Trevor Stasik - About Me

Thursday, October 23, 2008

Legal / Financial Definition of a "Person"

I am currently studying for the Series 63 exam. One of the things that you need to understand in preparing for the exam is the definition of a "person". Under the NSMIA (National Securities Markets Improvement Act), a Person is a legal entity with a broad scope. Any of the following can be considered a person under the act:
  • Individuals
  • Corporations
  • Business Trusts
  • Partnerships
  • Associations
  • Trusts
  • Joint Stock Companies and Joint Ventures
  • Governments and Political Subdivisions
  • Unincorporated Organizations
  • Other Entities
    Only "persons" may be allowed to issue securities or trade securities.


    Not included in the exam study materials, but possibly of interest, the following are not defined as "Persons":
  • Cats
  • Robots
  • Action Figures
  • Chairs
  • Other Inanimate Objects


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