What is the registrant's major concern in making investment recommendations, analyzing information about client and security to determine suitability when exemptions do not apply?

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The key idea is ensuring the investment recommendation fits the client’s actual situation. When exemptions don’t apply, a registrant must compare what the client is trying to achieve and what they can tolerate financially—objectives, time horizon, financial position, liquidity needs, and risk tolerance—with the specific features of the security (risk level, liquidity, return potential). If the match isn’t appropriate for that client, the recommendation isn’t suitable to proceed. This focus on how the product aligns with the individual’s profile is what makes suitability the correct concept.