An Exempted Borrower Is a Member of a National Securities

An exempted borrower is a member of a national securities exchange or a registered broker or dealer who:

A) Maintains at least 1,000 active accounts annually for persons other than brokers, dealers, and persons associated with brokers and dealers
B) Earns at least $10 million in gross revenues on an annual basis from transactions with persons other than brokers, dealers, and persons associated with brokers and dealers, or
C) Earns at least 10 percent of its gross revenues on an annual basis from transactions with persons other than brokers, dealers, and persons associated with brokers and dealers
D) None of these