Section 240.15a-10 - Exemption of certain brokers or dealers with respect to security futures products(a) A broker or dealer that is registered by notice with the Commission pursuant to section 15(b)(11)(A) of the Act (15 U.S.C. 78o(b)(11)(A) ) and that is not a member of either a national securities exchange registered pursuant to section 6(a) of the Act (15 U.S.C. 78f(a) ) or a national securities association registered pursuant to section 15A(a) of the Act (15 U.S.C. 78o-3(a) ) will be exempt from the registration requirement of section 15(a)(1) of the Act (15 U.S.C. 78o(a)(1) ) solely to act as a broker or a dealer in security futures products.(b) A broker or dealer that is registered by notice with the Commission pursuant to section 15(b)(11)(A) of the Act (15 U.S.C. 78o(b)(11)(A) ) and that is a member of either a national securities exchange registered pursuant to section 6(a) of the Act (15 U.S.C. 78f(a) ) or a national securities association registered pursuant to section 15A(a) of the Act (15 U.S.C. 78o-3(a) ) will be exempt from the registration requirement of section 15(a)(1) of the Act (15 U.S.C. 78o(a)(1) ) 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 (15 U.S.C. 78o(b)(11)(A) ) to become a member of such exchange or association; and(2) The broker or dealer complies with section 11(a)-(c) of the Act (15 U.S.C. 78k(a)-(c) ) with respect to any transactions in security futures products on a national securities exchange registered pursuant to section 6(a) of the Act (15 U.S.C. 78f(a) ) of which it is a member, notwithstanding section 15(b)(11)(B)(ii) of the Act (15 U.S.C. 78o(b)(11)(B)(ii) ) . 66 FR 45146 , Aug. 27, 2001