63 Registration and Licensing Quiz
Under the Uniform Securities Act, which of the following would be required to register as an investment adviser representative? A person who: A. acts as a solicitor for the adviser B. performs ministerial functions for the adviser C. handles the books and records of the adviser D. registers investment adviser representatives
A. acts as a solicitor for the adviser
To raise new capital for the company, a company director decides to sell unissued shares directly to employees of the company. The director earns a commission for selling these shares. This director is defined as a(n): A. agent B. broker-dealer C. issuer D. non-issuer
A. agent
Amendments to filings made with the Administrator to make changes, or to correct misstatements or omissions, must be made: A. promptly B. within 5 business days of the change C. within 45 calendar days of the change D. at the annual renewal of registration or notice
A. promptly
Which of the following is (are) NOT considered to be a "broker-dealer" under the Uniform Securities Act? I A person who effects securities transactions for its own account II A person who effects securities transactions for the account(s) of others III An agent of a broker-dealer who effects securities transactions IV An agent of a broker-dealer who effects securities transactions that are not recorded on the books of the broker-dealer A. III only B. I and II only C. I, II and IV only D. I, II, III, IV
A: An agent of a broker-dealer who effects securities transactions.
Under the Uniform Securities Act, the term "broker-dealer" includes which of the following? A. Savings institutions regulated under State and Federal banking laws B. A person in the business of trading securities for his own account or for the account of other persons C. Banks regulated under State and Federal banking laws D. Agents who represent broker-dealers when performing securities transactions
B: A person in the business of trading securities for his own account or for the account of other persons.
If an agent changes employment from one broker-dealer to another broker-dealer, all of the following would notify the State Administrator EXCEPT: A. Agent B. Former Employer C. New Employer D. FINRA
D. FINRA
Which of the following individuals would be defined as an "agent" under the Uniform Securities Act? A. The manager of a broker-dealer who does not solicit nor take orders B. A silent partner in the broker-dealer C. A trader who is authorized to accept customer orders D. A clerk who solely performs back-office functions
C. A trader who is authorized to accept customer orders
Which of the following is NOT EXCLUDED from the definition of an "investment adviser"? A. Broker-dealer B. Trust company C. Insurance company D. Savings and loan
C. Insurance company
A Registered Investment Adviser is one that is registered with (the): A. FINRA B. NASAA C. SEC D. MSRB
C. SEC
An individual is being paid to sell securities and is being compensated on a commission basis. The commissions are being paid by both the broker-dealer and the issuer. This person is defined as a(n): A. agent of the issuer only B. agent of the broker-dealer only C. agent of both the issuer and the broker-dealer D. none of the above
C. agent of both the issuer and the broker-dealer
All of the following individuals are EXCLUDED from the definition of an investment adviser EXCEPT a(n): A. lawyer B. engineer C. geologist D. accountant
C. geologist
Under the Uniform Securities Act, which of the following would be defined as a "non-issuer" transaction? A. An initial public offering of common stock by a corporation B. The sale of open-end mutual fund shares C. The sale of a security effected on the New York Stock Exchange floor D. The sale of limited partnership interests in a private placement
C: The sale of a security effected on the New York Stock Exchange floor.
The Administrator can deny, suspend or revoke registration of an agent's license for which of the following reasons? I The registration application omits a material fact that would have a bearing on the registration II The agent has intentionally delayed delivery of fully paid customer securities, using the securities for his own purposes III The agent's registration has been suspended in another state IV The agent has not paid required registration fees A. I and II only B. III and IV only C. I, II, IV D. I, II, III, IV
D. I, II, III, IV
Under the Uniform Securities Act, a person could give advice about all of the following securities without having to register in the State as an investment adviser EXCEPT: A. Treasury Bonds B. Ginnie Mae Pass-Through Certificates C. Fannie Mae Debentures D. State General Obligation Bonds
D. State General Obligation Bonds
A registration application is considered to be "complete" when the proper documents: A. are sent to the Administrator B. and the filing fee are sent to the Administrator C. are received by the Administrator D. and the filing fee are received by the Administrator
D. and the filing fee are received by the Administrator
A broker-dealer registered in States A and B has an agent that is registered in State A. The agent takes an unsolicited order from a customer in State B. The agent will have to register in State B if: A. this is an existing customer who resides in State A but is temporarily vacationing in State B B. the customer is the issuer of the securities involved in the transaction C. this is an isolated transaction D. the customer is an accredited investor
D. the customer is an accredited investor
Under the Uniform Securities Act, which of the following securities is (are) considered to have an issuer? I Collateral trust certificate II Equipment trust certificates III Fractional interests in oil and gas programs IV Certificates of interest in a gravel mining program A. I and II only B. III only C. III and IV only D. I, II, III, IV
I and II only: Collateral trust certificate, Equipment trust certificates.
Which of the following are defined as "persons" under the Uniform Securities Act? I Joint Stock Company II Partnership III Estates IV Unincorporated Organization
I,II,III, and IV
Under the provisions of the Uniform Securities Act, a "person" includes all of the following EXCEPT a(n): A. adult couple B. minor C. municipality D. corporation
Minor
All of the following are defined as "persons" under the Uniform Securities Act EXCEPT: A. individuals B. joint stock companies C. unincorporated organizations D. trusts where the interests of the beneficiaries are not evidenced by a security
Trusts where the interests of the beneficiaries are not evidenced by a security.
Under the Uniform Securities Act, an investment adviser may be formed as any of the following EXCEPT a(n): A. corporation B. partnership C. association D. broker-dealer
Broker-Dealer
Which of the following is a federal covered adviser? A. An investment adviser with $10,000,000 of assets B. An investment adviser with $50,000,000 or less of assets C. An investment adviser with $100,000,000 of international assets D. An investment adviser to individuals that are accredited investors under Regulation D
C. An investment adviser with $100,000,000 of international assets
Which terms are defined under the Uniform Securities Act? I Investment Adviser II Investment Adviser Representative III Broker-Dealer IV Broker-Dealer Representative A. I and II only B. III and IV only C. I, II, III only D. I, II, III, IV
C. I, II, III only I Investment Adviser II Investment Adviser Representative III Broker-Dealer
Under the Uniform Securities Act, which of the following would be defined as an investment adviser? A. U.S. Trust Corporation B. Countywide Savings and Loan C. IZZI Advisers, which has $110 million of assets under management D. ACCO Publishers, which has a website that charges for customized financial plans based on customer input
D. ACCO Publishers, which has a website that charges for customized financial plans based on customer input
Which of the following would be defined as an "agent" under the Uniform Securities Act? I A firm that only sells municipal securities of that State to residents of that State II A salesperson who only sells federal covered securities to residents of that State III A wholly owned subsidiary of a bank that is registered as a broker-dealer in the State IV A sales assistant who takes orders from clients when the agent is unavailable A. I and III B. I and IV C. II and III D. II and IV
D. II and IV
All of the following are defined as "institutional buyers" under the Uniform Securities Act EXCEPT: A. banks B. insurance companies C. investment companies D. investment advisers
D: Investment advisers
Under the Uniform Securities Act, an agent that sells securities to a customer in a transaction that is not recorded on the books and records of his or her broker-dealer: A. can only do so if the securities involved, or the transactions, are exempt B. can only do so if the transactions are unsolicited C. will cause the agent's registration to be revoked D. will cause the agent to become a statutory broker-dealer
D: Will cause the agent to become a statutory broker-dealer.
Which of the following individuals is defined as an "agent" under the Uniform Securities Act? A. An individual who represents an issuer in sales of non-exempt securities B. A person who effects securities trades for his own account as a regular course of business C. A person who has no place of business in the State who offers a security to an existing customer who is not a resident of that State D. An individual who represents a broker-dealer in reporting completed trades to customers and answering customer account inquiries
A. An individual who represents an issuer in sales of non-exempt securities
Two companies, Company A and Company B, are involved in a securities offering. Company B is selling its stock. Company A's employees help sell the shares. Company A receives commissions from Company B and pays the commissions to its staff. Therefore, the employees of Company A are: A. agents of a broker-dealer B. their own broker-dealer C. independent contractors D. agents of an issuer
A. agents of a broker-dealer
Which of the following individuals is defined as an "agent" under the Uniform Securities Act? I An individual who represents a broker-dealer selling exempt securities to the public II An individual who represents a broker-dealer selling securities listed on a national stock exchange III An individual who represents an issuer in an exempt transaction IV An individual who represents an issuer in a transaction with existing employees without accepting a commission A. I and II only B. III and IV only C. I, II, IV D. I, II, III, IV
A. I and II only
Which of the following individuals is EXCLUDED from the definition of an "agent" under the Uniform Securities Act? I An individual who represents a broker-dealer selling exempt securities to the public II An individual who represents a broker-dealer selling securities listed on a national stock exchange III An individual who represents an issuer in an exempt transaction IV An individual who represents an issuer in a transaction with existing employees without accepting a commission A. I and II only B. III and IV only C. I, II, IV D. I, II, III, IV
B. III and IV only An individual who represents an issuer in an exempt transaction An individual who represents an issuer in a transaction with existing employees without accepting a commission
Which term is NOT defined under the Uniform Securities Act? A. Investment Adviser B. Investment Adviser Representative C. Broker-Dealer D. Broker-Dealer Representative
B. Investment Adviser Representative
Under the Uniform Securities Act, a person who renders investment advice solely about U.S. Government Agency securities is defined as a(n): A. investment adviser and must register under the Act B. federal covered adviser, and is not required to register under the Act C. broker-dealer and must register under the Act D. agent and is required to register under the Act
B. federal covered adviser, and is not required to register under the Act
An issuer has filed a registration statement in the State proposing to offer 500,000 shares in a combined primary and secondary distribution, consisting of 300,000 newly issued shares and another 200,000 shares being offered by the officers of the firm. Under Uniform State Law, the: A. 500,000 shares being sold is an issuer transaction B. 300,000 shares being sold is an issuer transaction and the 200,000 shares being sold is a non-issuer transaction C. 300,000 shares being sold is a non-issuer transaction and the 200,000 shares being sold is an issuer transaction D. 500,000 shares being sold is a non-issuer transaction
B: 300,000 shares being sold is an issuer transaction and the 200,000 shares being sold is a non-issuer transaction.
Which of the following are EXCLUDED from the definition of a broker-dealer? I Any person who effects securities trades for the account of others II Any person who effects securities trades for his own account III Any person with no place of business in the state who only deals with financial institutions IV Issuers of securities A. I and II B. III and IV C. I, II, III D. I, II, III, IV
B: III and IV: Any person with no place of business in the state who only deals with financial. and Issuers of securities
A firm is retained by a company that wishes to make acquisitions of other companies to act as a finder. The finder can be considered to be a broker-dealer: A. under no circumstances B. if it receives compensation contingent on the closing of a deal C. if it receives a flat fee for services rendered D. if it signs a written contract with the company
B: if it receives compensation contingent on the closing of a deal.
Two individuals sponsor golf tournaments to which they invite venture capitalists that seek to be matched with wealthy potential investors. The individuals sponsoring the event intend to collect a finder's fee paid by the venture capitalist if he or she receives funds from an investor that attended the golf tournament. Which statement is TRUE based on these facts? A. The 2 individuals are not defined as broker-dealers since they are in the business of hosting golf tournaments B. The 2 individuals are not defined as broker-dealers because they do not receive compensation from investors C. The 2 individuals are defined as broker-dealers because they will receive compensation if an investor is matched to a venture capitalist D. The 2 individuals are defined as broker-dealers because they are matching a buyer and seller of securities
C: The 2 individuals are defined as a broker-dealers because they will receive compensation if an investor is matched to a venture capitalist.
The Administrator is empowered to deny, revoke or suspend the registration of any person who: I is insolvent II has failed to properly supervise employees III has been suspended by an Administrator of another State in the past 10 years IV has been convicted of embezzlement within the past 10 years A. I and II only B. III and IV only C. II and IV only D. I, II, III, IV
D. I, II, III, IV
Which of the following are EXCLUDED from the definition of an investment adviser under the Uniform Securities Act? I An employee of an investment adviser II A federal covered adviser III A savings and loan institution IV A broker-dealer A. I only B. I and II C. III and IV D. I, II, III, IV
D. I, II, III, IV
Which of the following are permitted to register with the SEC as a Federal Covered Adviser? I An adviser with $10,000,000 of assets under management II An adviser with $25,000,000 of assets under management III An adviser that is currently registered in 10 States IV An adviser that is currently registered in 15 States A. I and III B. I and IV C. II and III D. II and IV
D. II and IV An adviser with $25,000,000 of assets under management An adviser that is currently registered in 15 States
Which of the following is NOT EXCLUDED from the definition of an "investment adviser"? A. Broker-dealer B. Trust company C. Savings and loan D. Investment company
D. Investment company
An individual who represents an issuer in the sale of that issuer's securities and who earns a commission on each transaction would be defined as an "agent" under the Uniform Securities Act if that individual represents the issuer: A. in sales of specified exempt securities B. effecting exempt transactions C. in sales of covered securities D. effecting sales of securities to employees of the issuer
D. effecting sales of securities to employees of the issuer
All of the following are defined as "professionals" that are excluded from the definition of an investment adviser under the Uniform Securities Act EXCEPT: A. lawyers B. engineers C. teachers D. geologists
D. geologists
An individual is employed by a broker-dealer on a salary basis, solely to give information relating to trades of securities, such as last sale price and size. This individual: A. must be registered as an agent in the State B. must be registered as an investment adviser representative in the State C. must be registered as a broker-dealer in the State D. is not required to be registered in the State
D. is not required to be registered in the State
An issuer hires an agent and registers that individual to distribute an offering of its securities. Which statement is TRUE under NASAA rules? A. If the agent solicits transactions in a State where the agent is not registered, the issuer can be held liable B. If the agent finishes distributing this securities offering and there is time left until the agent's registration lapses at year end, he or she can work for another issuer distributing that issuer's securities C. The agent is only permitted to sell the issuer's securities to employees of that issuer D. The agent must also affiliate with a registered broker-dealer in order to distribute the offering of securities
A. If the agent solicits transactions in a State where the agent is not registered, the issuer can be held liable
Under the Uniform Securities Act, an investment adviser is any person who is compensated for rendering advice about which of the following? A. Investment contracts B. Endowment policies C. Annuity contracts that periodically pay a fixed amount D. Bank issued certificates of deposit
A. Investment contracts
The purpose of the Uniform Securities Act is to protect investors from: A. investment fraud B. aggressive sales pitches C. financial loss D. moral turpitude
A. investment fraud
An individual acts as a finder, facilitating mergers and acquisitions of companies that are both publicly and privately held. The individual searches for companies that appear to be compatible and that will either enjoy a revenue enhancement or cost reduction benefit from the transaction. The individual just introduces the parties to the proposed transaction, but has no involvement in the agreements or valuation. Upon the closing of the deal, the individual is paid a percentage of the transaction. Under NASAA rules, this individual A. needs to register as a broker-dealer in the State because he or she is receiving transaction based compensation B. needs to register as an investment adviser in the State because he or she is giving advice about investing in securities C. does not need to register as a broker-dealer in the State because the clients involved are institutional investors D. does not need to register as an investment adviser in the State because he or she has no involvement in the agreements or valuation
A. needs to register as a broker-dealer in the State because he or she is receiving transaction based compensation
An agent of a broker-dealer effects a securities trade for a customer privately, where the transaction is neither known to the broker-dealer nor is it recorded on the books of the broker-dealer. This individual is defined as a: A. statutory broker-dealer B. statutory issuer C. statutory investment adviser D. statutory administrator
A: Statutory broker-dealer
All of the following are EXCLUDED from the definition of a broker-dealer under the Uniform Securities Act EXCEPT a firm with no place of business in the State that: A. has a few clients in the State with a de minimis exemption B. deals exclusively with issuers of securities C. deals exclusively with other broker-dealers D. deals exclusively with insurance companies
A: has a few clients in the State with a de minimis exemption
All of the following persons are excluded from the definition of a broker-dealer or are exempt from registration as a broker-dealer under the Uniform Securities Act, EXCEPT a firm: A. with an office in the State that effects trades exclusively with other broker-dealers B. with no office in the State that effects trades exclusively with trust companies and other financial institutions C. with no office in a State with a broker-dealer "de minimis" exemption that has a few clients in the State in the preceding 12 months D. with an office in that State that is a trust company that deals with the public
A: with an office in the State that effects trades exclusively with other broker-dealers
An investment adviser located in State A only deals with very large hedge fund investors that are located in State B. The adviser is not required to be registered with the SEC because it currently has $20,000,000 of assets under management. Which statement is TRUE regarding State registration requirements? A. The adviser must register in State B where its customers are located, but it is exempt from registration in State A B. The adviser must register in State A where it has its office, but it is exempt from registration in State B C. The adviser must register in both State A and State B D. The adviser is not required to register in any State because it is exempt
B. The adviser must register in State A where it has its office, but it is exempt from registration in State B
In order to act as an adviser in a State, federal covered advisers: A. must register with the State under the Uniform Securities Act B. must file notice with the State and may be required to file such documents as have been filed with the Securities and Exchange Commission C. are not required to file notice with the State D. are not required to register their representatives with the State
B. must file notice with the State and may be required to file such documents as have been filed with the Securities and Exchange Commission
An individual who represents an issuer selling federally covered investment company securities: A. is not required to register as an agent in the State B. must register as an agent in the State if compensation is being paid for this activity C. must register as an agent in the State if the individual is not federally registered D. must register as an agent in the State
B. must register as an agent in the State if compensation is being paid for this activity
A Registered Investment Adviser enters into an agreement with a Certified Public Accountant, where the CPA will refer clients that need the services of an investment adviser. For each client referral, the CPA will be paid a fee. The CPA is: A. required to register in the State as an agent B. required to register in the State as an investment adviser representative C. not required to register in the State because he already has an independently conferred professional designation D. not required to register in the State because he is regulated by the AICPA
B. required to register in the State as an investment adviser representative
All of the following are "issuer" transactions EXCEPT the: A. sale of a new issue of bonds by a corporation B. trade of 100 shares of stock on an exchange floor C. sale of mutual fund shares to a customer D. sale of Treasury Bills by the U.S. Government
B: trade of 100 shares of stock on an exchange floor.
Who must register in a State as an investment adviser? A person selling a subscription to a service that gives timing of buy and sell orders for specific investment company securities that are exchange traded B. An investment adviser representative who has been registered with an investment adviser for more than 5 years C. An on-line broker-dealer who offers a "no maximum number of trades" program for a 90-day period for a set dollar amount D. A bank that is offering "Raise-Your-Rate" Certificates of Deposit for a set promotional period
C. An on-line broker-dealer who offers a "no maximum number of trades" program for a 90-day period for a set dollar amount
Under the National Securities Markets Improvement Act of 1996, which statement is FALSE? A. Federal covered advisers cannot be required to be registered in the State B. Federal covered securities cannot be required to be registered in the State C. Federal covered advisers cannot be investigated by the State Administrator D. Federal laws supersede State laws covering the same actions
C. Federal covered advisers cannot be investigated by the State Administrator
Under the Uniform Securities Act, all of the following persons are defined as investment adviser representatives EXCEPT the: A. President of the advisory firm B. Vice-President of administration of the advisory firm C. Head word processor of the advisory firm D. Head salesman of the advisory firm
C. Head word processor of the advisory firm
Federal securities laws supersede the provisions of the Uniform Securities Act in which of the following? I Registration requirements applicable to securities offerings II Registration requirements applicable to investment advisers III Broker-dealer capital, custody, financial responsibility and recordkeeping requirements IV Investigation and bringing enforcement action against broker-dealers for unlawful conduct A. I and II B. III and IV C. I, II, III D. I, II, III, IV
C. I, II, III Registration requirements applicable to securities offerings Registration requirements applicable to investment advisers Broker-dealer capital, custody, financial responsibility and record keeping requirements
Which of the following are defined as "Investment Advisers" under the Uniform Securities Act? I Lawyers who advise customers on investments for pension planning who charge a separate fee for advice II Newspapers having an "Investments" column with a general circulation III Persons who take a fee for advising clients about securities IV Publisher of an investment newsletter that provides advice based upon each client's specific investment situation A. I and II only B. I and III only C. I, III and IV D. I, II, III, IV
C. I, III and IV Lawyers who advise customers on investments for pension planning who charge a separate fee for advice Persons who take a fee for advising clients about securities Publisher of an investment newsletter that provides advice based upon each client's specific investment situation
Which of the following are EXCLUDED from registration in a State? I Investment adviser with $150,000,000 of assets under management II Investment adviser with $50,000,000 of assets under management III Investment adviser to an investment company with $150,000,000 of assets IV Investment adviser to an investment company with $50,000,000 of assets A. I and IV only B. II and III only C. I, III, IV D. I, II, III, IV
C. I, III, IV
Which of the following individuals are defined as an agent under the Uniform Securities Act? I An individual who represents an issuer in selling exempt securities II An individual who represents an issuer in selling non-exempt securities III An individual who represents a broker-dealer in selling exempt securities IV An individual who represents a broker-dealer in selling non-exempt securities A. II and IV only B. III and IV only C. II, III, and IV D. I, II, III, IV
C. II, III, and IV An individual who represents an issuer in selling non-exempt securities An individual who represents a broker-dealer in selling exempt securities An individual who represents a broker-dealer in selling non-exempt securities
Which of the following persons would be defined as an "agent" under the Uniform Securities Act? A. April Showers, an administrative assistant in the Treasurer's Department at Rainwear Industries, who sells Rainwear common stock to Rainwear employees under Rainwear's ESOP B. John Q. Public, a municipal employee that accepts tender offers from the public for new issues of general obligation bonds being sold by New York City C. Marvin Mercenary, the President of Capital Industries, who sells Capital Industries common stock to the public D. Ima Pigg, the Controller of PorkPie Products, who negotiates and sells a private placement of PorkPie stock to institutional investors
C. Marvin Mercenary, the President of Capital Industries, who sells Capital Industries common stock to the public
An individual who lived in State B is an existing client of Broker-Dealer. She has temporarily relocated to State A. She contacts her agent located in State B to buy securities. Which statement is TRUE? A. The Broker-Dealer and the agent must be registered in State A only B. The Broker-Dealer and the agent must be registered in State B only C. The Broker-Dealer and the agent must be registered in both States A and B D. The Broker-Dealer is only required to be registered in State B and the agent must be registered in both States A and B
C. The Broker-Dealer and the agent must be registered in both States A and B
An officer of an issuer is engaged in the sale of that issuer's securities to the public. The issuer's securities are federal covered. The officer is: A. excluded from the definition of an agent because the securities involved are federal covered B. not defined as an agent because officers of issuers are excluded C. defined as an agent who must register in the State D. defined as an issuer and is not required to register in the State
C. defined as an agent who must register in the State
Federal securities laws supersede the provisions of the Uniform Securities in all of the following areas EXCEPT: A. registration requirements applicable to securities offerings B. registration requirements applicable to investment advisers C. investigation and bringing of enforcement actions with respect to unlawful broker-dealer conduct D. broker-dealer capital, custody, financial responsibility and recordkeeping requirements
C. investigation and bringing of enforcement actions with respect to unlawful broker-dealer conduct
In order to make an offer of a non-exempt security, an agent of a broker-dealer: A. must be registered in the State in which he or she resides and the broker-dealer is located B. must be registered in the State where he or she is offering the security C. must be registered in the State in which he or she resides and the broker-dealer is located and must be registered in the State where he or she is offering the security D. need not be registered
C. must be registered in the State in which he or she resides and the broker-dealer is located and must be registered in the State where he or she is offering the security
An Investment Adviser Representative is employed by ECCO Advisers, a Federal Covered adviser. ECCO Advisers has its only office in State Y, and has made a notice filing the State Y's Administrator. The IAR gives seminars to potential clients in State Z, which is only 5 miles from the ECCO's offices in State Y. The IAR is: A. required to be registered in State Y only B. required to be registered in State Z only C. required to be registered in both State Y and State Z D. not required to be registered in either State Y or State Z
C. required to be registered in both State Y and State Z
Which of the following individuals would NOT be defined as an investment adviser representative? A. An independent contractor hired by the advisory firm that is not an employee of the adviser who is being paid to solicit clients for the adviser B. A partner in the advisory firm that has no role in the management of customer accounts, but who heads up research at the firm and regularly meets with sales employees to discuss the firm's latest recommendations that could be made to clients C. A compliance officer of the investment adviser who is responsible for supervising the legal aspects of the sales activities of the firm's representatives D. A supervising financial officer of the investment adviser that is responsible for supervising the preparation of the firm's financial statements and the firm's customer account statements
D. A supervising financial officer of the investment adviser that is responsible for supervising the preparation of the firm's financial statements and the firm's customer account statements
Which of the following individuals is NOT EXCLUDED from the definition of a "sales representative" under the Uniform Securities Act? A. An individual who represents an issuer in isolated non-issuer transactions B. An individual who represents an issuer in transactions with underwriters C. An individual who represents an issuer in transactions with financial institutions D. An individual who represents an issuer in transactions with investors
D. An individual who represents an issuer in transactions with investors
Which individual would NOT be exempt from the definition of an "agent" under the Uniform Securities Act? A. An employee of a corporation who processes 401(k) contributions, issuing shares of the company's stock to the company's employees B. An issuer official of the City of Pittsburgh who authorizes the sale of a new issue of general obligation bonds to the public C. An officer of a privately held company who authorizes the sale of shares of the company to an underwriter D. An officer of a publicly held company who offers the company's bonds, which are rated AA by an NSRO, to the public
D. An officer of a publicly held company who offers the company's bonds, which are rated AA by an NSRO, to the public
State "blue sky" laws provide for registration of all of the following EXCEPT: A. broker-dealers B. agents C. investment advisers D. issuers
D. issuers
Under the Uniform Securities Act, a sole proprietor who provides advice for compensation about fixed income annuity contracts: A. must register as an agent B. must register as an investment adviser C. must register as a broker-dealer D. need not register
D. need not register
All of the following are EXCLUDED from the definition of an agent EXCEPT an individual who represents the issuer in the: A. sale of municipal securities to the public B. private placement of common stock C. sale of common stock to the issuer's employees D. sale of federal covered common stock to the public
D. sale of federal covered common stock to the public
