Exclusions from the Definition of Agent for Personnel Representing Issuers include which of the following?

• A. Certain exempt securities
• B. Exempt from registration
• C. With existing employees, partners, or directors of the issuer if no sales-related compensation is paid or given for soliciting any person in this state
• D. All of the above

Answer: (D)

Exclusions from the agent definition include situations where the person isn’t acting as an outside salesperson for the issuer. Specifically, if someone is an issuer’s own employee, partner, or director and their in-state solicitation carries no sales-related compensation, they’re not considered an agent for purposes of state securities laws. Likewise, transactions involving securities that are exempt from registration, or the exemption of the securities themselves, fall outside the scope of the agent definition. In both cases, the activity isn’t treated as “acting as an agent” requiring registration. Since all of these scenarios fit that idea, all of the above are exclusions.