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5 Cards in this Set
- Front
- Back
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18
A Broker-Dealer acts as a broker when performing |
security trading activities on behalf of its clients
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18
A Broker-Dealer acts as a dealer when performing |
trading activities for itself.
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19
Financial institutions that The USA excludes from the definition of Broker-Dealer PI PIT |
Profit Sharing Trusts
Insurance Company Pension Trust Institutional Buyers Trust Company |
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22
When does an individual or firm only act in the capacity of an investment advisor? |
if the investment advice provided concerns investment in securities
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Under the Uniform Securities Act, an agent who offers a non-exempt, unregistered security for sale:
May be civilly liable to the purchaser if the transaction is not exempt |
An unregistered, non-exempt security may only be offered or sold in an exempt transaction. If the transaction is exempt, however, no violation of the Act has occurred and therefore, no civil liability or criminal penalties could be imposed.
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