemption from exchange registration based on limited trading volume. In order to acquire the status of an ATS, a firm must first be registered as a broker-dealer, and it must file an initial oper ation report with respect to the trading system on Form ATS at least 20 days before commencing operation The initial operation report must be accurate and kept current The Commission does not issue approval orders for Form ATS filings however, the Form ATS is not considered filed unless it complies with all applicable requirements under the Regulation Regulation ATS contains provisions concerning the system s operations, including fair access to the trading system fees charged the display of orders and the ability to execute orders system capacity, integrity and security record keeping and reporting and procedures to ensure the confidential treatment of trading information. An ATS must file with the Division of Trading and Markets quarterly reports regarding its operations on Form ATS-R An ATS must also comply with any applicable SRO rules and with state laws relating to alternative trading systems and relating to the offer or sale of securities or the registration or regulation of pers ons or entities effecting securities transactions. Finally, an ATS may not use in its name the word exchange, or terms similar to the word exchange, such as the term stock market See 17 CFR 242 301 For further information on the operation and regulation of alternative trading systems, see the adopting release for Regulation ATS at. H Penny Stock Rules Rules 15g-2 through 15g-9, Schedule 15G. Most broker-dealers that effect transactions in penny stocks have certain enhanced suitability and disclosure obligations to their customers 8 A penny stock is generally defined as any equity security other than a security that a is an NMS stock See Rule 600 b 47 listed on a grandfathered national securities exchange, b is an NMS stock listed on a national securities exchange or an automated quotation system sponsored by a registered national securities association including Nasdaq that satisfies certain minimum quantitative listing standards, c has a transaction price of five dollars or more, d is is sued by a registered investment company or by the Options Clearing Corporation, e is a listed security futures product, or f is a security whose issuer has met certain net tangible assets or average revenues See Rule 3a51-1 Penny stocks include the equity securities of private companies with no active trading market if they do not qualify for one of the exclusions from the definition of penny stock. Before a broker-dealer that does not qualify for an exemption 9 may effect a solicited transaction in a penny stock for or with the account of a customer it must 1 provide the customer with a risk disclosure document, as set forth in Schedule 15G, and receive a signed and dated acknowledgement of receipt of that document from the customer See Rule 15g-2 2 approve the customer s account for transactions in penny stocks, provide the customer with a suitability statement, and receive a signed a dated copy of that statement from the customer and 3 receive the customer s written agreement to the transaction See Rule 15g-9 The broker-dealer also must wait at least two business days after sending the customer the risk disclosure document and the suitability statement before effecting the transaction In addition, Exchange Act Rules 15g-3 through 15g-6 generally require a broker-dealer to give each penny stock customer. information on market quotations and, where appropriate, offer and bid prices. the aggregate amount of any compensation received by the broker-dealer in connection with such transaction. the aggregate amount of cash compensation that any associated person of the broker-dealer, who is a natural person and who has communicated with the customer concerning the transaction at or prior to the customer s transaction order, other than a person whose function is solely clerical or ministerial, has received or will receive from any source in connection with the transaction and. monthly account statements showing the market value of each penny stock held in the customer s accou nt. I Privacy of Consumer Financial Information Regulation S-P. Broker-dealers, including foreign broker-dealers registered with the Commission and unregistered broker-dealers in the United States, must comply with Regulation S-P, See 17 CFR Part 248 even if their consumers are non-U S persons or if they conduct their activities through non-U S offices or branches. Regulation S P generally requires a broker-dealer to provide its customers with initial, annual and revised notices containing specified information about the broker-dealer s privacy policies and practices These notices must be clear and conspicuous, and must accurately reflect the broker-dealer s policies and practices See 17 CFR 248 4, 248 5, 248 6 and 248 8 Before disclosing nonpublic personal information about a consumer to a nonaffiliated third party, a broker-dealer must first give a consumer an opt-out notice and a reasonable opportunity to opt out of the disclosure See 17 CFR 248 7 and 248 10 There are exceptions from t hese notice and opt-out requirements for disclosures to other financial institutions under joint marketing agreements and to certain service providers See 17 CFR 248 13 There also are exceptions for disclosures made for purposes such as maintaining or servicing accounts, and disclosures made with the consent or at the direction of a consumer, or for purposes such as protecting against fraud, reporting to consumer reporting agencies, and providing information to law enforcement agencies See 17 CFR 248 14 and 248 15.Regulation S P also imposes limits on the re-disclosure and re-use of information, and on sharing account number information with nonaffiliated third parties for use in telemarketing, direct mail marketing and email marketing See 17 CFR 248 11 and 248 12 In addition, it includes a safeguards rule that requires a broker-dealer to adopt written policies and procedures for administrative, technical, and physical safeguards to protect customer records and information See 17 CFR 2 48 30 a Further, it includes a disposal rule that requires a broker-dealer other than a broker-dealer registered by notice with the Commission to engage solely in transactions in securities futures that maintains or possesses consumer report information for a business purpose to take reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal See 17 CFR 248 30 b. Recently proposed amendments which would further strengthen the privacy protections under Regulation S-P are available at. J Investment Adviser Registration. Broker-dealers offering certain types of accounts and services may also be subject to regulation under the Investment Advisers Act 10 An investment adviser is defined as a person who receives compensation for providing advice about securities as part of a regular business See Section 202 a 11 of the Investment Advisers Act In general, a broker-dealer whose performance of advisory services is solely incidental to the conduct of its business as a broker-dealer and that receives no special compensation is excepted from the definition of investment adviser Thus, for example, a broker-dealer that provides advice and offers fee-based accounts i e accounts that charge an asset-based or fixed fee rather than a commission, mark-up, or mark-down must treat those accounts as advisory because an asset-based fee is considered special compensation Also, under a recently proposed rule, a broker-dealer would be required to treat 1 each account over which it exercises investment discretion as an advisory account, unless the investment discretion is granted by a customer on a temporary or limited basis and 2 an account as advisory if the broker-dealer charges a separate fee for, or separately contracts to provide, advisory services See Finally, under the same proposed rule, a broker-dealer that is registered under the Exchange Act and registered under the Investment Advisers Act would be an investment adviser sole ly with respect to those accounts for which it provides services that subject the broker-dealer to the Investment Advisers Act. VI ARBITRATION. Pursuant to the rules of self-regulatory organizations, broker-dealers are required to arbitrate disputes with their customers, if the customer chooses to arbitrate See e g NASD Code of Arbitration Procedure for Customer Disputes, Rule 12200 American Stock Exchange, Rule 600 and Chicago Board of Options Exchange, Rule 18 1.VII FINANCIAL RESPONSIBILITY OF BROKER-DEALERS. Broker-dealers must meet certain financial responsibility requirements, including. maintaining minimum amounts of liquid assets, or net capital. taking certain steps to safeguard the customer funds and securities and. making and preserving accurate books and records. A Net Capital Rule Rule 15c3-1.The purpose of this rule is to require a broker-dealer to have at all times enough liquid assets to promptly satisfy the claims of customers if the broker-dealer goes out of business Under th is rule, broker-dealers must maintain minimum net capital levels based upon the type of securities activities they conduct and based on certain financial ratios For example, broker-dealers that clear and carry customer accounts generally must maintain net capital equal to the greater of 250,000 or two percent of aggregate debit items Broker-dealers that do not clear and carry customer accounts can operate with lower levels of net capital. B Use of Customer Balances Rule 15c3-2.Broker-dealers that use customers free credit balances in their business must establish procedures to provide specified information to those customers, including. the amount due to those customers. the fact that such funds are not segregated and may be used by the broker-dealer in its business and. the fact that such funds are payable on demand of the customer. C Customer Protection Rule Rule 15c3-3.This rule protects customer funds and securities held by broker-dealers Under the rule, a broker-dealer must have posses sion or control of all fully-paid or excess margin securities held for the account of customers, and determine daily that it is in compliance with this requirement The broker-dealer must also make periodic computations to determine how much money it is holding that is either customer money or obtained from the use of customer securities If this amount exceeds the amount that it is owed by customers or by other broker-dealers relating to customer transactions, the broker-dealer must deposit the excess into a special reserve bank account for the exclusive benefit of customers This rule thus prevents a broker-dealer from using customer funds to finance its business. D Required Books, Records, and Reports Rules 17a-3, 17a-4, 17a-5, 17a-11 11.Broker-dealers must make and keep current books and records detailing, among other things, securities transactions, money balances, and securities positions They also must keep records for required periods and furnish copies of those records to the SEC on request These records include e-mail Broker-dealers also must file with the SEC periodic reports, including quarterly and annual financial statements The annual statements generally must be certified by an independent public accountant In addition, broker-dealers must notify the SEC and the appropriate SRO 12 regarding net capital, recordkeeping, and other operational problems, and in some cases file reports regarding those problems, within certain time periods This gives us and the SROs early warning of these problems. E Risk Assessment Requirements Rules 17h-1T and 17h-2T. Certain broker-dealers must maintain and preserve certain information regarding those affiliates, subsidiaries and holding companies whose business activities are reasonably likely to have a material impact on their own financial and operating condition including the broker-dealer s net capital, liquidity, or ability to conduct or finance operations Broker-dealers must also file a quarterly summary of this informa tion This information is designed to permit the SEC to assess the impact these entities may have on the broker-dealer. VIII OTHER REQUIREMENTS. In addition to the provisions discussed above, broker-dealers must comply with other requirements These include. submitting to Commission and SRO examinations. participating in the lost and stolen securities programplying with the fingerprinting requirement. maintaining and reporting information regarding their affiliates. following certain guidelines when using electronic media to deliver information and. maintaining an anti-money laundering program. A Examinations and Inspections Rules 15b2-2 and 17d-1.Broker-dealers are subject to examination by the SEC and the SROs The appropriate SRO generally inspects newly-registered broker-dealers for compliance with applicable financial responsibility rules within six months of registration, and for compliance with all other regulatory requirements within twelve months of registration A broker-dealer must perm it the SEC to inspect its books and records at any reasonable time. B Lost and Stolen Securities Program Rule 17f-1.In general, all broker-dealers must register in the lost and stolen securities program The limited exceptions include broker-dealers that effect securities transactions exclusively on the floor of a national securities exchange solely for other exchange members and do not receive or hold customer securities, and broker-dealers whose business does not involve handling securities certificates Broker-dealers must report losses, thefts, and instances of counterfeiting of securities certificates on Form X-17F-1A, and, in some cases, broker-dealers must make inquiries regarding securities certificates coming into their possession Broker-dealers must file these reports and inquiries with the Securities Information Center SIC , which operates the program for the SEC A registration form can be obtained from Securities Information Center, P O Box 55151, Boston, MA 02205-5151 For reg istration and additional information, see the SIC s website at. C Fingerprinting Requirement Rule 17f-2.Generally, every partner, officer, director, or employee of a broker-dealer must be fingerprinted and submit his or her fingerprints to the U S Attorney General This requirement does not apply, however, to broker-dealers that sell only certain securities that are not ordinarily evidenced by certificates such as mutual funds and variable annuities or to persons who do not sell securities, have access to securities, money or original books and records, and do not supervise persons engaged in such activities A broker-dealer claiming an exemption must comply with the notice requirements of Rule 17f-2 Broker-dealers may obtain fingerprint cards from their SRO and should submit completed fingerprint cards to the SRO for forwarding to the FBI on behalf of the Attorney General. D Use of Electronic Media by Broker-Dealers. The Commission has issued two interpretive releases discussing the issues that broker-dealers should consider in using electronic media for delivering information to customers These issues include the following. Will the customer have notice of and access to the communication. Will there be evidence of delivery. Did the broker-dealer take reasonable precautions to ensure the integrity, confidentiality, and security of any personal financial information. See Securities Exchange Act Release No 37182 May 15, 1996 , 61 FR 24644 See also Securities Exchange Act Release No 39779 March 23, 1998 , 63 FR 14806.E Electronic Signatures E-SIGN. Broker-dealers should also consider the impact, if any, that the Electronic Signatures in Global and National Commerce Act commonly known as E-SIGN , Pub L No 106-229, 114 Stat 464 2000 15 U S C 7001 , has on their ability to deliver information to customers electronically. F Anti-Money Laundering Program. Broker-dealers have broad obligations under the Bank Secrecy Act BSA 13 to guard against money laundering and terrorist financing t hrough their firms The BSA, its implementing regulations, and Rule 17a-8 under the Exchange Act require broker-dealers to file reports or retain records relating to suspicious transactions, customer identity, large cash transactions, cross-border currency movement, foreign bank accounts and wire transfers, among other things. The BSA, as amended by the USA PATRIOT Act, as well as SRO rules e g NASD Rule 3011 and NYSE Rule 445 , also requires all broker-dealers to have anti-money laundering compliance programs in place Firms must develop and implement a written anti-money laundering compliance program, approved in writing by a member of senior management, which is reasonably designed to achieve and monitor the member s ongoing compliance with the requirements of the BSA and its implementing regulations Under this obligation, firms must. establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions. establish and implement policies, procedures, and internal controls reasonably designed to achieve compliance with the BSA and implementing regulations. provide for independent testing for compliance, to be conducted by member personnel or by a qualified outside party. designate and identify to the SROs an individual or individuals responsible for implementing and monitoring the day-to-day operations and internal controls of the program and provide prompt notification regarding any change in such designation s and. provide ongoing training for appropriate personnel. For a compilation of key anti-money laundering laws, rules and guidance applicable to broker-dealers, see Anti-Money Laundering Source Tool see also, FINRA Anti-Money Laundering Issue Center In addition, the Financial Crimes Enforcement Network FinCEN , the division within the Department of the Treasury that administers the BSA, provides useful information for helping financial institutions, including broker-dealers, meet their BSA obliga tions See FinCEN Web site. G Office of Foreign Assets Control. Broker-dealers have an obligation to comply with the sanctions programs administered by the Department of Treasury s Office of Foreign Assets Control OFAC OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction 14 OFAC acts under Presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. OFAC s sanctions programs are separate and distinct from, and in addition to, the anti-money laundering requirements imposed under the BSA on broker-dealers 15 Unlike the BSA, OFAC programs apply to all U S persons and are applicable across business lines OFAC programs are also strict liability programs there are no safe harbors and no de minimis standards, although having a comprehensive compliance program in place could act as a mitigating factor in any enforcement action OFAC publishes regulations implementing each of its programs, which include trade restrictions and asset blockings against particular countries and parties tied to terrorism, narcotics trafficking, proliferation of weapons of mass destruction, as well as a number of programs targeting members of certain foreign jurisdictions As part of its efforts to implement these programs, OFAC publishes a list of Specially Designated Nationals, which is frequently updated on an as-needed basis 16 In general, OFAC regulations require you to do the following. block accounts and other property of specified countries, entities, and individuals. prohibit or reject unlicensed trade and financial transactions with specified countries, entities, and individuals and. report all blockings and rejections of prohibited tra nsactions to OFAC within ten days of the occurrence and annually 17.OFAC has the authority to impose civil penalties of over 1,000,000 per count for violations of its sanctions programs OFAC has stated that it will take into account the adequacy of your OFAC compliance program when it evaluates whether to impose a penalty if an OFAC violation occurs To guard against engaging in OFAC prohibited transactions, you should generally follow a best practice of screening against the OFAC lists 18 Consistent with this best practice, you should take care to screen all new accounts, existing accounts, customers and relationships against the OFAC lists, including any updates to the lists This screening should include originators or recipients of wire and securities transfers 19.H Business Continuity Planning. The Commission, Federal Reserve Board, and Comptroller of the Currency published an interagency White Paper emphasizing the importance of core clearing and settlement organizations and establi shing guidelines for their capacity and ability to restore operations within a short time of a wide-scale disruption 20 Separately, the Commission also published a Policy Statement urging the organized securities markets to improve their business continuity arrangements, 21 and encouraging SRO-operated markets and electronic communications networks, or ECNs to establish plans to enable the restoration of trading no later than the business day following a wide-scale disruption. In 2004, NASD and the NYSE adopted rules requiring every member to establish and maintain a business continuity plan, with elements as specified in the rules, and to provide the respective SROs with emergency contact information See NASD Rule 3510 and NYSE Rule 446 See also. IX WHERE TO GET FURTHER INFORMATION. For general questions regarding broker-dealer registration and regulation. Office of Interpretation and Guidance Division of Trading and Markets U S Securities and Exchange Commission 100 F Street, NE Washingt on, DC 20549 202 551-5777 e-mail. For additional information about how to obtain official publications of SEC rules and regulations, and for on-line access to SEC rules. Superintendent of Documents Government Printing Office Washington, DC 20402-9325.For copies of SEC forms and recent SEC releases. Publications Section U S Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 202 551-4040.Other useful addresses, telephone numbers, and websites. SEC s website The SEC s website contains contact numbers for SEC offices in Washington and for the SEC s regional offices. Financial Industry Regulatory Authority 9509 Key West Avenue Rockville, MD 20850 301 590-6500 call center 800 289-9999 to check on the registration status of a firm or individual. New York Stock Exchange, Inc 20 Broad Street New York, NY 10005 212 656-3000.North American Securities Administrators Association, Inc 750 First Street, NE, Suite 1140 Washington, DC 20002 202 737-0900.Municipal Securities Rulemaking B oard 1900 Duke Street, Suite 600 Alexandria, VA 22314 703 797-6600.Securities Investor Protection Corporation 805 15th Street, N W Suite 800 Washington, D C 20005-2215 202 371-8300 e-mail. We wish to stress that we have published this guide as an introduction to the federal securities laws that apply to brokers and dealers It only highlights and summarizes certain provisions, and does not relieve anyone from complying with all applicable regulatory requirements You should not rely on this guide without referring to the actual statutes, rules, regulations, and interpretations.1 The Division of Trading and Markets was known as the Division of Market Regulation from August 7, 1972, until November 14, 2007.2 The treatment of dividend or interest reinvestment and stock purchase plans is addressed in Rule 102 c of Regulation M See Part V A 7.3 Section 9 a prohibits particular manipulative practices regarding securities registered on a national securities exchange Section 10 b is a broad catch - all provision that prohibits the use of any manipulative or deceptive device or contrivance in connection with the purchase or sale of any security Sections 15 c 1 and 15 c 2 apply to the over-the-counter markets Section 15 c 1 prohibits broker-dealers from effecting transactions in, or inducing the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device, and Section 15 c 2 prohibits a broker-dealer from making fictitious quotes.4 These include Rules 10b-1 through 10b-18, 15c1-1 through 15c1-9, 15c2-1 through 15c2-11, and Regulation M.5 In addition, Rule 11Ac1-3 requires broker-dealers to inform their customers, upon opening a new account and annually thereafter, of their policies regarding payment for order flow and for determining where to route a customer s order.6 The purpose of this disclosure is to inform the customer of the nature and extent of a broker-dealer s conflict of interest Broker-dealers are neither required to disclose the precise amount of these payments nor any formula that would allow a customer to calculate this amount Nevertheless, Rule 10b-10 is not a safe harbor from the anti-fraud provisions Recent enforcement actions have indicated that failures to disclose the nature and extent of the conflict of interest may violate Section 17 a 2 of the 1933 Act See Edward D Jones Co L P Securities Exchange Act Release No 50910 Dec 22, 2004 Morgan Stanley DW, Inc Securities Exchange Act Release No 48789 Nov 17, 2003.7 SEC, Report by Division of Market Regulation, Broker-Dealer Policies and Procedures Designed to Segment the Flow and Prevent the Misuse of Material Non-Public Information, 1989-1990 Transfer Binder Fed Sec L Rep CCH 84,520 at p 80, 620-25 March, 1990.8 Rule 15g-1 a 1 establishes a transaction exemption for brokers or dealers whose commission equivalents, mark-ups, and mark-downs from transactions in penny stocks during each of the immediately preceding three months and during eleven or more of the preceding twelve months, or during the immediately preceding six months, did not exceed five percent of its total commissions, commission equivalents, mark-ups, and mark-downs from transactions in securities during those months.9 Exemptions from the requirements of Exchange Act Rules 15g-2 through 15g-6 are provided for non-recommended transactions, broker-dealers doing a minimal business in penny stocks, trades with institutional investors, and private placements See Rule 15g-1 Rule 15g-9 c exempts certain transactions from the requirements of Rule 15g-9.10 See Certain Broker-Dealers Deemed Not To Be Investment Advisers, Exchange Act Release No 51523 April 12, 2005.11 Rules 17a-2, 17a-7, 17a-8, 17a-10 and 17a-13 contain additional recordkeeping and reporting requirements that apply to broker-dealers.12 When a broker-dealer is a member of more than one SRO, the SEC designates the SRO responsible for examining such broker-dealer for compliance with financial responsibility rules th e designated examining authority.13 The Currency and Foreign Transactions Reporting Act of 1970 commonly referred to as the Bank Secrecy Act is codified at 31 U S C 5311, et seq The regulations implementing the Bank Secrecy Act are located at 31 CFR Part 103.14 A list of countries subject to OFAC sanctions, as well as a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted counties collectively called Specially Designated Nationals SDNs , is available on the OFAC website. A summary of OFAC regulations as they apply to the securities industry can be found at the following link. See also Federal Financial Institutions Examination Council Bank Secrecy Act Anti-Money Laundering Examination Manual FFIEC Manual , at pages 137-145 8 24 2007 The FFIEC Manual contains an entire section outlining best practices for OFAC Compliance, including risk matrices Although that manual is written for the banking community, it provides information which may be usef ul to broker-dealers.15 See also FinCEN Interpretive Release No 2004-02 Unitary Filing of Suspicious Activity and Blocking Reports, 69 Fed Reg 76847 Dec 23, 2004.16 OFAC offers a RISS feed service as well as an email notice system which pushes out digital information about its programs, including updates to its SDN List See These may be especially helpful to smaller firms whose OFAC compliance programs are more manual in nature.17 You will find forms for blocking and rejection reports on OFAC s website using the following links.18 The Financial Industry Regulatory Authority FINRA offers a tool that assists firms to search for names on OFAC lists.19 See also FFIEC Manual at 140 t he extent to which the bank includes account parties other than accountholders e g beneficiaries, guarantors, principals, beneficial owners, nominee shareholders, directors, signatories, and powers of attorney in the initial OFAC review during the account opening process, and during subsequent database reviews of existing accounts, will depend on the bank s risk profile and available technology.20 Interagency Paper on Sound Practices to Strengthen the Resilience of the U S Financial Systems, Securities Exchange Act Release No 47638 April 7, 2003 , 68 FR 17809 April 11, 2003.21 Policy Statement Business Continuity Planning for Trading Markets, Securities Exchange Act Release No 48545 September 25, 2003 , 68 FR 56656 October 1, 2003.
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