Series 63 practice questioneasyDistinction: Agent vs. Associated Person
Which of the following individuals employed by a broker-dealer is LEAST likely to be required to register as an agent under the USA?
- AA sales assistant who accepts unsolicited customer orders.
- BA back-office operations clerk who processes trades but does not communicate with clients.✓ Correct answer
- CA research analyst who occasionally presents investment recommendations directly to clients.
- DA branch manager who supervises registered representatives and occasionally accepts orders.
Explanation
Why B — A back-office operations clerk who processes trades but does not communicate with clients.
Only those who effect transactions or accept orders must register as agents (Sec. 401(c)). Back-office staff with no client contact are not agents. The others engage in activities that trigger registration.
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