South Carolina Miscellaneous Broker-Dealer Requirements
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FAQ
Under the Patriot Act, broker-dealer AML requirements should facilitate: Customer identification and due diligence procedures. Transaction monitoring and suspicious activity reporting. Information sharing upon the request of federal law enforcement authorities.
Details of Regulation BI A care obligation means that a broker-dealer must exercise reasonable diligence, care, and skill when making a recommendation to a retail customer.
What Is the Difference Between a Broker and a Dealer? A broker is an individual or financial services company that enables the trading of securities for other individuals. A dealer is an individual or financial services company that enables the trading of securities for themselves.
The rule requires a broker-dealer to have possession or control of all fully-paid or excess margin securities held for the account of customers. The broker-dealer must periodically determine how much money it is holding that is either customer money or obtained from the use of customer securities.
Reg BI's obligation to act in the retail customer's best interest is satisfied only by complying with each of the rule's four component obligations: Disclosure, Care, Conflict of Interest, and Compliance. Exchange Act rule 15l-1; Reg BI Adopting Release, supra note 3, at 33320-21.
Independent broker-dealers were created to accommodate financial advisors who carry securities licenses and need back-office support for services such as compliance and trade execution. These firms typically cater to more experienced advisors who generate high streams of revenue from a sophisticated client base.
dealer is required to initially register with the SEC. They use form BD for this, which is a brokerdealer registration form.
dealer must comply with relevant state law as well as federal law and applicable SRO rules.