SERIES-63 practice question 32 of 35

Which of the following would fall under the definition of “agent,” as defined by the Uniform Securities Act (USA)?

Answer options

A: Joe works as an administrative assistant for broker-dealer GetErDone, doing data entry, filing client forms that contain confidential information, and directing calls to registered representatives of the firm.

B: Freedom broker-dealers executes the purchase and sale of securities for its customers.

C: TrustUs Bank has a subsidiary operation that sells mutual funds to the public.

D: None of the above would fall under the definition of “agent,” as defined by the Uniform Securities Act (USA.) Correct answer

Correct Answer:

D. None of the above would fall under the definition of “agent,” as defined by the Uniform Securities Act (USA.)

Explanation

None of the selections describe an “agent,” as defined by the Uniform Securities Act (USA.) Joe is not executing trades for clients of the broker-dealer, and clerical assistants are not classified as agents. Agents must be individuals, so a firm like Freedom broker-dealers would not be considered an agent. A bank is not an individual, and banks are even excluded from the definition of a broker- dealer.

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