increased regulation of so-called day-trading firms and the way they woo customers.

In a report issued following a seven-month study by the North American Securities Administrators Association, state regulators identified several concerns about these broker-dealers that allow retail investors to trade their account intra-day. The report raised concerns over issues such as deceptive and misleading advertising, customer suitability, trading on behalf of a third party without an investment advisory license, and loans between customers.

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