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National Association of Securities Dealers

THE NATIONAL Association of Securities Dealers (NASD), which operates subject to Securities and Exchange Commission (SEC) oversight, is the largest self-regulatory organization in the United States, with a membership that includes virtually every broker-dealer in the country that does a securities business with the public. The NASD develops rules and regulations, conducts regulatory reviews of members' business activities, and designs and operates marketplace services and facilities. Established under authority granted by the 1938 Maloney Act Amendments to the Securities Exchange Act of 1934, Congress established a system of selfregulation for securities brokers and dealers paralleling those earlier created for the securities exchanges.

Under federal law, virtually every securities firm doing business with the American public is a member of this organization. Roughly 5,300 brokerage firms, over ...

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