An exempted borrower is a member of a national securities exchange or a registered broker or dealer who:
An exempted borrower is a member of a national securities exchange or a registered broker or dealer who:
The criteria stated in options A, B, and C do not accurately describe the conditions under which a member of a national securities exchange or a registered broker or dealer would be classified as an exempted borrower. Exempted borrowers are typically defined by specific regulatory statuses or exemptions granted under securities or banking regulations, rather than the number of active accounts or percentages of revenue from specific kinds of transactions.
The criteria provided in options A, B, and C do not accurately describe the conditions under which a member of a national securities exchange or a registered broker or dealer would be considered an exempted borrower under the usual regulatory frameworks such as Regulation U, which deals with credit issued for the purpose of buying or carrying margin stock. Exempted borrowers are typically defined by criteria related to their regulatory status or specific exemptions provided under securities or banking regulations, not by the number of active accounts they maintain or the proportion of their revenues derived from transactions with non-brokers or non-dealers.