RegistrationCâu 19 / 100
A broker-dealer registered in State A opens a branch office in State B. Its only State B customers will be three large insurance companies. Regarding State B registration, the firm:
a.Is excluded because its only clients there are institutions
b.Must register in State B because it maintains a place of business in the state
c.Must register only after it accepts a retail account
d.May rely on its State A registration under reciprocity
Giải thích
The institutional exception is available only to a firm with no place of business in the state. Once the firm opens an office in State B, registration is required regardless of how sophisticated its customers are. The Uniform Securities Act contains no general reciprocity provision that lets one state's registration substitute for another's.
Trích dẫn luật: Uniform Securities ActLuyện miễn phí toàn bộ 100 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which of the following is specifically excluded from the definition of broker-dealer under the Uniform Securities Act?
- An investment adviser with $400 million in assets under management is registered with the SEC and has offices in three states. With respect to those states, the adviser:
- An individual who advises clients on behalf of a federal covered investment adviser works out of the firm's branch office in State P. This individual:
- An agent working from an office in State A mails a prospectus and a solicitation letter to a prospect who reads it at her home in State B. Under the Uniform Securities Act, the offer is considered made:
- A securities offering is advertised in a television broadcast that originates outside State C but is viewed by residents of State C. Under the Uniform Securities Act, the offer is:
- An employee of a manufacturing corporation is asked to distribute and explain the company's new stock purchase plan to fellow employees. She receives no commission or other remuneration for these sales. Under the Uniform Securities Act, she is:
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