Now it's time to talk shop about the broker-dealers that don't have to play the registration game. These are BDs that
have no place of business in the state
have no office in the state, but do business with institutional investors
Institutional investors include: issuers of securities involved in the transactions, pension, or profit-sharing trusts, investment companies as defined in the Investment Company Act of 1940, banks, savings institutions, trust companies, insurance companies, other...
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