[Series 66] 38, Agent Registration and Exclusions

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- How the Uniform Securities Act defines an agent as an individual representing a broker-dealer or issuer.

- The narrow exclusion for clerical and ministerial employees at broker-dealers who do not effect or solicit trades.

- Why individuals representing issuers in exempt securities or exempt transactions are excluded from agent registration.

- Why representing a broker-dealer selling exempt securities still requires state agent registration.

- A simple decision rule to evaluate entity representation before examining security exemptions on state exams.

This independent study resource is designed to help you master Uniform Securities Act regulations. Practice additional questions at https://open-exam-prep.com/practice/series66 and watch video explanations at https://www.youtube.com/@Open-exam-prep .

Sources checked: September 14, 2026

- https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf

- https://www.finra.org/registration-exams-ce/qualification-exams/series66