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1230. Associated Persons Exempt from Registration

The following persons associated with a member are not required to be registered with FINRA:
(a) persons associated with a member whose functions are solely and exclusively clerical or ministerial; and
(b) persons associated with a member whose functions are related solely and exclusively to:
(1) effecting transactions on the floor of a national securities exchange and who are appropriately registered with such exchange;
(2) transactions in municipal securities;
(3) transactions in commodities; or
(4) transactions in security futures, provided that any such person is registered with a registered futures association.

• • • Supplementary Material: --------------

.01 Registration Requirements for Associated Persons Who Accept Customer Orders. The function of accepting customer orders is not considered a clerical or ministerial function. Each person associated with a member who accepts customer orders under any circumstances shall be registered in an appropriate registration category pursuant to Rule 1220. An associated person shall not be considered to be accepting a customer order where occasionally, when an appropriately registered person is unavailable, the associated person transcribes order details submitted by a customer and the registered person contacts the customer to confirm the order details before entering the order.

Adopted by SR-FINRA-2017-007 eff. Oct 1, 2018.

Selected Notice: 17-30.

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