Talk:Securities Exchange Act of 1934

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2/25/06: On the section dealing with NASD and NASDAQ, the reference goes: "the 34 Act requires the registration of 'virtually all' broker dealers, placing them under the direct oversight of the SEC and the oversight of the NASD." I thought, tho, that the 34 Act required the registration of 'all broker dealers,' or all people who in the language of the exchange act 'effect securities.' So while there is a narrow exception for a finder, they wouldn't, as a definitional matter, be a broker. So it's more appropriate to say that the 34 act requires the registration of all broker dealers, rather than 'virtually all.' Jahenderson 06:52, 9 March 2006 (UTC)

Also, NASD (I believe) has direct oversight of B/Ds. So that sentence should read: "NASD has direct oversight of B/Ds, with the SEC retaining appellate jurisdiction" or some language like that. Comments?Jahenderson 06:52, 9 March 2006 (UTC)