“Broker-dealer” defined. “Broker-dealer” means any person engaged in the business of effecting transactions in securities for the account of others or for his own account. “Broker-dealer” does not include:
1. A sales representative;
2. An issuer, except when effecting transactions other than with respect to its own securities;
3. A depository institution; or
4. Any other person the Administrator by regulation or order designates.
Last modified: February 26, 2006