A more thorough explanation:

An associated person is someone who works for a broker or dealer in the securities industry. This can include partners, officers, directors, branch managers, and other employees who perform similar functions or have a similar status. It can also include anyone who controls or is controlled by the broker or dealer, or who is under common control with them.

There are two exceptions to this definition. First, people whose jobs are only clerical or ministerial are not considered associated persons. Second, people who are required to register under state law as a broker or dealer solely because they are issuers of securities or associated with an issuer of securities are not considered associated persons.

For example, a branch manager at a brokerage firm would be considered an associated person. So would a director of a company that controls a broker-dealer. However, a receptionist who only answers phones and greets visitors would not be considered an associated person.