Series 24: Foreign Broker-Dealer Registration

Foreign Broker-Dealer Registration

All broker-dealers operating in the United States must register with the SEC, even if they conduct their business exclusively with investors outside of the United States. Foreign broker-dealers operating outside the U.S. must also register with the SEC, if they conduct business with any person inside the United States.

Foreign broker-dealers are exempt from federal registration under certain strict circumstances. In general, they are exempt if their transactions within the U.S. are unsolicited. This means the transaction was not made in a discretionary account and was not recommended by the foreign broker-dealer. They can offer research reports to institutio