Registration第 29 / 100 题
For purposes of the institutional exception from the broker-dealer definition, which of the following clients would NOT preserve the exception?
a.A commercial bank
b.An individual investor with a $4 million portfolio
c.A registered investment company
d.An insurance company
解析
The institutional exception lists other broker-dealers, banks, savings institutions, trust companies, insurance companies, investment companies, and large employee benefit plans. A wealthy individual is still a retail customer and does not appear on that list, no matter how large the account. Doing business with even one such person in a state where the firm has no place of business defeats the exception.
法律依据: Uniform Securities Act免费刷完整 100 道题库 — 无需注册。
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