Series 63 practice questionmediumAgent exemption - issuer
Under the USA, which of the following individuals is NOT required to register as an agent?
- AAn individual effecting sales of a bank's own securities✓ Correct answer
- BAn individual effecting trades for a retail customer through a broker-dealer
- CAn individual soliciting non-issuer transactions
- DAn individual selling securities to institutional investors through a BD
Explanation
Why A — An individual effecting sales of a bank's own securities
Individuals representing issuers in exempt transactions or sales of exempt securities (such as bank-issued securities) are exempt from agent registration under USA 401(b)(3). All other options represent activities requiring registration.
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