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Regulation Regurgitation

The Investment Advisers Act of 1940 and the Uniform Securities Act 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.

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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