14VAC5-250-70: Exemption from the act of securities purchased or sold by odd-lot dealers

Securities purchased or sold by an odd-lot dealer (i) in odd lots so far as reasonably necessary to carry on odd-lot transactions or (ii) in round lots to offset odd-lot transactions previously or simultaneously executed or reasonably anticipated in the usual course of business, shall be exempt from the provisions of the Act (Section 38.2-214 of the Code of Virginia) with respect to participation by such odd-lot dealer in such transactions.