RegistrationQuestion 14 of 100
An individual represents a corporate issuer in selling only United States Treasury notes and general obligation bonds of the state to the public. Under the Uniform Securities Act, this individual:
a.Must register as an agent because he sells to the public
b.Is excluded from the definition of agent because he represents an issuer in transactions in specified exempt securities
c.Must register as a broker-dealer instead of an agent
d.Must register as an agent only if he receives commissions
Explanation
The act excludes from the agent definition an individual who represents an issuer in effecting transactions in certain exempt securities such as federal and municipal government obligations and qualifying commercial paper. Because the exclusion applies, no agent registration is required whether or not commissions are paid. A natural person representing an issuer is never a broker-dealer under the act.
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