Broker-Dealer” is a person or company that is engaged in the business of buying and selling Securities for itself (i.e., as a Broker) or its clients (i.e., as a Dealer). A Broker-Dealer is required to register with the SEC and its activities are regulated by, among other things, the SEC, the applicable Stock Exchange, the Financial Industry Regulatory Authority (or FINRA), and, in many states, the applicable Blue Sky Laws.