Which term applies to a firm that executes trades for customers: broker, dealer, or agent?
QUESTION
Under USA, is a broker-dealer with a place of business in the state eligible for de minimis exemption?
QUESTION
Under USA, when is an issuer agent NOT required to register (institutional-only sales)?
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ANSWER
When transactions are only with institutional investors. The Uniform Securities Act exempts issuer agents from registration for institutional sales due to the sophistication of such investors.