Foreign Securities Broker-Dealers Conducting Business in the United States

Summary

This practice note discusses the types of securities activities in which foreign broker-dealers may engage in the United States without registration with the Securities and Exchange Commission (SEC). This practice note also addresses SEC and other regulatory requirements applicable to foreign broker-dealers that register with the SEC, with a focus on requirements that go beyond those of domestic U.S. registrants or that otherwise might be unfamiliar to foreign broker-dealers. It is intended to help you advise your foreign broker-dealer clients about the applicable broker-dealer requirements of the Securities Exchange Act of 1934, as amended (Exchange Act), and the rules adopted by the SEC thereunder.