July 8, 2008 / Law Alert

SEC Updates Guide to Broker-Dealer Registration; Financial Institutions Should Consider Broke-Dealer Status

Following the enactment of the Gramm-Leach-Bliley Act in 1999, financial institutions that engage in securities activities must determine whether they qualify as broker-dealers under the Securities Exchange Act of 1934. The SEC has recently updated its Guide to Broker-Dealer Registration, prompting financial institutions to reexamine the specific exemptions and exceptions that apply to broker-dealer activity.