Series 63 practice questionmediumFiduciary Transaction Definition
Which of the following fiduciaries is NOT included in the exemption for fiduciary transactions under the USA?
- ATrustee
- BAdministrator of an estate
- CCustodian for a minor
- DAgent for a client✓ Correct answer
Explanation
Why D — Agent for a client
The exemption applies to trustees, administrators, executors, and similar fiduciaries (USA 402(b)(3)), but not to agents for clients, as agents are not acting in a fiduciary transaction capacity for the exemption.
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