Under the Uniform Securities Act, which of the following persons is EXEMPT from the definition of 'agent' and therefore not required to register as such?

Under the Uniform Securities Act, which of

Multiple choice — select the best answer

AA part-time employee of a broker-dealer who solicits clients only on weekends
BAn individual who represents an issuer solely in selling exempt commercial paper to institutional buyers in an exempt transaction
CA salesperson who sells limited partnership interests to retail investors on behalf of a broker-dealer
DAn officer of a broker-dealer who supervises agents but never personally effects transactions

✓ Correct answer: B. An individual who represents an issuer solely in selling exempt commercial paper to institutional buyers in an exempt transaction The USA excludes from the agent definition individuals who represent an issuer in effecting transactions that are themselves exempt, such as sales of exempt securities like commercial paper to institutional purchasers, because the regulatory concern targets retail public offerings.

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Topic: Uniform Securities Agent State Law

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Under the Uniform Securities Act, which of the following persons is EXEMPT from the definition of 'agent' and therefore not required to register as such?

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