Final answer:
The subject of this question is Business and it pertains to the legal and contractual agreement between a broker and a licensee in the sale of securities.
Step-by-step explanation:
The subject of this question is Business and the grade level is College. The question is referring to a new broker assuming full responsibility for the licensee's activities in the stated transactions. It is most likely discussing the legal and contractual agreement between a broker and a licensee in the sale of securities.
This type of responsibility can be regulated and supervised by an organization like the Securities and Exchange Commission (SEC). The SEC oversees the sale of securities and the brokers, dealers, and bankers involved in the transactions. By assuming full responsibility, the new broker agrees to take on the professional duties and obligations related to the stated transactions.
Overall, this question pertains to the business aspect of broker-client relationships, specifically in the context of the sale of securities.