7.10.4.1.1. Agents Representing Broker-Dealers
Agents representing broker-dealers DO NOT have to register with a state if:
• They have no place of business in the state and their only clients are institutional investors.
• They are registered in State A and have an existing client who is on vacation in State B.
• They work for a Canadian broker-dealer that qualifies for the Canadian broker-dealer exemption as previously described, and they only conduct the types of transactions permitted under that exemption.
• They work for a broker-dealer selling investments that are not securities, such as annuities, insurance, or commodities. Please note that non-securities are not the same as exempt securities and as a result will subject the agent to different registration requirements.
• They work for a broker-dealer that is exempt from registration.
Not