Which of the following entities is EXCLUDED from the definition of a 'broker-dealer' under the Uniform Securities Act?

Which of the following entities is EXCLUDED

Multiple choice — select the best answer

AAn issuer that sells its own securities directly to the public
BA firm that maintains an office in the state and solicits retail clients
CAn agent who individually effects transactions without firm affiliation
DA foreign broker-dealer with more than ten clients in the state

✓ Correct answer: A. An issuer that sells its own securities directly to the public The USA expressly excludes issuers from the definition of broker-dealer because an issuer selling its own securities is acting as a principal, not as an intermediary for others.

.q-expl{display:block!important}.q-opt[data-idx="0"]{border-color:#16a34a;background:#f0fdf4}.q-opt[data-idx="0"] .oltr{background:#16a34a;color:#fff}.q-opt{cursor:default!important;pointer-events:none}

Keep practising. Use the free Series 63 PDF, watch the YouTube walkthrough, or unlock all 10 web questions with timed mock exams.

Free PDF Video walkthrough

Topic: Uniform Securities Agent State Law

← Previous Next → 🎲 Random question ↩ Back to all questions

Keep practising

Which of the following entities is EXCLUDED from the definition of a 'broker-dealer' under the Uniform Securities Act?

Related questions — Uniform Securities Agent State Law

Free practice here. Timed mocks when you are ready.