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CHANGE UNIT
Current Unit: UNIT 1: Regulation of Persons & Broker Dealers
Table of Contents
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UNIFORMED SECURITIES ACT
- an agent is an individual that sells securities to the public
- registration as an agent (or BD, IA, or IAR), becomes effective at Noon of the 30th day after submission of a competed application. Registration remains in effect until the renewal date of December 31st
- Registration of a broker-dealer automatically constitutes registration of any agent who is a partner, officer, or director, or a person occupying a similar status or performing similar functions
- an oral examination would apply to the business entity (broker-dealer or investment adviser) while written examinations are taken by agents and investment adviser representatives.
- only an individual can be an agent (a person who sells securities for a broker-dealer)
- An administrative person, such as the assistant to the president of a broker-dealer, is considered an agent if that individual takes securities orders from the public
- The USA generally limits agents to single employment unless the Administrator, by rule or order, authorizes multiple affiliations
- RESIGNING FROM BROKER DEALER
- Agent and Broker-dealer are required to notify Administrator promptly