[Series 66] 37, Broker-Dealer Definitions and Registration

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The statutory definition of a broker-dealer and entities excluded under the Uniform Securities Act. • Why broker-dealers lack a de minimis exemption for state registration with retail clients. • How Form BD, filing fees, and the Consent to Service of Process complete initial registration. • Effective registration timelines, annual renewal, and net capital limitations under federal law. • A simple decision rule to determine when out-of-state broker-dealer registration is mandatory. This independent study episode helps candidates prepare for the Series 66 exam. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/