Series 63 practice questioneasyExclusions from agent definition
Which of the following is EXCLUDED from the definition of 'agent' under the USA?
- AAn individual who represents an issuer in exempt transactions.✓ Correct answer
- BAn individual who solicits orders for a broker-dealer.
- CA partner actively selling securities for a broker-dealer.
- DAn individual representing a broker-dealer in private placements.
Explanation
Why A — An individual who represents an issuer in exempt transactions.
Individuals representing issuers in exempt transactions are specifically excluded from the agent definition (USA Sec. 401(b)). Those representing broker-dealers, regardless of the type of security sold, are agents.
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