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
Person, Series 63, National Securities Markets Improvement Act, NSMIA
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