General. Except as provided under paragraph (b) of this section, you must comply with this part when:
You effect a securities transaction for a customer.
You effect a transaction in government securities.
You effect a transaction in municipal securities and are not registered as a municipal securities dealer with the SEC.
You effect a securities transaction as fiduciary. You also must comply with 12 CFR part 150 when you effect such a transaction.
Exceptions—(1) Small number of transactions. You are not required to comply with §§ 151.50(b) through (d) (recordkeeping) and 151.140(a) through (c) (policies and procedures), if you effected an average of fewer than 500 securities transactions per year for customers over the three prior calendar years. You may exclude transactions in government securities when you calculate this average.
Government securities. If you effect fewer than 500 government securities brokerage transactions per year, you are not required to comply with § 151.50 (recordkeeping) for those transactions. This exception does not apply to government securities dealer transactions. See 17 CFR 404.4(a).
Municipal securities. If you are registered with the SEC as a “municipal securities dealer,” as defined in 15 U.S.C. 78c(a)(30) (see 15 U.S.C. 78o-4), you are not required to comply with this part when you conduct municipal securities transactions.
Foreign branches. You are not required to comply with this part when you conduct a transaction at your foreign branch.
Transactions by registered broker-dealers. You are not required to comply with this part for securities transactions effected by a registered broker-dealer, if the registered broker-dealer directly provides the customer with a confirmation. These transactions include a transaction effected by your employee who also acts as an employee of a registered broker-dealer (“dual employee”).
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