RegistrationQuestion 16 of 100
Which of the following is specifically excluded from the definition of broker-dealer under the Uniform Securities Act?
a.A bank, savings institution, or trust company
b.A firm that maintains a branch office in the state and trades for retail customers
c.A firm with no place of business in the state that solicits retail investors there by telephone
d.A partnership organized to trade securities for the accounts of its many outside investors
Explanation
The broker-dealer definition expressly excludes agents, issuers, and banks, savings institutions, and trust companies. A firm with a place of business in the state must register regardless of client type, and a firm cold-calling retail residents from out of state is doing business in that state. The trading partnership effects transactions for the accounts of others and would need to register.
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