Series 63 practice questioneasyAgent Definition
In a remedial practice session, the fact pattern is framed this way. Assume all filings and notices are evaluated under the USA. Under the Uniform Securities Act, an 'agent' is defined as:
- AAny firm registered with the SEC to sell securities
- BA corporation that acts as an underwriter for new issues
- CAn individual who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities✓ Correct answer
- DAny person who provides financial planning services for a fee
Explanation
Why C — An individual who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities
Under USA Section 401(b), an agent is any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. The term applies only to natural persons (individuals), not to firms or entities. State-law analysis leads to the same conclusion despite the alternate scenario.
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