Series 79 practice questionmediumBroker-Dealer Registration
Which of the following is NOT considered an associated person of a broker-dealer for the purposes of Exchange Act Section 15 registration?
- AA registered principal of the broker-dealer
- BA registered representative employed by the broker-dealer
- CA trader on the broker-dealer's trading desk
- DA client who regularly receives investment advice but is not employed by the firm✓ Correct answer
Explanation
Why D — A client who regularly receives investment advice but is not employed by the firm
Clients, even frequent ones, are not associated persons under Section 15, which includes employees and others connected to the firm. The wrong answers describe roles that are specifically associated with the broker-dealer.
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