Which entities are excluded from the definition of broker-dealer?

• A. Agents
• B. Issuers
• C. Banks, savings institutions, trust companies
• D. All of the above

Answer: (D)

Exclusions from the broker-dealer definition. A broker-dealer is someone in the business of effecting securities transactions for others or for their own account. Certain entities aren’t considered broker-dealers, even if they engage in some securities activity. Issuers are excluded because their primary role is issuing securities, not acting as intermediaries trading for others. Banks, savings institutions, and trust companies are excluded because their securities activities fall under banking or fiduciary functions rather than a broker-dealer business. Agents are excluded because they are individuals who act on behalf of a broker-dealer, not the broker-dealer themselves. Since all of these categories are not broker-dealers by definition, the correct answer is all of the above.