Laws & RegulationsQuestion 37 of 100
Which of the following persons is EXCLUDED from the definition of 'broker-dealer' under the Uniform Securities Act?
a.A firm soliciting retail securities orders in the state
b.A dealer with a branch office in the state
c.An agent, issuer, or bank acting within the statutory exclusions
d.A firm making a market in over-the-counter stocks for state residents
Explanation
The definition of broker-dealer excludes agents, issuers, and banks, savings institutions, and trust companies. These persons are regulated under other provisions or excluded by policy. Firms soliciting or making markets for state residents generally are broker-dealers requiring registration.
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