August Study Question of the Month





Some brokers and dealers registered with the SEC do not have to become SIPC members. Which of the firms below need not belong to SIPC? 


  1. Firms whose principal business is conducted outside the United States
  2. Firms that deal exclusively in the distribution of shares of registered open-end investment companies or unit investment trusts.
  3. Broker-dealers that deal exclusively in the sale of municipal securities
  4. Firms that deal exclusively in transactions in security futures products
  1. I and II
  2. I and III
  3. I, II, and III
  4. I, II, and IV

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