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broker-dealer |
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Broker-Dealer A person or firm in the business of buying and selling securities operating as both a broker and dealer depending on the transaction. Notes: Technically, a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal and trades for his or her own account. Because most brokerages act as both brokers and principals, the term broker-dealer is commonly used to describe them. Broker-dealer Any person, other than a bank, engaged in the business of buying or selling securities on its own behalf or for others. See: Dealer.
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The SEC has published a draft contract proposal in preparation for a study comparing how the different regulatory systems that apply to broker-dealers and investment advisers affect investors. The AICPA Personal Financial Planning (PFP) Executive Committee has been tracking the SEC's activities relating to its final rule, "Certain Broker-Dealers Deemed Not to Be Financial Advisers" (www. has improved its specialized errors and omissions program for broker-dealers with 75 or fewer representatives. |
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