Series 28: Exemptions

Taken from our Series 28 Online Guide

Exemptions

Broker-dealers whose business activities are limited with respect to handling their customers’ funds and securities are exempt from the financial restrictions of the customer protection rule.

The following are exempt:

• Introducing brokers that promptly transmit all funds and securities to their clearing broker on a fully disclosed basis.
• Broker-dealers whose only transactions involve registered investment companies or interests in an insurance company’s separate account.

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