Series 63 practice questioneasyAgent Definition
In a remedial practice session, the fact pattern is framed this way. The key is the registration, exemption, or ethical rule doing the real work. 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. The governing USA principle is unchanged even though the framing is different.
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