Under the New Issue Rule, all of the following persons are defined as restricted persons, EXCEPT:

In the context of the New Issue Rule, the definition of restricted persons is critical to understanding who is limited in their ability to purchase new issues of securities. Restricted persons typically include close family members of registered persons within broker-dealers, as well as certain individuals directly associated with brokerage firms, such as officers.

The reasoning behind this is to prevent conflicts of interest and ensure that the allocation of new issues is done fairly and transparently. The rule aims to limit individuals who might have undue influence over the distribution of securities or gain an unfair advantage due to their connections.

In this case, the brother of a registered person does not fall under the category of restricted persons as defined by the New Issue Rule. The relationships that qualify as restricted typically include immediate family members like spouses, children, and parents, but not siblings, meaning that the brother does not have the same level of connection that would lead to restrictions on new issue purchases.

In contrast, the spouse, parent, or officer of a broker-dealer are all categorized as restricted persons due to their close relationships with registered representatives or their official capacity within the firm. This demonstrates the intention of the rule to curb potential misallocation of new issues caused by personal relationships or company affiliations.