NAICS Code 523150 — Investment Banking and Securities Intermediation

National Industry in the official 2022 North American Industry Classification System (U.S. Census Bureau). It is the only national industry under 52315 (Investment Banking and Securities Intermediation).

Code	523150
Title	Investment Banking and Securities Intermediation
Level	National Industry (6-digit)
Edition	NAICS 2022 edition
SBA size standard	$47 million in average annual receipts

Official definition (2022 NAICS)

This industry comprises establishments primarily engaged in underwriting, originating, and/or maintaining markets for issues of securities, or acting as agents (i.e., brokers) between buyers and sellers in buying or selling securities on a commission or transaction fee basis. Investment bankers act as principals (i.e., investors who buy or sell on their own account) in firm commitment transactions or act as agents in best effort and standby commitments. This industry also includes establishments acting as principals in buying or selling securities generally on a spread basis, such as securities dealers or stock option dealers.

Illustrative Examples:

Bond dealing (i.e., acting as a principal in dealing securities to investors)

Mutual fund agencies (i.e., brokerages)

Securities brokerages

Securities underwriting

Stock brokerages

Stock options dealing

Cross-References.

Is a business under 523150 "small"?

Under the SBA size standards (13 CFR 121.201, effective March 17, 2023), a business classified in NAICS 523150 qualifies as a small business if it does not exceed $47 million in average annual receipts. Small-business status determines eligibility for federal set-aside contracts, SAM.gov certifications and SBA loan programs — receipts are averaged over the latest 5 fiscal years.

Where 523150 sits in the hierarchy

Level	Code	Title
Sector	52	Finance and Insurance
Subsector	523	Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Industry Group	5231	Securities and Commodity Contracts Intermediation and Brokerage
NAICS Industry	52315	Investment Banking and Securities Intermediation
National Industry	523150	Investment Banking and Securities Intermediation

No direct SIC mapping is shown for this code: it was introduced or redefined after the official 1987 SIC ↔ 2002 NAICS concordance. Use the crosswalk tool to explore related legacy codes.

Data: official 2022 NAICS structure, descriptions and Census concordances, U.S. Census Bureau — U.S. government works in the public domain (17 U.S.C. §105). Suggested reference, not an official determination.