Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Rule 15a-10 -- Exemption of Certain Brokers or Dealers with Respect to Security Futures Products

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1. A broker or dealer that is registered by notice with the Commission pursuant to section 15(b)(11)(A) of the Act and that is not a member of either a national securities exchange registered pursuant to section 6(a) of the Act or a national securities association registered pursuant to section 15A(a) of the Act will be exempt from the registration requirement of section 15(a)(1) of the Act solely to act as a broker or a dealer in security futures products.
   
   
2. A broker or dealer that is registered by notice with the Commission pursuant to section 15(b)(11)(A) of the Act and that is a member of either a national securities exchange registered pursuant to section 6(a) of the Act or a national securities association registered pursuant to section 15A(a) of the Act will be exempt from the registration requirement of section 15(a)(1) of the Act solely to act as a broker or a dealer in security futures products, if:
   
   
   1. The rules of any such exchange or association of which the broker or dealer is a member provides specifically for a broker or dealer that is registered by notice with the Commission pursuant to section 15(b)(11)(A) of the Act to become a member of such exchange or association; and
      
      
   2. The broker or dealer complies with section 11(a)-(c) of the Act with respect to any transactions in security futures products on a national securities exchange registered pursuant to section 6(a) of the Act of which it is a member, notwithstanding section 15(b)(11)(B)(ii) of the Act.
      
      

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