source:
  type: regulation
  id: exchange-act-15usc
  authority: Securities Exchange Act of 1934 — broker-dealer registration (§15(a) / 15 U.S.C. §78o) and
    national securities exchange registration (§5 / 15 U.S.C. §78e)
  description: 'The Exchange Act registration duties at issue in SEC v. Coinbase: operating as an unregistered
    broker or as an unregistered national securities exchange is unlawful. These are the hooks for crypto
    trading platforms that list digital-asset securities.'
obligations:
- id: exchange-act-15usc-a
  canonical_id: exchange-act-15usc-a
  section: 15 U.S.C. §78o(a)
  description: '(a): (a) Registration of all persons utilizing exchange facilities to effect transactions;
    exemptions (1) It shall be unlawful for any broker or dealer which is either a person other than a
    natural person or a natural person not associated with a broker or dealer which is a person other
    than a natural pe…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (a) Registration of all persons utilizing exchange facilities to effect transactions;
      exemptions (1) It shall be unlawful for any broker or dealer which is either a person other than
      a natural person or a natural person not associated with a broker or dealer which is a person other
      than a natural person (other than such a broker or dealer whose business is exclusively intrastate
      and who does not make use of any facility of a national securities exchange) to make use of the
      mails or any means or instrumentality of interstate commerce to effect any transactions in, or to
      induce or attempt to induce the purchase or sale of, any security (other than an exempted security
      or commercial paper, bankers’ acceptances, or commercial bills) unless such broker or dealer is
      registered in accordance with subsection (b) of this section. (2) The Commission , by rule or order,
      as it deems consistent with the public interest and the protection of investors, may conditionally
      or unconditionally exempt from paragraph (1) of this subsection any broker or dealer or class of
      brokers or dealers specified in such rule or order.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-b
  canonical_id: exchange-act-15usc-b
  section: 15 U.S.C. §78o(b)
  description: '(b): (b) Manner of registration of brokers and dealers (1) A broker or dealer may be registered
    by filing with the Commission an application for registration in such form and containing such information
    and documents concerning such broker or dealer and any persons associated with such broker or dealer
    a…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(b) Manner of registration of brokers and dealers (1) A broker or dealer may be
      registered by filing with the Commission an application for registration in such form and containing
      such information and documents concerning such broker or dealer and any persons associated with
      such broker or dealer as the Commission, by rule, may prescribe as necessary or appropriate in the
      public interest or for the protection of investors. Within forty-five days of the date of the filing
      of such application (or within such longer period as to which the applicant consents), the Commission
      shall— (A) by order grant registration, or (B) institute proceedings to determine whether registration
      should be denied. Such proceedings shall include notice of the grounds for denial under consideration
      and opportunity for hearing and shall be concluded within one hundred twenty days of the date of
      the filing of the application for registration. At the conclusion of such proceedings, the Commission
      , by order, shall grant or deny such registration. The Commission may extend the time for conclusion
      of such proceedings for up to ninety days if it finds good cause for such extension and publishes
      its reasons for so finding or for such longer period as to which the applicant consents. The Commission
      shall grant such registration if the Commission finds that the requirements of this section are
      satisfied. The order granting registration shall not be effective until such broker or dealer has
      become a member of a registered securities association, or until such broker or dealer has become
      a member of a national securities exchange, if such broker or dealer effects transactions solely
      on that exchange, unless the Commission has exempted such broker or dealer , by rule or order, from
      such membership. The Commission shall deny such registration if it does not make such a finding
      or if it finds that if the applicant were so registered, its registration would be subject to suspension
      or revocation under paragraph (4) of this subsection. (2) (A) An application for registration of
      a broker or dealer to be formed or organized may be made by a broker or dealer to which the broker
      or dealer to be formed or organized is to be the successor. Such application, in such form as the
      Commission, by rule, may prescribe, shall contain such information and documents concerning the
      applicant, the successor, and any persons associated with the applicant or the successor, as the
      Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the
      protection of investors. The grant or denial of registration to such an applicant shall be in accordance
      with the procedures set forth in paragraph (1) of this subsection. If the Commission grants such
      registration, the registration shall terminate on the forty-fifth day after the effective date thereof,
      unless prior thereto the successor shall, in accordance with such rules and regulations as the Commission
      may prescribe, adopt the application for registration as its own. (B) Any person who is a broker
      or dealer solely by reason of acting as a municipal securities dealer or municipal securities broker,
      who so acts through a separately identifiable department or division, and who so acted in such a
      manner on June 4, 1975 , may, in accordance with such terms and conditions as the Commission, by
      rule, prescribes as necessary and appropriate in the public interest and for the protection of investors,
      register such separately identifiable department or division in accordance with this subsection.
      If any such department or division is so registered, the department or division and not such person
      himself shall be the broker or dealer for purposes of this chapter. (C) Within six months of the
      date of the granting of registration to a broker or dealer , the Commission, or upon the authorization
      and direction of the Commission, a registered securities association or national securities exchange
      of which such broker or dealer is a member, shall conduct an inspection of the broker or dealer
      to determine whether it is operating in conformity with the provisions of this chapter and the rules
      and regulations thereunder: Provided, however, That the Commission may delay such inspection of
      any class of brokers or dealers for a period not to exceed six months. (3) Any provision of this
      chapter (other than section 78e of this title and subsection (a) of this section) which prohibits
      any act, practice, or course of business if the mails or any means or instrumentality of interstate
      commerce is used in connection therewith shall also prohibit any such act, practice, or course of
      business by any registered broker or dealer or any person acting on behalf of such a broker or dealer,
      irrespective of any use of the mails or any means or instrumentality of interstate commerce in connection
      therewith. (4) The Commission , by order, shall censure, place limitations on the activities, functions,
      or operations of, suspend for a period not exceeding twelve months, or revoke the registration of
      any broker or dealer if it finds, on the record after notice and opportunity for hearing, that such
      censure, placing of limitations, suspension, or revocation is in the public interest and that such
      broker or dealer , whether prior or subsequent to becoming such, or any person associated with such
      broker or dealer, whether prior or subsequent to becoming so associated— (A) has willfully made
      or caused to be made in any application for registration or report required to be filed with the
      Commission or with any other appropriate regulatory agency under this chapter, or in any proceeding
      before the Commission with respect to registration, any statement which was at the time and in the
      light of the circumstances under which it was made false or misleading with respect to any material
      fact, or has omitted to state in any such application or report any material fact which is required
      to be stated therein. (B) has been convicted within ten years preceding the filing of any application
      for registration or at any time thereafter of any felony or misdemeanor or of a substantially equivalent
      crime by a foreign court of competent jurisdiction which the Commission finds—'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) involves the purchase or sale of any security , the taking of a false oath, the
    making of a false report, bribery, perjury, burglary, any substantially equivalent activity however
    denominated by the laws of the relevant foreign government, or conspiracy to commit any such offense;
    (ii) arises ou…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) involves the purchase or sale of any security , the taking of a false oath, the
      making of a false report, bribery, perjury, burglary, any substantially equivalent activity however
      denominated by the laws of the relevant foreign government, or conspiracy to commit any such offense;
      (ii) arises out of the conduct of the business of a broker , dealer, municipal securities dealer
      municipal advisor,, [1] government securities broker, government securities dealer, investment adviser,
      bank, insurance company, fiduciary, transfer agent, nationally recognized statistical rating organization,
      foreign person performing a function substantially equivalent to any of the above, or entity or
      person required to be registered under the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) or any substantially
      equivalent foreign statute or regulation; (iii) involves the larceny, theft, robbery, extortion,
      forgery, counterfeiting, fraudulent concealment, embezzlement, fraudulent conversion, or misappropriation
      of funds, or securities, or substantially equivalent activity however denominated by the laws of
      the relevant foreign government; or (iv) involves the violation of section 152, 1341, 1342, or 1343
      or chapter 25 or 47 of title 18 or a violation of a substantially equivalent foreign statute. (C)
      is permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction
      from acting as an investment adviser , underwriter, broker, dealer, municipal securities dealer
      municipal advisor,, 1 government securities broker, government securities dealer, security-based
      swap dealer, major security-based swap participant, transfer agent, nationally recognized statistical
      rating organization, foreign person performing a function substantially equivalent to any of the
      above, or entity or person required to be registered under the Commodity Exchange Act or any substantially
      equivalent foreign statute or regulation, or as an affiliated person or employee of any investment
      company, bank, insurance company, foreign entity substantially equivalent to any of the above, or
      entity or person required to be registered under the Commodity Exchange Act or any substantially
      equivalent foreign statute or regulation, or from engaging in or continuing any conduct or practice
      in connection with any such activity, or in connection with the purchase or sale of any security.
      (D) has willfully violated any provision of the Securities Act of 1933 [ 15 U.S.C. 77a et seq.],
      the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.], the Investment Company Act of 1940
      [ 15 U.S.C. 80a–1 et seq.], the Commodity Exchange Act , this chapter, the rules or regulations
      under any of such statutes, or the rules of the Municipal Securities Rulemaking Board, or is unable
      to comply with any such provision. (E) has willfully aided, abetted, counseled, commanded, induced,
      or procured the violation by any other person of any provision of the Securities Act of 1933 , the
      Investment Advisers Act of 1940 , the Investment Company Act of 1940 , the Commodity Exchange Act
      , this chapter, the rules or regulations under any of such statutes, or the rules of the Municipal
      Securities Rulemaking Board, or has failed reasonably to supervise, with a view to preventing violations
      of the provisions of such statutes, rules, and regulations, another person who commits such a violation,
      if such other person is subject to his supervision. For the purposes of this subparagraph (E) no
      person shall be deemed to have failed reasonably to supervise any other person, if—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) there have been established procedures, and a system for applying such procedures,
    which would reasonably be expected to prevent and detect, insofar as practicable, any such violation
    by such other person , and (ii) such person has reasonably discharged the duties and obligations incumbent
    upon …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) there have been established procedures, and a system for applying such procedures,
      which would reasonably be expected to prevent and detect, insofar as practicable, any such violation
      by such other person , and (ii) such person has reasonably discharged the duties and obligations
      incumbent upon him by reason of such procedures and system without reasonable cause to believe that
      such procedures and system were not being complied with. (F) is subject to any order of the Commission
      barring or suspending the right of the person to be associated with a broker, dealer, security-based
      swap dealer , or a major security-based swap participant ; (G) has been found by a foreign financial
      regulatory authority to have—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) made or caused to be made in any application for registration or report required
    to be filed with a foreign financial regulatory authority , or in any proceeding before a foreign
    financial regulatory authority with respect to registration, any statement that was at the time and
    in the light of t…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) made or caused to be made in any application for registration or report required
      to be filed with a foreign financial regulatory authority , or in any proceeding before a foreign
      financial regulatory authority with respect to registration, any statement that was at the time
      and in the light of the circumstances under which it was made false or misleading with respect to
      any material fact, or has omitted to state in any application or report to the foreign financial
      regulatory authority any material fact that is required to be stated therein; (ii) violated any
      foreign statute or regulation regarding transactions in securities, or contracts of sale of a commodity
      for future delivery, traded on or subject to the rules of a contract market or any board of trade;
      (iii) aided, abetted, counseled, commanded, induced, or procured the violation by any person of
      any provision of any statutory provisions enacted by a foreign government, or rules or regulations
      thereunder, empowering a foreign financial regulatory authority regarding transactions in securities,
      or contracts of sale of a commodity for future delivery, traded on or subject to the rules of a
      contract market or any board of trade, or has been found, by a foreign financial regulatory authority,
      to have failed reasonably to supervise, with a view to preventing violations of such statutory provisions,
      rules, and regulations, another person who commits such a violation, if such other person is subject
      to his supervision; or (H) is subject to any final order of a State securities commission (or any
      agency or officer performing like functions), State authority that supervises or examines banks,
      savings associations, or credit unions, State insurance commission (or any agency or office performing
      like functions), an appropriate Federal banking agency (as defined in section 3 of the Federal Deposit
      Insurance Act ( 12 U.S.C. 1813(q) )), or the National Credit Union Administration , that—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) bars such person from association with an entity regulated by such commission
    , authority, agency, or officer, or from engaging in the business of securities, insurance, banking,
    savings association activities, or credit union activities; or (ii) constitutes a final order based
    on violations of …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) bars such person from association with an entity regulated by such commission
      , authority, agency, or officer, or from engaging in the business of securities, insurance, banking,
      savings association activities, or credit union activities; or (ii) constitutes a final order based
      on violations of any laws or regulations that prohibit fraudulent, manipulative, or deceptive conduct.
      (5) Pending final determination whether any registration under this subsection shall be revoked,
      the Commission , by order, may suspend such registration, if such suspension appears to the Commission
      , after notice and opportunity for hearing, to be necessary or appropriate in the public interest
      or for the protection of investors. Any registered broker or dealer may, upon such terms and conditions
      as the Commission deems necessary or appropriate in the public interest or for the protection of
      investors, withdraw from registration by filing a written notice of withdrawal with the Commission.
      If the Commission finds that any registered broker or dealer is no longer in existence or has ceased
      to do business as a broker or dealer, the Commission, by order, shall cancel the registration of
      such broker or dealer. (6) (A) With respect to any person who is associated, who is seeking to become
      associated, or, at the time of the alleged misconduct, who was associated or was seeking to become
      associated with a broker or dealer , or any person participating, or, at the time of the alleged
      misconduct, who was participating, in an offering of any penny stock, the Commission, by order,
      shall censure, place limitations on the activities or functions of such person, or suspend for a
      period not exceeding 12 months, or bar any such person from being associated with a broker, dealer,
      investment adviser , municipal securities dealer , municipal advisor, transfer agent, or nationally
      recognized statistical rating organization , or from participating in an offering of penny stock,
      if the Commission finds, on the record after notice and opportunity for a hearing, that such censure,
      placing of limitations, suspension, or bar is in the public interest and that such person—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) has committed or omitted any act, or is subject to an order or finding, enumerated
    in subparagraph (A), (D), (E), (H), or (G) of paragraph (4) of this subsection; (ii) has been convicted
    of any offense specified in subparagraph (B) of such paragraph (4) within 10 years of the commencement
    of the…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) has committed or omitted any act, or is subject to an order or finding, enumerated
      in subparagraph (A), (D), (E), (H), or (G) of paragraph (4) of this subsection; (ii) has been convicted
      of any offense specified in subparagraph (B) of such paragraph (4) within 10 years of the commencement
      of the proceedings under this paragraph; or (iii) is enjoined from any action, conduct, or practice
      specified in subparagraph (C) of such paragraph (4). (B) It shall be unlawful—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) for any person as to whom an order under subparagraph (A) is in effect, without
    the consent of the Commission , willfully to become, or to be, associated with a broker or dealer
    in contravention of such order, or to participate in an offering of penny stock in contravention of
    such order; (ii) f…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) for any person as to whom an order under subparagraph (A) is in effect, without
      the consent of the Commission , willfully to become, or to be, associated with a broker or dealer
      in contravention of such order, or to participate in an offering of penny stock in contravention
      of such order; (ii) for any broker or dealer to permit such a person, without the consent of the
      Commission, to become or remain, a person associated with the broker or dealer in contravention
      of such order, if such broker or dealer knew, or in the exercise of reasonable care should have
      known, of such order; or (iii) for any broker or dealer to permit such a person, without the consent
      of the Commission, to participate in an offering of penny stock in contravention of such order,
      if such broker or dealer knew, or in the exercise of reasonable care should have known, of such
      order and of such participation. (C) For purposes of this paragraph, the term “ person participating
      in an offering of penny stock ” includes any person acting as any promoter, finder, consultant,
      agent, or other person who engages in activities with a broker, dealer, or issuer for purposes of
      the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or
      sale of any penny stock. The Commission may, by rule or regulation, define such term to include
      other activities, and may, by rule, regulation, or order, exempt any person or class of persons,
      in whole or in part, conditionally or unconditionally, from such term. (7) No registered broker
      or dealer or government securities broker or government securities dealer registered (or required
      to register) under section 78 o –5(a)(1)(A) of this title shall effect any transaction in, or induce
      the purchase or sale of, any security unless such broker or dealer meets such standards of operational
      capability and such broker or dealer and all natural persons associated with such broker or dealer
      meet such standards of training, experience, competence, and such other qualifications as the Commission
      finds necessary or appropriate in the public interest or for the protection of investors. The Commission
      shall establish such standards by rules and regulations, which may— (A) specify that all or any
      portion of such standards shall be applicable to any class of brokers and dealers and persons associated
      with brokers and dealers; (B) require persons in any such class to pass tests prescribed in accordance
      with such rules and regulations, which tests shall, with respect to any class of partners, officers,
      or supervisory employees (which latter term may be defined by the Commission ’s rules and regulations
      and as so defined shall include branch managers of brokers or dealers) engaged in the management
      of the broker or dealer , include questions relating to bookkeeping, accounting, internal control
      over cash and securities, supervision of employees, maintenance of records, and other appropriate
      matters; and (C) provide that persons in any such class other than brokers and dealers and partners,
      officers, and supervisory employees of brokers or dealers, may be qualified solely on the basis
      of compliance with such standards of training and such other qualifications as the Commission finds
      appropriate. The Commission , by rule, may prescribe reasonable fees and charges to defray its costs
      in carrying out this paragraph, including, but not limited to, fees for any test administered by
      it or under its direction. The Commission may cooperate with registered securities associations
      and national securities exchanges in devising and administering tests and may require registered
      brokers and dealers and persons associated with such brokers and dealers to pass tests administered
      by or on behalf of any such association or exchange and to pay such association or exchange reasonable
      fees or charges to defray the costs incurred by such association or exchange in administering such
      tests. (8) It shall be unlawful for any registered broker or dealer to effect any transaction in,
      or induce or attempt to induce the purchase or sale of, any security (other than or [2] commercial
      paper, bankers’ acceptances, or commercial bills), unless such broker or dealer is a member of a
      securities association registered pursuant to section 78o–3 of this title or effects transactions
      in securities solely on a national securities exchange of which it is a member. (9) The Commission
      by rule or order, as it deems consistent with the public interest and the protection of investors,
      may conditionally or unconditionally exempt from paragraph (8) of this subsection any broker or
      dealer or class of brokers or dealers specified in such rule or order. (10) For the purposes of
      determining whether a person is subject to a statutory disqualification under section 78f(c)(2)
      , 78o–3(g)(2) , or 78q–1(b)(4)(A) of this title, the term “Commission” in paragraph (4)(B) of this
      subsection shall mean “exchange” , “association”, or “clearing agency” , respectively. (11) Broker/dealer
      registration with respect to transactions in security futures products.— (A) Notice registration.—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Contents of notice.— Notwithstanding paragraphs (1) and (2), a broker or dealer
    required to register only because it effects transactions in security futures products on an exchange
    registered pursuant to section 78f(g) of this title may register for purposes of this section by filing
    with the C…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(i) Contents of notice.— Notwithstanding paragraphs (1) and (2), a broker or dealer
      required to register only because it effects transactions in security futures products on an exchange
      registered pursuant to section 78f(g) of this title may register for purposes of this section by
      filing with the Commission a written notice in such form and containing such information concerning
      such broker or dealer and any persons associated with such broker or dealer as the Commission, by
      rule, may prescribe as necessary or appropriate in the public interest or for the protection of
      investors. A broker or dealer may not register under this paragraph unless that broker or dealer
      is a member of a national securities association registered under section 78o–3(k) of this title.
      (ii) Immediate effectiveness.— Such registration shall be effective contemporaneously with the submission
      of notice, in written or electronic form, to the Commission , except that such registration shall
      not be effective if the registration would be subject to suspension or revocation under paragraph
      (4). (iii) Suspension.— Such registration shall be suspended immediately if a national securities
      association registered pursuant to section 78o–3(k) of this title suspends the membership of that
      broker or dealer. (iv) Termination.— Such registration shall be terminated immediately if any of
      the above stated conditions for registration set forth in this paragraph are no longer satisfied.
      (B) Exemptions for registered brokers and dealers.— A broker or dealer registered pursuant to the
      requirements of subparagraph (A) shall be exempt from the following provisions of this chapter and
      the rules thereunder with respect to transactions in security futures products :'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Section 78h of this title . (ii) Section 78k of this title . (iii) Subsections
    (c)(3) and (c)(5) of this section. (iv) Section 78o–4 of this title .'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) Section 78h of this title . (ii) Section 78k of this title . (iii) Subsections
      (c)(3) and (c)(5) of this section. (iv) Section 78o–4 of this title .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-v
  canonical_id: exchange-act-15usc-v
  section: 15 U.S.C. §78o(v)
  description: '(v): (v) Section 78o–5 of this title . (vi) Subsections (d), (e), (f), (g), (h), and (i)
    [3] of section 78q of this title . (12) Exemption for security futures product exchange members.—
    (A) Registration exemption.— A natural person shall be exempt from the registration requirements of
    this section if su…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (v) Section 78o–5 of this title . (vi) Subsections (d), (e), (f), (g), (h), and (i)
      [3] of section 78q of this title . (12) Exemption for security futures product exchange members.—
      (A) Registration exemption.— A natural person shall be exempt from the registration requirements
      of this section if such person —
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) is a member of a designated contract market registered with the Commission as
    an exchange pursuant to section 78f(g) of this title ; (ii) effects transactions only in securities
    on the exchange of which such person is a member; and (iii) does not directly accept or solicit orders
    from public cus…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(i) is a member of a designated contract market registered with the Commission as
      an exchange pursuant to section 78f(g) of this title ; (ii) effects transactions only in securities
      on the exchange of which such person is a member; and (iii) does not directly accept or solicit
      orders from public customers or provide advice to public customers in connection with the trading
      of security futures products . (B) Other exemptions.— A natural person exempt from registration
      pursuant to subparagraph (A) shall also be exempt from the following provisions of this chapter
      and the rules thereunder:'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Section 78h of this title . (ii) Section 78k of this title . (iii) Subsections
    (c)(3), (c)(5), and (e) of this section. (iv) Section 78o–4 of this title .'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) Section 78h of this title . (ii) Section 78k of this title . (iii) Subsections
      (c)(3), (c)(5), and (e) of this section. (iv) Section 78o–4 of this title .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-v
  canonical_id: exchange-act-15usc-v
  section: 15 U.S.C. §78o(v)
  description: '(v): (v) Section 78o–5 of this title . (vi) Subsections (d), (e), (f), (g), (h), and (i)
    3 of section 78q of this title . (13) Registration exemption for merger and acquisition brokers.—
    (A) In general.— Except as provided in subparagraph (B), an M&A broker shall be exempt from registration
    under this se…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(v) Section 78o–5 of this title . (vi) Subsections (d), (e), (f), (g), (h), and
      (i) 3 of section 78q of this title . (13) Registration exemption for merger and acquisition brokers.—
      (A) In general.— Except as provided in subparagraph (B), an M&A broker shall be exempt from registration
      under this section. (B) Excluded activities.— An M&A broker is not exempt from registration under
      this paragraph if such broker does any of the following:'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Directly or indirectly, in connection with the transfer of ownership of an eligible
    privately held company , receives, holds, transmits, or has custody of the funds or securities to
    be exchanged by the parties to the transaction. (ii) Engages on behalf of an issuer in a public offering
    of any cl…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) Directly or indirectly, in connection with the transfer of ownership of an eligible
      privately held company , receives, holds, transmits, or has custody of the funds or securities to
      be exchanged by the parties to the transaction. (ii) Engages on behalf of an issuer in a public
      offering of any class of securities that is registered, or is required to be registered, with the
      Commission under section 78l of this title or with respect to which the issuer files, or is required
      to file, periodic information, documents, and reports under subsection (d). (iii) Engages on behalf
      of any party in a transaction involving a shell company , other than a business combination related
      shell company . (iv) Directly, or indirectly through any of its affiliates, provides financing related
      to the transfer of ownership of an eligible privately held company .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-v
  canonical_id: exchange-act-15usc-v
  section: 15 U.S.C. §78o(v)
  description: '(v): (v) Assists any party to obtain financing from an unaffiliated third party without—
    (I) complying with all other applicable laws in connection with such assistance, including, if applicable,
    Regulation T (12 C.F.R. 220 et seq.); and (II) disclosing any compensation in writing to the party.
    (vi) Repr…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (v) Assists any party to obtain financing from an unaffiliated third party without—
      (I) complying with all other applicable laws in connection with such assistance, including, if applicable,
      Regulation T (12 C.F.R. 220 et seq.); and (II) disclosing any compensation in writing to the party.
      (vi) Represents both the buyer and the seller in the same transaction without providing clear written
      disclosure as to the parties the broker represents and obtaining written consent from both parties
      to the joint representation. (vii) Facilitates a transaction with a group of buyers formed with
      the assistance of the M&A broker to acquire the eligible privately held company . (viii) Engages
      in a transaction involving the transfer of ownership of an eligible privately held company to a
      passive buyer or group of passive buyers. (ix) Binds a party to a transfer of ownership of an eligible
      privately held company . (C) Disqualification.— An M&A broker is not exempt from registration under
      this paragraph if such broker (and if and as applicable, including any officer, director, member,
      manager, partner, or employee of such broker) —
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) has been barred from association with a broker or dealer by the Commission, any
    State , or any self-regulatory organization; or (ii) is suspended from association with a broker or
    dealer . (D) Rule of construction.— Nothing in this paragraph shall be construed to limit any other
    authority of the…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(i) has been barred from association with a broker or dealer by the Commission,
      any State , or any self-regulatory organization; or (ii) is suspended from association with a broker
      or dealer . (D) Rule of construction.— Nothing in this paragraph shall be construed to limit any
      other authority of the Commission to exempt any person, or any class of persons, from any provision
      of this chapter, or from any provision of any rule or regulation thereunder. (E) Definitions.— In
      this paragraph:'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Business combination related shell company.— The term “ business combination
    related shell company ” means a shell company that is formed by an entity that is not a shell company—
    (I) solely for the purpose of changing the corporate domicile of that entity solely within the United
    States ; or (I…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(i) Business combination related shell company.— The term “ business combination
      related shell company ” means a shell company that is formed by an entity that is not a shell company—
      (I) solely for the purpose of changing the corporate domicile of that entity solely within the United
      States ; or (II) solely for the purpose of completing a business combination transaction (as defined
      under section 230.165(f) of title 17, Code of Federal Regulations) among one or more entities other
      than the company itself, none of which is a shell company. (ii) Control.— The term “ control ” means
      the power, directly or indirectly, to direct the management or policies of a company, whether through
      ownership of securities, by contract, or otherwise. There is a presumption of control if, upon completion
      of a transaction, the buyer or group of buyers— (I) has the right to vote 25 percent or more of
      a class of voting securities or the power to sell or direct the sale of 25 percent or more of a
      class of voting securities; or (II) in the case of a partnership or limited liability company ,
      has the right to receive upon dissolution, or has contributed, 25 percent or more of the capital.
      (iii) Eligible privately held company.— The term “ eligible privately held company ” means a privately
      held company that meets both of the following conditions: (I) The company does not have any class
      of securities registered, or required to be registered, with the Commission under section 78l of
      this title or with respect to which the company files, or is required to file, periodic information,
      documents, and reports under subsection (d). (II) In the fiscal year ending immediately before the
      fiscal year in which the services of the M&A broker are initially engaged with respect to the securities
      transaction, the company meets either or both of the following conditions (determined in accordance
      with the historical financial accounting records of the company) : (aa) The earnings of the company
      before interest, taxes, depreciation, and amortization are less than $25,000,000. (bb) The gross
      revenues of the company are less than $250,000,000. For purposes of this subclause, the Commission
      may by rule modify the dollar figures if the Commission determines that such a modification is necessary
      or appropriate in the public interest or for the protection of investors. (iv) M&A broker.— The
      term “ M&A broker ” means a broker, and any person associated with a broker, engaged in the business
      of effecting securities transactions solely in connection with the transfer of ownership of an eligible
      privately held company , regardless of whether the broker acts on behalf of a seller or buyer, through
      the purchase, sale, exchange, issuance, repurchase, or redemption of, or a business combination
      involving, securities or assets of the eligible privately held company , if the broker reasonably
      believes that— (I) upon consummation of the transaction, any person acquiring securities or assets
      of the eligible privately held company , acting alone or in concert— (aa) will control the eligible
      privately held company or the business conducted with the assets of the eligible privately held
      company ; and (bb) directly or indirectly, will be active in the management of the eligible privately
      held company or the business conducted with the assets of the eligible privately held company ,
      including without limitation, for example, by— (AA) electing executive officers; (BB) approving
      the annual budget; (CC) serving as an executive or other executive manager; or (DD) carrying out
      such other activities as the Commission may, by rule, determine to be in the public interest; and
      (II) if any person is offered securities in exchange for securities or assets of the eligible privately
      held company , such person will, prior to becoming legally bound to consummate the transaction,
      receive or have reasonable access to the most recent fiscal year-end financial statements of the
      issuer of the securities as customarily prepared by the management of the issuer in the normal course
      of operations and, if the financial statements of the issuer are audited, reviewed, or compiled,
      any related statement by the independent accountant, a balance sheet dated not more than 120 days
      before the date of the offer, and information pertaining to the management, business, results of
      operations for the period covered by the foregoing financial statements, and material loss contingencies
      of the issuer.'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-v
  canonical_id: exchange-act-15usc-v
  section: 15 U.S.C. §78o(v)
  description: '(v): (v) Shell company.— The term “ shell company ” means a company that at the time of
    a transaction with an eligible privately held company — (I) has no or nominal operations; and (II)
    has— (aa) no or nominal assets; (bb) assets consisting solely of cash and cash equivalents; or (cc)
    assets consisting …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (v) Shell company.— The term “ shell company ” means a company that at the time of
      a transaction with an eligible privately held company — (I) has no or nominal operations; and (II)
      has— (aa) no or nominal assets; (bb) assets consisting solely of cash and cash equivalents; or (cc)
      assets consisting of any amount of cash and cash equivalents and nominal other assets. (F) Inflation
      adjustment.—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) In general.— On the date that is 5 years after December 29, 2022 , and every
    5 years thereafter, each dollar amount in subparagraph (E)(iii)(II) shall be adjusted by— (I) dividing
    the annual value of the Employment Cost Index For Wages and Salaries, Private Industry Workers (or
    any successor ind…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) In general.— On the date that is 5 years after December 29, 2022 , and every
      5 years thereafter, each dollar amount in subparagraph (E)(iii)(II) shall be adjusted by— (I) dividing
      the annual value of the Employment Cost Index For Wages and Salaries, Private Industry Workers (or
      any successor index ), as published by the Bureau of Labor Statistics , for the calendar year preceding
      the calendar year in which the adjustment is being made by the annual value of such index (or successor)
      for the calendar year ending December 31, 2020 ; and (II) multiplying such dollar amount by the
      quotient obtained under subclause (I). (ii) Rounding.— Each dollar amount determined under clause
      (i) shall be rounded to the nearest multiple of $100,000.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-c
  canonical_id: exchange-act-15usc-c
  section: 15 U.S.C. §78o(c)
  description: '(c): (c) Use of manipulative or deceptive devices; contravention of rules and regulations
    (1) (A) No broker or dealer shall make use of the mails or any means or instrumentality of interstate
    commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of,
    any security (o…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(c) Use of manipulative or deceptive devices; contravention of rules and regulations
      (1) (A) No broker or dealer shall make use of the mails or any means or instrumentality of interstate
      commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of,
      any security (other than commercial paper, bankers’ acceptances, or commercial bills), or any security-based
      swap agreement by means of any manipulative, deceptive, or other fraudulent device or contrivance.
      (B) No broker , dealer, or municipal securities dealer shall make use of the mails or any means
      or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt
      to induce the purchase or sale of, any municipal security or any security-based swap agreement involving
      a municipal security by means of any manipulative, deceptive, or other fraudulent device or contrivance.
      (C) No government securities broker or government securities dealer shall make use of the mails
      or any means or instrumentality of interstate commerce to effect any transaction in, or to induce
      or to attempt to induce the purchase or sale of, any government security or any security-based swap
      agreement involving a government security by means of any manipulative, deceptive, or other fraudulent
      device or contrivance. (2) (A) No broker or dealer shall make use of the mails or any means or instrumentality
      of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase
      or sale of, any security (other than an exempted security or commercial paper, bankers’ acceptances,
      or commercial bills) otherwise than on a national securities exchange of which it is a member, in
      connection with which such broker or dealer engages in any fraudulent, deceptive, or manipulative
      act or practice, or makes any fictitious quotation. (B) No broker , dealer, or municipal securities
      dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect
      any transaction in, or to induce or attempt to induce the purchase or sale of, any municipal security
      in connection with which such broker, dealer, or municipal securities dealer engages in any fraudulent,
      deceptive, or manipulative act or practice, or makes any fictitious quotation. (C) No government
      securities broker or government securities dealer shall make use of the mails or any means or instrumentality
      of interstate commerce to effect any transaction in, or induce or attempt to induce the purchase
      or sale of, any government security in connection with which such government securities broker or
      government securities dealer engages in any fraudulent, deceptive, or manipulative act or practice,
      or makes any fictitious quotation. (D) The Commission shall, for the purposes of this paragraph,
      by rules and regulations define, and prescribe means reasonably designed to prevent, such acts and
      practices as are fraudulent, deceptive, or manipulative and such quotations as are fictitious. (E)
      The Commission shall, prior to adopting any rule or regulation under subparagraph (C), consult with
      and consider the views of the Secretary of the Treasury and each appropriate regulatory agency.
      If the Secretary of the Treasury or any appropriate regulatory agency comments in writing on a proposed
      rule or regulation of the Commission under such subparagraph (C) that has been published for comment,
      the Commission shall respond in writing to such written comment before adopting the proposed rule.
      If the Secretary of the Treasury determines, and notifies the Commission , that such rule or regulation,
      if implemented, would, or as applied does (i) adversely affect the liquidity or efficiency of the
      market for government securities ; or (ii) impose any burden on competition not necessary or appropriate
      in furtherance of the purposes of this section, the Commission shall, prior to adopting the proposed
      rule or regulation, find that such rule or regulation is necessary and appropriate in furtherance
      of the purposes of this section notwithstanding the Secretary’s determination. (3) (A) No broker
      or dealer (other than a government securities broker or government securities dealer , except a
      registered broker or dealer) shall make use of the mails or any means or instrumentality of interstate
      commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of,
      any security (other than an exempted security (except a government security) or commercial paper,
      bankers’ acceptances, or commercial bills) in contravention of such rules and regulations as the
      Commission shall prescribe as necessary or appropriate in the public interest or for the protection
      of investors to provide safeguards with respect to the financial responsibility and related practices
      of brokers and dealers including, but not limited to, the acceptance of custody and use of customers’
      securities and the carrying and use of customers’ deposits or credit balances. Such rules and regulations
      shall (A) require the maintenance of reserves with respect to customers’ deposits or credit balances,
      and (B) no later than September 1, 1975 , establish minimum financial responsibility requirements
      for all brokers and dealers. (B) Consistent with this chapter, the Commission , in consultation
      with the Commodity Futures Trading Commission , shall issue such rules, regulations, or orders as
      are necessary to avoid duplicative or conflicting regulations applicable to any broker or dealer
      registered with the Commission pursuant to subsection (b) (except paragraph (11) thereof), that
      is also registered with the Commodity Futures Trading Commission pursuant to section 4f(a) of the
      Commodity Exchange Act [ 7 U.S.C. 6f(a) ] (except paragraph (2) thereof), with respect to the application
      of: (i) the provisions of section 78h of this title , subsection (c)(3), and section 78q of this
      title and the rules and regulations thereunder related to the treatment of customer funds, securities,
      or property, maintenance of books and records, financial reporting, or other financial responsibility
      rules, involving security futures products; and (ii) similar provisions of the Commodity Exchange
      Act [ 7 U.S.C. 1 et seq.] and rules and regulations thereunder involving security futures products.
      (C) Notwithstanding any provision of sections 2(a)(1)(C)(i) or 4d(a)(2) of the Commodity Exchange
      Act [ 7 U.S.C. 2(a)(1)(C)(i) , 6d(a)(2)] and the rules and regulations thereunder, and pursuant
      to an exemption granted by the Commission under section 78mm of this title or pursuant to a rule
      or regulation, cash and securities may be held by a broker or dealer registered pursuant to subsection
      (b)(1) and also registered as a futures commission merchant pursuant to section 4f(a)(1) of the
      Commodity Exchange Act [ 7 U.S.C. 6f(a)(1) ], in a portfolio margining account carried as a futures
      account subject to section 4d of the Commodity Exchange Act [ 7 U.S.C. 6d ] and the rules and regulations
      thereunder, pursuant to a portfolio margining program approved by the Commodity Futures Trading
      Commission , and subject to subchapter IV of chapter 7 of title 11 and the rules and regulations
      thereunder. The Commission shall consult with the Commodity Futures Trading Commission to adopt
      rules to ensure that such transactions and accounts are subject to comparable requirements to the
      extent practicable for similar products. (4) If the Commission finds, after notice and opportunity
      for a hearing, that any person subject to the provisions of section 78l , 78m , 78n of this title
      or subsection (d) or any rule or regulation thereunder has failed to comply with any such provision,
      rule, or regulation in any material respect, the Commission may publish its findings and issue an
      order requiring such person, and any person who was a cause of the failure to comply due to an act
      or omission the person knew or should have known would contribute to the failure to comply, to comply,
      or to take steps to effect compliance, with such provision or such rule or regulation thereunder
      upon such terms and conditions and within such time as the Commission may specify in such order.
      (5) No dealer (other than a specialist registered on a national securities exchange ) acting in
      the capacity of market maker or otherwise shall make use of the mails or any means or instrumentality
      of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase
      or sale of, any security (other than an exempted security or a municipal security) in contravention
      of such specified and appropriate standards with respect to dealing as the Commission, by rule,
      shall prescribe as necessary or appropriate in the public interest and for the protection of investors,
      to maintain fair and orderly markets, or to remove impediments to and perfect the mechanism of a
      national market system. Under the rules of the Commission a dealer in a security may be prohibited
      from acting as a broker in that security. (6) No broker or dealer shall make use of the mails or
      any means or instrumentality of interstate commerce to effect any transaction in, or to induce or
      attempt to induce the purchase or sale of, any security (other than an exempted security, municipal
      security, commercial paper, bankers’ acceptances, or commercial bills) in contravention of such
      rules and regulations as the Commission shall prescribe as necessary or appropriate in the public
      interest and for the protection of investors or to perfect or remove impediments to a national system
      for the prompt and accurate clearance and settlement of securities transactions, with respect to
      the time and method of, and the form and format of documents used in connection with, making settlements
      of and payments for transactions in securities, making transfers and deliveries of securities, and
      closing accounts. Nothing in this paragraph shall be construed (A) to affect the authority of the
      Board of Governors of the Federal Reserve System , pursuant to section 78g of this title , to prescribe
      rules and regulations for the purpose of preventing the excessive use of credit for the purchase
      or carrying of securities, or (B) to authorize the Commission to prescribe rules or regulations
      for such purpose. (7) In connection with any bid for or purchase of a government security related
      to an offering of government securities by or on behalf of an issuer, no government securities broker
      , government securities dealer , or bidder for or purchaser of securities in such offering shall
      knowingly or willfully make any false or misleading written statement or omit any fact necessary
      to make any written statement made not misleading. (8) Prohibition of referral fees.— No broker
      or dealer , or person associated with a broker or dealer, may solicit or accept, directly or indirectly,
      remuneration for assisting an attorney in obtaining the representation of any person in any private
      action arising under this chapter or under the Securities Act of 1933 [ 15 U.S.C. 77a et seq.].'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-d
  canonical_id: exchange-act-15usc-d
  section: 15 U.S.C. §78o(d)
  description: '(d): (d) Supplementary and periodic information (1) In general Each issuer which has filed
    a registration statement containing an undertaking which is or becomes operative under this subsection
    as in effect prior to August 20, 1964 , and each issuer which shall after such date file a registration
    stateme…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (d) Supplementary and periodic information (1) In general Each issuer which has filed
      a registration statement containing an undertaking which is or becomes operative under this subsection
      as in effect prior to August 20, 1964 , and each issuer which shall after such date file a registration
      statement which has become effective pursuant to the Securities Act of 1933 , as amended [ 15 U.S.C.
      77a et seq.], shall file with the Commission, in accordance with such rules and regulations as the
      Commission may prescribe as necessary or appropriate in the public interest or for the protection
      of investors, such supplementary and periodic information, documents, and reports as may be required
      pursuant to section 78m of this title in respect of a security registered pursuant to section 78l
      of this title. The duty to file under this subsection shall be automatically suspended if and so
      long as any issue of securities of such issuer is registered pursuant to section 78l of this title.
      The duty to file under this subsection shall also be automatically suspended as to any fiscal year,
      other than the fiscal year within which such registration statement became effective, if, at the
      beginning of such fiscal year, the securities of each class, other than any class of asset-backed
      securities, to which the registration statement relates are held of record by less than 300 persons,
      or, in the case of a bank, a savings and loan holding company (as defined in section 1467a of title
      12 ), or a bank holding company, as such term is defined in section 1841 of title 12 , 1,200 persons
      persons. 1 For the purposes of this subsection, the term “class” shall be construed to include all
      securities of an issuer which are of substantially similar character and the holders of which enjoy
      substantially similar rights and privileges. The Commission may, for the purpose of this subsection,
      define by rules and regulations the term “held of record” as it deems necessary or appropriate in
      the public interest or for the protection of investors in order to prevent circumvention of the
      provisions of this subsection. Nothing in this subsection shall apply to securities issued by a
      foreign government or political subdivision thereof. (2) Asset-backed securities (A) Suspension
      of duty to file The Commission may, by rule or regulation, provide for the suspension or termination
      of the duty to file under this subsection for any class of asset-backed security, on such terms
      and conditions and for such period or periods as the Commission deems necessary or appropriate in
      the public interest or for the protection of investors. (B) Classification of issuers The Commission
      may, for purposes of this subsection, classify issuers and prescribe requirements appropriate for
      each class of issuers of asset-backed securities.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-e
  canonical_id: exchange-act-15usc-e
  section: 15 U.S.C. §78o(e)
  description: '(e): (e) Notices to customers regarding securities lending Every registered broker or
    dealer shall provide notice to its customers that they may elect not to allow their fully paid securities
    to be used in connection with short sales. If a broker or dealer uses a customer’s securities in connection
    with …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (e) Notices to customers regarding securities lending Every registered broker or
      dealer shall provide notice to its customers that they may elect not to allow their fully paid securities
      to be used in connection with short sales. If a broker or dealer uses a customer’s securities in
      connection with short sales, the broker or dealer shall provide notice to its customer that the
      broker or dealer may receive compensation in connection with lending the customer’s securities.
      The Commission, by rule, as it deems necessary or appropriate in the public interest and for the
      protection of investors, may prescribe the form, content, time, and manner of delivery of any notice
      required under this paragraph.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-f
  canonical_id: exchange-act-15usc-f
  section: 15 U.S.C. §78o(f)
  description: '(f): (f) Compliance with this chapter by members not required to be registered The Commission
    , by rule, as it deems necessary or appropriate in the public interest and for the protection of investors
    or to assure equal regulation, may require any member of a national securities exchange not required
    to …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (f) Compliance with this chapter by members not required to be registered The Commission
      , by rule, as it deems necessary or appropriate in the public interest and for the protection of
      investors or to assure equal regulation, may require any member of a national securities exchange
      not required to register under this section and any person associated with any such member to comply
      with any provision of this chapter (other than subsection (a)) or the rules or regulations thereunder
      which by its terms regulates or prohibits any act, practice, or course of business by a “broker
      or dealer” or “ registered broker or dealer ” or a “person associated with a broker or dealer, ”
      respectively.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-g
  canonical_id: exchange-act-15usc-g
  section: 15 U.S.C. §78o(g)
  description: '(g): (g) Prevention of misuse of material, nonpublic information Every registered broker
    or dealer shall establish, maintain, and enforce written policies and procedures reasonably designed,
    taking into consideration the nature of such broker’ s or dealer’ s business, to prevent the misuse
    in violation o…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (g) Prevention of misuse of material, nonpublic information Every registered broker
      or dealer shall establish, maintain, and enforce written policies and procedures reasonably designed,
      taking into consideration the nature of such broker’ s or dealer’ s business, to prevent the misuse
      in violation of this chapter, or the rules or regulations thereunder, of material, nonpublic information
      by such broker or dealer or any person associated with such broker or dealer. The Commission, as
      it deems necessary or appropriate in the public interest or for the protection of investors, shall
      adopt rules or regulations to require specific policies or procedures reasonably designed to prevent
      misuse in violation of this chapter (or the rules or regulations thereunder) of material, nonpublic
      information.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-h
  canonical_id: exchange-act-15usc-h
  section: 15 U.S.C. §78o(h)
  description: '(h): (h) Requirements for transactions in penny stocks (1) In general No broker or dealer
    shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction
    in, or to induce or attempt to induce the purchase or sale of, any penny stock by any customer except
    in a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (h) Requirements for transactions in penny stocks (1) In general No broker or dealer
      shall make use of the mails or any means or instrumentality of interstate commerce to effect any
      transaction in, or to induce or attempt to induce the purchase or sale of, any penny stock by any
      customer except in accordance with the requirements of this subsection and the rules and regulations
      prescribed under this subsection. (2) Risk disclosure with respect to penny stocks Prior to effecting
      any transaction in any penny stock, a broker or dealer shall give the customer a risk disclosure
      document that— (A) contains a description of the nature and level of risk in the market for penny
      stocks in both public offerings and secondary trading; (B) contains a description of the broker
      ’s or dealer’ s duties to the customer and of the rights and remedies available to the customer
      with respect to violations of such duties or other requirements of Federal securities laws ; (C)
      contains a brief, clear, narrative description of a dealer market, including “bid” and “ask” prices
      for penny stocks and the significance of the spread between the bid and ask prices; (D) contains
      the toll free telephone number for inquiries on disciplinary actions established pursuant to section
      78o–3(i) of this title ; (E) defines significant terms used in the disclosure document or in the
      conduct of trading in penny stocks; and (F) contains such other information, and is in such form
      (including language, type size, and format), as the Commission shall require by rule or regulation.
      (3) Commission rules relating to disclosure The Commission shall adopt rules setting forth additional
      standards for the disclosure by brokers and dealers to customers of information concerning transactions
      in penny stocks. Such rules— (A) shall require brokers and dealers to disclose to each customer,
      prior to effecting any transaction in, and at the time of confirming any transaction with respect
      to any penny stock, in accordance with such procedures and methods as the Commission may require
      consistent with the public interest and the protection of investors—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) the bid and ask prices for penny stock, or such other information as the Commission
    may, by rule, require to provide customers with more useful and reliable information relating to the
    price of such stock; (ii) the number of shares to which such bid and ask prices apply, or other comparable
    info…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) the bid and ask prices for penny stock, or such other information as the Commission
      may, by rule, require to provide customers with more useful and reliable information relating to
      the price of such stock; (ii) the number of shares to which such bid and ask prices apply, or other
      comparable information relating to the depth and liquidity of the market for such stock; and (iii)
      the amount and a description of any compensation that the broker or dealer and the associated person
      thereof will receive or has received in connection with such transaction; (B) shall require brokers
      and dealers to provide, to each customer whose account with the broker or dealer contains penny
      stocks, a monthly statement indicating the market value of the penny stocks in that account or indicating
      that the market value of such stock cannot be determined because of the unavailability of firm quotes;
      and (C) may, as the Commission finds necessary or appropriate in the public interest or for the
      protection of investors, require brokers and dealers to disclose to customers additional information
      concerning transactions in penny stocks. (4) Exemptions The Commission , as it determines consistent
      with the public interest and the protection of investors, may by rule, regulation, or order exempt
      in whole or in part, conditionally or unconditionally, any person or class of persons, or any transaction
      or class of transactions, from the requirements of this subsection. Such exemptions shall include
      an exemption for brokers and dealers based on the minimal percentage of the broker’ s or dealer’
      s commissions , commission -equivalents, and markups received from transactions in penny stocks.
      (5) Regulations It shall be unlawful for any person to violate such rules and regulations as the
      Commission shall prescribe in the public interest or for the protection of investors or to maintain
      fair and orderly markets— (A) as necessary or appropriate to carry out this subsection; or (B) as
      reasonably designed to prevent fraudulent, deceptive, or manipulative acts and practices with respect
      to penny stocks.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) Limitations on State law (1) Capital, margin, books and records, bonding, and
    reports No law, rule, regulation, or order, or other administrative action of any State or political
    subdivision thereof shall establish capital, custody, margin, financial responsibility, making and
    keeping records, b…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) Limitations on State law (1) Capital, margin, books and records, bonding, and
      reports No law, rule, regulation, or order, or other administrative action of any State or political
      subdivision thereof shall establish capital, custody, margin, financial responsibility, making and
      keeping records, bonding, or financial or operational reporting requirements for brokers, dealers,
      municipal securities dealers, government securities brokers, or government securities dealers that
      differ from, or are in addition to, the requirements in those areas established under this chapter.
      The Commission shall consult periodically the securities commissions (or any agency or office performing
      like functions) of the States concerning the adequacy of such requirements as established under
      this chapter. (2) Funding portals (A) Limitation on State laws Except as provided in subparagraph
      (B), no State or political subdivision thereof may enforce any law, rule, regulation, or other administrative
      action against a registered funding portal with respect to its business as such. (B) Examination
      and enforcement authority Subparagraph (A) does not apply with respect to the examination and enforcement
      of any law, rule, regulation, or administrative action of a State or political subdivision thereof
      in which the principal place of business of a registered funding portal is located, provided that
      such law, rule, regulation, or administrative action is not in addition to or different from the
      requirements for registered funding portals established by the Commission. (C) Definition For purposes
      of this paragraph, the term “ State ” includes the District of Columbia and the territories of the
      United States . (3) De minimis transactions by associated persons No law, rule, regulation, or order,
      or other administrative action of any State or political subdivision thereof may prohibit an associated
      person of a broker or dealer from effecting a transaction described in paragraph (3) 3 for a customer
      in such State if— (A) such associated person is not ineligible to register with such State for any
      reason other than such a transaction; (B) such associated person is registered with a registered
      securities association and at least one State ; and (C) the broker or dealer with which such person
      is associated is registered with such State . (4) Described transactions (A) In general A transaction
      is described in this paragraph if—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) such transaction is effected— (I) on behalf of a customer that, for 30 days prior
    to the day of the transaction, maintained an account with the broker or dealer ; and (II) by an associated
    person of the broker or dealer — (aa) to which the customer was assigned for 14 days prior to the
    day of th…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) such transaction is effected— (I) on behalf of a customer that, for 30 days prior
      to the day of the transaction, maintained an account with the broker or dealer ; and (II) by an
      associated person of the broker or dealer — (aa) to which the customer was assigned for 14 days
      prior to the day of the transaction; and (bb) who is registered with a State in which the customer
      was a resident or was present for at least 30 consecutive days during the 1-year period prior to
      the day of the transaction; or (ii) the transaction is effected— (I) on behalf of a customer that,
      for 30 days prior to the day of the transaction, maintained an account with the broker or dealer
      ; and (II) during the period beginning on the date on which such associated person files an application
      for registration with the State in which the transaction is effected and ending on the earlier of—
      (aa) 60 days after the date on which the application is filed; or (bb) the date on which such State
      notifies the associated person that it has denied the application for registration or has stayed
      the pendency of the application for cause. (B) Rules of construction For purposes of subparagraph
      (A)(i)(II)—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) each of up to 3 associated persons of a broker or dealer who are designated to
    effect transactions during the absence or unavailability of the principal associated person for a
    customer may be treated as an associated person to which such customer is assigned; and (ii) if the
    customer is present…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) each of up to 3 associated persons of a broker or dealer who are designated to
      effect transactions during the absence or unavailability of the principal associated person for
      a customer may be treated as an associated person to which such customer is assigned; and (ii) if
      the customer is present in another State for 30 or more consecutive days or has permanently changed
      his or her residence to another State , a transaction is not described in this paragraph, unless
      the associated person of the broker or dealer files an application for registration with such State
      not later than 10 business days after the later of the date of the transaction, or the date of the
      discovery of the presence of the customer in the other State for 30 or more consecutive days or
      the change in the customer’s residence.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-j
  canonical_id: exchange-act-15usc-j
  section: 15 U.S.C. §78o(j)
  description: '(j): (j) [4] Rulemaking to extend requirements to new hybrid products (1) Consultation
    Prior to commencing a rulemaking under this subsection, the Commission shall consult with and seek
    the concurrence of the Board concerning the imposition of broker or dealer registration requirements
    with respect to an…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (j) [4] Rulemaking to extend requirements to new hybrid products (1) Consultation
      Prior to commencing a rulemaking under this subsection, the Commission shall consult with and seek
      the concurrence of the Board concerning the imposition of broker or dealer registration requirements
      with respect to any new hybrid product . In developing and promulgating rules under this subsection,
      the Commission shall consider the views of the Board, including views with respect to the nature
      of the new hybrid product ; the history, purpose, extent, and appropriateness of the regulation
      of the new product under the Federal banking laws; and the impact of the proposed rule on the banking
      industry. (2) Limitation The Commission shall not— (A) require a bank to register as a broker or
      dealer under this section because the bank engages in any transaction in, or buys or sells, a new
      hybrid product ; or (B) bring an action against a bank for a failure to comply with a requirement
      described in subparagraph (A), unless the Commission has imposed such requirement by rule or regulation
      issued in accordance with this section. (3) Criteria for rulemaking The Commission shall not impose
      a requirement under paragraph (2) of this subsection with respect to any new hybrid product unless
      the Commission determines that— (A) the new hybrid product is a security; and (B) imposing such
      requirement is necessary and appropriate in the public interest and for the protection of investors.
      (4) Considerations In making a determination under paragraph (3), the Commission shall consider—
      (A) the nature of the new hybrid product ; and (B) the history, purpose, extent, and appropriateness
      of the regulation of the new hybrid product under the Federal securities laws and under the Federal
      banking laws. (5) Objection to Commission regulation (A) Filing of petition for review The Board
      may obtain review of any final regulation described in paragraph (2) in the United States Court
      of Appeals for the District of Columbia Circuit by filing in such court, not later than 60 days
      after the date of publication of the final regulation, a written petition requesting that the regulation
      be set aside. Any proceeding to challenge any such rule shall be expedited by the Court of Appeals.
      (B) Transmittal of petition and record A copy of a petition described in subparagraph (A) shall
      be transmitted as soon as possible by the Clerk of the Court to an officer or employee of the Commission
      designated for that purpose. Upon receipt of the petition, the Commission shall file with the court
      the regulation under review and any documents referred to therein, and any other relevant materials
      prescribed by the court. (C) Exclusive jurisdiction On the date of the filing of the petition under
      subparagraph (A), the court has jurisdiction, which becomes exclusive on the filing of the materials
      set forth in subparagraph (B), to affirm and enforce or to set aside the regulation at issue. (D)
      Standard of review The court shall determine to affirm and enforce or set aside a regulation of
      the Commission under this subsection, based on the determination of the court as to whether—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) the subject product is a new hybrid product , as defined in this subsection;
    (ii) the subject product is a security ; and (iii) imposing a requirement to register as a broker
    or dealer for banks engaging in transactions in such product is appropriate in light of the history,
    purpose, and extent …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: '(i) the subject product is a new hybrid product , as defined in this subsection;
      (ii) the subject product is a security ; and (iii) imposing a requirement to register as a broker
      or dealer for banks engaging in transactions in such product is appropriate in light of the history,
      purpose, and extent of regulation under the Federal securities laws and under the Federal banking
      laws, giving deference neither to the views of the Commission nor the Board . (E) Judicial stay
      The filing of a petition by the Board pursuant to subparagraph (A) shall operate as a judicial stay,
      until the date on which the determination of the court is final (including any appeal of such determination).
      (F) Other authority to challenge Any aggrieved party may seek judicial review of the Commission
      ’s rulemaking under this subsection pursuant to section 78y of this title . (6) Definitions For
      purposes of this subsection: (A) New hybrid product The term “ new hybrid product ” means a product
      that—'
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) was not subjected to regulation by the Commission as a security prior to the
    date of the enactment of the Gramm-Leach-Bliley Act [ Nov. 12, 1999 ]; (ii) is not an identified banking
    product as such term is defined in section 206 of such Act; and (iii) is not an equity swap within
    the meaning of …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) was not subjected to regulation by the Commission as a security prior to the
      date of the enactment of the Gramm-Leach-Bliley Act [ Nov. 12, 1999 ]; (ii) is not an identified
      banking product as such term is defined in section 206 of such Act; and (iii) is not an equity swap
      within the meaning of section 206(a)(6) of such Act. (B) Board The term “ Board ” means the Board
      of Governors of the Federal Reserve System .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-j
  canonical_id: exchange-act-15usc-j
  section: 15 U.S.C. §78o(j)
  description: '(j): (j) 4 Limitation on Commission authority The authority of the Commission under this
    section with respect to security-based swap agreements shall be subject to the restrictions and limitations
    of section 78c–1(b) of this title .'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (j) 4 Limitation on Commission authority The authority of the Commission under this
      section with respect to security-based swap agreements shall be subject to the restrictions and
      limitations of section 78c–1(b) of this title .
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-k
  canonical_id: exchange-act-15usc-k
  section: 15 U.S.C. §78o(k)
  description: '(k): (k) [5] Registration or succession to a United States broker or dealer In determining
    whether to permit a foreign person or an affiliate of a foreign person to register as a United States
    broker or dealer, or succeed to the registration of a United States broker or dealer, the Commission
    may conside…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (k) [5] Registration or succession to a United States broker or dealer In determining
      whether to permit a foreign person or an affiliate of a foreign person to register as a United States
      broker or dealer, or succeed to the registration of a United States broker or dealer, the Commission
      may consider whether, for a foreign person, or an affiliate of a foreign person that presents a
      risk to the stability of the United States financial system, the home country of the foreign person
      has adopted, or made demonstrable progress toward adopting, an appropriate system of financial regulation
      to mitigate such risk.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-l
  canonical_id: exchange-act-15usc-l
  section: 15 U.S.C. §78o(l)
  description: '(l): (l) [6] Termination of a United States broker or dealer For a foreign person or an
    affiliate of a foreign person that presents such a risk to the stability of the United States financial
    system, the Commission may determine to terminate the registration of such foreign person or an affiliate
    of such…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (l) [6] Termination of a United States broker or dealer For a foreign person or an
      affiliate of a foreign person that presents such a risk to the stability of the United States financial
      system, the Commission may determine to terminate the registration of such foreign person or an
      affiliate of such foreign person as a broker or dealer in the United States , if the Commission
      determines that the home country of the foreign person has not adopted, or made demonstrable progress
      toward adopting, an appropriate system of financial regulation to mitigate such risk.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-k
  canonical_id: exchange-act-15usc-k
  section: 15 U.S.C. §78o(k)
  description: '(k): (k) [7] Standard of conduct (1) In general Notwithstanding any other provision of
    this chapter or the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.], the Commission may
    promulgate rules to provide that, with respect to a broker or dealer, when providing personalized
    investment advice abo…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (k) [7] Standard of conduct (1) In general Notwithstanding any other provision of
      this chapter or the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.], the Commission may
      promulgate rules to provide that, with respect to a broker or dealer, when providing personalized
      investment advice about securities to a retail customer (and such other customers as the Commission
      may by rule provide), the standard of conduct for such broker or dealer with respect to such customer
      shall be the same as the standard of conduct applicable to an investment adviser under section 211
      of the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–11 ]. The receipt of compensation based on
      commission or other standard compensation for the sale of securities shall not, in and of itself,
      be considered a violation of such standard applied to a broker or dealer. Nothing in this section
      shall require a broker or dealer or registered representative to have a continuing duty of care
      or loyalty to the customer after providing personalized investment advice about securities. (2)
      Disclosure of range of products offered Where a broker or dealer sells only proprietary or other
      limited range of products, as determined by the Commission, the Commission may by rule require that
      such broker or dealer provide notice to each retail customer and obtain the consent or acknowledgment
      of the customer. The sale of only proprietary or other limited range of products by a broker or
      dealer shall not, in and of itself, be considered a violation of the standard set forth in paragraph
      (1).
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-l
  canonical_id: exchange-act-15usc-l
  section: 15 U.S.C. §78o(l)
  description: '(l): (l) [8] Other matters The Commission shall— (1) facilitate the provision of simple
    and clear disclosures to investors regarding the terms of their relationships with brokers , dealers,
    and investment advisers , including any material conflicts of interest; and (2) examine and, where
    appropriate, pro…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (l) [8] Other matters The Commission shall— (1) facilitate the provision of simple
      and clear disclosures to investors regarding the terms of their relationships with brokers , dealers,
      and investment advisers , including any material conflicts of interest; and (2) examine and, where
      appropriate, promulgate rules prohibiting or restricting certain sales practices, conflicts of interest,
      and compensation schemes for brokers , dealers, and investment advisers that the Commission deems
      contrary to the public interest and the protection of investors.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-m
  canonical_id: exchange-act-15usc-m
  section: 15 U.S.C. §78o(m)
  description: '(m): (m) Harmonization of enforcement The enforcement authority of the Commission with
    respect to violations of the standard of conduct applicable to a broker or dealer providing personalized
    investment advice about securities to a retail customer shall include— (1) the enforcement authority
    of the Commi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (m) Harmonization of enforcement The enforcement authority of the Commission with
      respect to violations of the standard of conduct applicable to a broker or dealer providing personalized
      investment advice about securities to a retail customer shall include— (1) the enforcement authority
      of the Commission with respect to such violations provided under this chapter; and (2) the enforcement
      authority of the Commission with respect to violations of the standard of conduct applicable to
      an investment adviser under the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.], including
      the authority to impose sanctions for such violations, and the Commission shall seek to prosecute
      and sanction violators of the standard of conduct applicable to a broker or dealer providing personalized
      investment advice about securities to a retail customer under this chapter to [9] same extent as
      the Commission prosecutes and sanctions violators of the standard of conduct applicable to an investment
      advisor under the Investment Advisers Act of 1940 [ 15 U.S.C. 80b–1 et seq.].
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-n
  canonical_id: exchange-act-15usc-n
  section: 15 U.S.C. §78o(n)
  description: '(n): (n) Disclosures to retail investors (1) In general Notwithstanding any other provision
    of the securities laws , the Commission may issue rules designating documents or information that
    shall be provided by a broker or dealer to a retail investor before the purchase of an investment
    product or servic…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (n) Disclosures to retail investors (1) In general Notwithstanding any other provision
      of the securities laws , the Commission may issue rules designating documents or information that
      shall be provided by a broker or dealer to a retail investor before the purchase of an investment
      product or service by the retail investor. (2) Considerations In developing any rules under paragraph
      (1), the Commission shall consider whether the rules will promote investor protection, efficiency,
      competition, and capital formation. (3) Form and contents of documents and information Any documents
      or information designated under a rule promulgated under paragraph (1) shall— (A) be in a summary
      format; and (B) contain clear and concise information about—
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-i
  canonical_id: exchange-act-15usc-i
  section: 15 U.S.C. §78o(i)
  description: '(i): (i) investment objectives, strategies, costs, and risks; and (ii) any compensation
    or other financial incentive received by a broker , dealer, or other intermediary in connection with
    the purchase of retail investment products.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (i) investment objectives, strategies, costs, and risks; and (ii) any compensation
      or other financial incentive received by a broker , dealer, or other intermediary in connection
      with the purchase of retail investment products.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: exchange-act-15usc-o
  canonical_id: exchange-act-15usc-o
  section: 15 U.S.C. §78o(o)
  description: '(o): (o) Authority to restrict mandatory pre-dispute arbitration The Commission , by rule,
    may prohibit, or impose conditions or limitations on the use of, agreements that require customers
    or clients of any broker, dealer, or municipal securities dealer to arbitrate any future dispute between
    them arisi…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: 15 U.S.C. §78o(a) — Securities Exchange Act §15(a) (broker-dealer registration)
    source_class: exchange-act-statute
    source_url: https://www.law.cornell.edu/uscode/text/15/78o
    snapshot_id: 3824efa542afc87d
    fetched_at: '2026-06-04T21:37:47Z'
    content_hash: sha256:04fcb38fac46ef3235b221cbf82e4c2eb79d01f8560afaaf21d8927d959e8403
    paragraph_quote: (o) Authority to restrict mandatory pre-dispute arbitration The Commission , by rule,
      may prohibit, or impose conditions or limitations on the use of, agreements that require customers
      or clients of any broker, dealer, or municipal securities dealer to arbitrate any future dispute
      between them arising under the Federal securities laws, the rules and regulations thereunder, or
      the rules of a self-regulatory organization if it finds that such prohibition, imposition of conditions,
      or limitations are in the public interest and for the protection of investors. (June 6, 1934, ch.
      404, title I, § 15, 48 Stat. 895 ; May 27, 1936, ch. 462, § 3, 49 Stat. 1377 ; June 25, 1938, ch.
      677, § 2, 52 Stat. 1075 ; Pub. L. 88–467, § 6 , Aug. 20, 1964 , 78 Stat. 570 ; Pub. L. 91–598, §
      11(d) , formerly § 7(d), Dec. 30, 1970 , 84 Stat. 1653 , renumbered § 11(d), Pub. L. 95–283, § 9
      , May 21, 1978 , 92 Stat. 260 ; Pub. L. 94–29, § 11 , June 4, 1975 , 89 Stat. 121 ; Pub. L. 95–213,
      title II, § 204 , Dec. 19, 1977 , 91 Stat. 1500 ; Pub. L. 98–38, § 3(a) , June 6, 1983 , 97 Stat.
      206 ; Pub. L. 98–376 , §§ 4, 6(b), Aug. 10, 1984 , 98 Stat. 1265 ; Pub. L. 99–571, title I, § 102(e)
      , (f), Oct. 28, 1986 , 100 Stat. 3218 ; Pub. L. 100–181, title III, § 317 , Dec. 4, 1987 , 101 Stat.
      1256 ; Pub. L. 100–704, § 3(b)(1) , Nov. 19, 1988 , 102 Stat. 4679 ; Pub. L. 101–429, title V ,
      §§ 504(a), 505, Oct. 15, 1990 , 104 Stat. 952 , 953; Pub. L. 101–550, title II, § 203(a) , (c)(1),
      Nov. 15, 1990 , 104 Stat. 2715 , 2718; Pub. L. 103–202, title I , §§ 105, 106(b)(2)(B), 109(b)(2),
      110, Dec. 17, 1993 , 107 Stat. 2348 , 2350, 2353; Pub. L. 104–67, title I, § 103(a) , Dec. 22, 1995
      , 109 Stat. 756 ; Pub. L. 104–290, title I, § 103(a) , Oct. 11, 1996 , 110 Stat. 3420 ; Pub. L.
      105–353, title III, § 301(b)(8) , Nov. 3, 1998 , 112 Stat. 3236 ; Pub. L. 106–102, title II, § 205
      , Nov. 12, 1999 , 113 Stat. 1391 ; Pub. L. 106–554, § 1(a)(5) [title II, §§ 203(a)(1), (b), 206(h),
      title III, § 303(e), (f)] , Dec. 21, 2000 , 114 Stat. 2763 , 2763A–421, 2763A–422, 2763A–432, 2763A–454,
      2763A–455; Pub. L. 107–204, title VI, § 604(a) , (c)(1)(B), July 30, 2002 , 116 Stat. 795 , 796;
      Pub. L. 109–291, § 4(b)(1)(A) , Sept. 29, 2006 , 120 Stat. 1337 ; Pub. L. 111–203, title I, § 173(c)
      , title VII, §§ 713(a), 762(d)(4), 766(d), title IX, §§ 913(g)(1), (h)(1), 919, 921(a), 925(a)(1),
      929L(3), 929X(c), 942(a), 975(g), 985(b)(5)(A), July 21, 2010 , 124 Stat. 1440 , 1646, 1761, 1799,
      1828, 1829, 1837, 1841, 1850, 1861, 1870, 1896, 1923, 1933; Pub. L. 112–106, title III, § 305(d)(1)
      , title VI, § 601(b), Apr. 5, 2012 , 126 Stat. 323 , 326; Pub. L. 114–94, div. G, title LXXXV, §
      85001(2) , Dec. 4, 2015 , 129 Stat. 1797 ; Pub. L. 117–328, div. AA, title V, § 501(a) , Dec. 29,
      2022 , 136 Stat. 5538 .) [1] So in original. [2] So in original. The word “or” probably should not
      appear. [3] See References in Text note below. [4] So in original. There are two subsecs. designated
      (j). [5] Another subsec. (k) is set out after the first subsec. ( l ). [6] Another subsec. ( l )
      is set out after the second subsec. (k). [7] Another subsec. (k) is set out after the second subsec.
      (j). [8] Another subsec. ( l ) is set out after the first subsec. (k). [9] So in original. Probably
      should be followed by “the”.
    drafter_attestation: Verbatim subsection of 15 U.S.C. §78o from Cornell LII snapshot 3824efa542afc87d;
      body isolated between nav and notes; substring-verified.
  judgment: false
