Which of the following persons is defined as an agent by the Uniform Securities Act?
To be defined as an “agent” under the Uniform Securities Act, an individual must take, or solicit, orders from the public. … If an individual works for either a broker-dealer or an issuer and sells securities of that issuer, that individual is defined as an agent under the Act.
Who does the Uniform Securities Act apply to?
The Uniform Securities Act is a model law created as a starting point for state-level securities regulation. The purpose of the Uniform Securities Act is to deal with securities fraud at the state level and to assist the Securities and Exchange Commission (SEC) in enforcement and regulation.
Which of the following is considered to be a broker-dealer under the Uniform Securities Act?
The Uniform Securities Act defines a broker-dealer as any person engaged in the business of effecting transactions in securities accounts for the account of others or for his own account. The person representing the broker-dealer would be an agent, not a broker-dealer.
Which of the following must register as an agent?
If you receive direct compensation from a commission, you must register as an agent. If you represent a broker-dealer that charges commissions or an underwriting fee, you must register as an agent.
Which of the following would be defined as an issuer transaction?
An issuer transaction is one where the proceeds go to the issuer. Initial public offerings; mutual fund offerings, and private placements of limited partnerships are all “issuer” transactions, since the proceeds of the sale go to the issuer.
Which of the following would be included in the Uniform Securities Act’s definition of a sale?
Under the Uniform Securities Act, a sale includes every contract of sale, contract to sell, or disposition of a security for value.
What is the Michigan Uniform security Act?
The Michigan Uniform Securities Act (MUSA), 2008 PA 551, provides for the regulation of the securities industry in Michigan. … Securities sold in Michigan must be either registered, federally covered, or exempt from registration, under the MUSA.
Who does the Securities Exchange Act of 1934 apply to?
What Is the Securities Exchange Act of 1934? The Securities Exchange Act of 1934 (SEA) was created to govern securities transactions on the secondary market, after issue, ensuring greater financial transparency and accuracy and less fraud or manipulation.
Which person is excluded from the definition of a broker-dealer under the Uniform Securities Act?
Excluded from the definition of a broker-dealer under Uniform State Law are persons with no place of business in the State that effect transactions exclusively with issuers; other broker-dealers; depository institutions; insurance companies; investment companies; and pension trusts.
Which of the following persons is excluded or exempt from registration as a broker-dealer in a state?
*A person buying and selling securities for customers’ accounts is deemed a broker-dealer under the Uniform Securities Act. Specifically excluded from the definition of a broker-dealer are banks, trust companies, and savings and loan associations.
What is not a security under Uniform Securities Act?
Commodities such as gold, silver, wheat, and pork bellies are not securities. Options to purchase or sell commodity futures, options on stocks, and stocks are securities. Under the Uniform Securities Act, an issuer is any person who issues or proposes to issue a security for sale to the public.