·6 min read
Evaluating exemptions versus full DFAL licensing
Volume bands, activity carve-outs, and dual-license overlays deserve finance + counsel joint papers.
Exemption analysis fails when revenue attribution is fuzzy — custody revenue blends quickly.
Document decisions inside board packets so downstream auditors inherit rationale.
Questions before you assume exemption
Does California VA revenue exceed statutory carve-outs once wallets settle?
Do kiosk partnerships shift liability such that UAAR hooks activate?
Will precious-metals certificates traded against VA pairs drag licensing hooks?
Want this tracked inside CompliFi?
Import statutory rows, MU bundles, and deep modules mirror these narratives automatically once onboarding captures your activities.