Person (USA Definition)
Anyone who can be held legally responsible - individuals and organizations.
What is Person (USA Definition)?
Includes individuals, corporations, partnerships, associations, joint-stock companies, trusts (where beneficial interests are evidenced by a security), unincorporated organizations, governments, and political subdivisions. Excluded: minors, deceased persons, and those declared legally incompetent, because they cannot enter binding contracts.
Person (USA Definition): a worked example
A city government is a person under the Act; a 12-year-old is not.
More terms in Uniform Securities Act & Registration
Uniform Securities Act (USA)
The model state securities law most states' 'blue sky' statutes are based on.
State Securities Administrator
The official or agency that enforces a state's securities act.
Investment Adviser (USA Definition)
Advises on securities, as a business, for compensation.
Excluded from the Investment Adviser Definition
Banks, incidental professionals, broker-dealers, and publishers are not advisers at all.
Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
De Minimis Exemption
No place of business in the state and fewer than 6 clients there in 12 months.
Federal Covered Adviser
An adviser registered with the SEC rather than the states.
Exempt Reporting Adviser
A private fund adviser exempt from SEC registration but still filing reports.
All Uniform Securities Act & Registration terms · Full glossary