Member Category Definitions
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Managing Broker-Dealer
A managing broker-dealer is defined as an affiliate member, regardless if they are affiliated with a retail broker-dealer. Persons or firms that are broker-dealer members, but do not register as affiliate members for their managing broker-dealers, are prohibited from marketing, promoting or soliciting through REISA or at REISA events for their managing broker-dealer or its client sponsor firms.
Wholesaler
A wholesaler is either defined as affiliate or sponsor member, never as an individual retail member. A sponsor affiliated wholesaler may join as an additional member of a sponsor's company membership or as an affiliate single member.
Associate Member
An associate member is a retail broker-dealer or RIA, defined as a firm whose primary business purpose is in retail distribution of securities through registered representatives or IARs. This classification does not include managing broker-dealer, sponsor affiliate broker-dealers or broker-dealers that primarily license wholesalers.
