Series 63: 2.3.1.1 Agents Representing Broker-Dealers

2.3.1.1  Agents Representing Broker-Dealers

Agents representing broker-dealers do not have to register with the 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.