u/aeronacht

Everything I read says the broker dealer has an exemption if they only affect securities transactions with institutions in a state.

However, if I’m an agent, my only exemption is vacationing clients correct?

I also must be employed by a BD registered in a state to register there.

So, my question is, doesn’t my BD need to register to effect securities transactions in a state, because you need a registered agent to effect it and that’s impossible without the BD being registered? Is this not paradoxical?

Let me know if I’m overthinking this or missing something