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Regulation Regurgitation

The Investment Advisors Act of 1940 and the USA define an investment adviser as:

“…any person who, for compensation, engages in the business of advising others as the value of securities or the advisability of investing in securities or, as part of a regular business, issues analyses or reports concerning securities.”

And they define a broker dealer as:

“…any person regularly engaged in the business of effecting transactions in securities for the account of others.”

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