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Working with Broker Dealers
Under Section 15 of the Securities Exchange Act of 1934, most "brokers" and "dealers" must register with the SEC and join a "self-regulatory organization," or SRO.
Section 3(4) of the Act defines "broker" broadly as:
any person engaged in the business of effecting transactions in securities for the account of others....
Unlike a broker who acts as agent, a dealer acts as principal
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