nice knowledge~Quote from streetgangs:
The main reason the industry is so regulated is too much FRAUD. all investment reps or broker/dealers have to pay insurance fee against fraud of clients money. that is the only reason it's regulated. too many people making bogus claims or high returns and people send them money and the money is nevers seen again.
even now it's regulated, there is still a lot of fraud .imagine if not regulated. customer funds are protected from fraud as all brokers/dealers and investment fund dealers have 'insurance' against fraud. if you are registered, you have overhead like $500 per month and pay much higher data and software fees.