RegistrationCâu 5 / 100
An agent registered only in State A telephones a long-standing client who is spending the winter in State B. The agent recommends a bond purchase and the client agrees. Which statement is correct?
a.No registration in State B is required, because the client remains a resident of State A and is only temporarily present in State B
b.The agent must register in State B before the call because the offer was received there
c.The agent may complete the trade only if the client signs a waiver of State B law
d.The agent must wait until the client returns to State A before accepting the order
Giải thích
The so-called snowbird exception excludes from the broker-dealer and agent definitions a firm or individual with no place of business in the state whose only contacts there are existing customers who are not residents of that state. Residency, not physical location on the day of the call, drives the analysis. No client waiver can manufacture an exemption, and nothing in the act requires the agent to postpone the order.
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 would NOT meet the Uniform Securities Act's definition of a 'person'?
- Which of the following is NOT a security under the Uniform Securities Act?
- A broker-dealer registered in State X has no office in State Y. Its only State Y business consists of trades executed for three banks, a registered investment company, and another broker-dealer. Must the firm register in State Y?
- An investment adviser has its only office in State M. Over the past twelve months it has advised five individual clients who reside in State N, where it has no place of business. Regarding State N registration, the adviser:
- Which statement about the consent to service of process is correct?
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