Registrations of Persons - Introduction

The following material on registration of persons makes up 30% of your exam. Although this section is not that complicated, it is vital that you are easily able to discern the difference between a broker-dealer, agent, and/or other person. At the end of each part within the section, you will find flashcards to aid your studying. We suggest that you make actual flashcards (3 X 5" index cards work well) to use while preparing.

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Be certain that you know your definitions


Consent to Service of Process
We'll start off the section with a brief explanation of consent to service of process as it applies to broker-dealers, agents, investment advisers and investment adviser representatives.

Usually, all persons must sign a consent to service of process, which means that legal papers, such as subpoenas, meant to be served to a registered person, may be served to an Administrator, and will have the same legal force as if served to the individual or company in person. In essence, the Administrator has legally been given power of attorney to receive NON-CRIMINAL grievances on behalf of a registered person by the consent to service of process.

The legal term is that the Administrator has, by the consent to service of process, been appointed as "attorney in fact" to receive legal documents for the registrant.

Broker-Dealer Definition and Exclusions
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