(a) Section 38(b)(1)(A)(ii) of the Arms Export Control Act (22 U.S.C. 2778 ) provides that persons engaged in the business of brokering activities shall register and pay a registration fee as prescribed in regulations, and that no person may engage in the business of brokering activities without a license issued in accordance with the Act.(b) All brokering activities identified in this subchapter apply equally to those defense articles and defense services designated in § 121.1 of this subchapter and those items designated in 27 CFR 447.21 (U.S. Munitions Import List). 78 FR 52690 , Aug. 26, 2013, as amended at 85 FR 3833 , Jan. 23, 2020