DEFINITION OF DEALER UNDER THE INVESTMENT ADVISERS ACT OF 1940.

SEC. 219. DEFINITION OF DEALER UNDER THE INVESTMENT ADVISERS ACT OF 1940. Section 202(a)(7) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(7)) is amended to read as follows: “(7) The term ‘dealer’ has the same meaning as given in section 3 of the Securities Exchange Act of 1934, but does not include an insurance company or investment company.”.