Agents · 13%
Distinguish agents, issuers and registration triggers
Resolve status questions by examining representation, transaction type, compensation and state activity.
Start with who is represented
An individual may represent a broker-dealer or issuer. That relationship shapes the agent analysis.
Do not confuse security exemptions with person exemptions
An exempt security or transaction does not automatically remove every licensing requirement for the person selling it.
Ethics25%
Communications20%
Agents13%
Broker-dealers12%
Remedies11%
Securities9%
Advisers5%
IARs5%
Track when status changes
Employment, termination, state activity and Form U4 information can create new filing and amendment duties.
Keep registration separate from conduct
Being registered does not permit fraud, undisclosed conflicts or unsuitable handling of a customer's account.