Not every person or firm that handles securities transactions is considered a broker-dealer under the law. This video covers the major exclusions—those who are specifically not broker-dealers—so you can identify who must register and who is exempt.

You’ll learn:

• The legal definition of a broker-dealer

• Who is excluded from the definition (e.g., issuers, agents, banks)

• Common activities that do not trigger registration

• How these exclusions apply under both state and federal law

• The most frequently tested broker-dealer scenarios

📘 Related Exams: Series 63, Series 65, Series 66
🧠 Skill Level: Intermediate
📈 Topics Covered: Broker-dealer regulation, exclusions from registration, Uniform Securities Act, registration requirements