Agent Definition and Registration: Rapid Fire
Chapters in this video
- 0:00 The golden retriever test: always an individual
- 1:03 The three elements and the corner-office trap
- 3:06 Form U4, irrevocable consent, and the 30-day effective rule
- 5:01 Triple notification and the no free-floating registration rule
- 6:06 Felony charge vs. conviction, cancellation vs. revocation
- 7:42 Rapid-fire exam recap
What this video covers
- The three non-negotiable elements of agent status: individual, represents a broker-dealer or issuer, and effecting or attempting to effect securities transactions
- Why partners, officers, and directors are only agents if they actually touch transactions, and why clerical, back-office, IT, and marketing staff are excluded
- How issuer-representative exclusions apply to exempt securities, exempt transactions, federal covered securities, and no-commission employee sales
- The mechanics of Form U4 filing, the irrevocable consent to service of process, and why the Administrator never "approves" a registration
- The triple notification rule on any job change: agent, former employer, and new employer must each notify the Administrator promptly
- How registration becomes effective at noon on the 30th day, expires every December 31, and goes inactive immediately when employment ends
- The distinction between cancellation (non-punitive, administrative) and revocation (disciplinary), plus why any felony and only securities-related misdemeanors matter
Read the full lesson, free
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