An employee of ABC Corp. represents the issuer in a private placement that qualifies as an exempt transaction under the Uniform Securities Act. Why is the employee generally excluded from the definition of agent for those sales?

1. AThe employee represents the issuer in an exempt transaction✓ Correct answer
2. BEvery employee of every issuer is automatically excluded
3. CPrivate placements are never subject to state antifraud law
4. DInstitutional purchasers can never buy through registered agents

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