Series 65: Agents Representing Issuers

Agents Representing Issuers

Agents representing issuers DO NOT have to register with the state if:

• • They only engage in transactions in certain exempt securities.
• • Explanation: If an agent works for an issuer of certain exempt securities (e.g., United States government), and he effects transactions only in these securities (e.g., sells government bonds), the agent will not have to register. These exempt securities include:
• » Federal and municipal securities
• » Securities issued by foreign governments with which the U.S. has diplomatic relations
• » Securities issued by commercial banks, savings institutions, or trust companies
• » Investment grade commercial paper (notes) that has a maturity of nine or fewer months, is issued in denominations of at least $50,000, and receives a rating in one of the three highest rating categories from a nationally recognized statistical rating organization
• » Investment contracts issued in connection with an employee benefit plan if the administrator is notified in writing 30 days before the inception of the plan
• • They