An individual represents a broker-dealer in selling private placements to high-net-worth individuals in State S. Under the USA, must this individual register as an agent?

1. AYes, because they are representing a broker-dealer in effecting securities transactions.✓ Correct answer
2. BNo, because private placements are exempt transactions.
3. CNo, unless the clients are institutional investors.
4. DYes, only if the securities are not federally covered.

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