[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/