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Jenny is an administrative assistant who mans the phones over the lunch hour for a broker-dealer. She occasionally takes orders while the sales staff is on lunch, but does not solicit orders. She is not compensated directly for the orders she takes. Which of the following is true under the Uniform Securities Act?
A. Jenny does not need to register if she only takes unsolicited orders.
B. Jenny does not need to register since her job function is mostly clerical in nature.
C. Jenny needs to register as an agent for the broker-dealer.
D. Jenny does not need to register because she is not compensated for the orders she takes.
Correct Answer: C. Jenny needs to register as an agent for the broker-dealer.
Rationale: Even though Jenny’s job is clerical in nature, if she takes orders, even unsolicited orders, she must register as an agent for the broker-dealer. Interestingly, she is allowed to read off bond quotes or stock prices over the phone and she may access account information without having to register as an agent.
Congratulations! This month’s winner is Jessi B.
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