Online stock trading – National Association of Securities Dealers Further, exchanges must register with SEC, and so must over-the-counter dealers doing a business in interstate commerce.

The National Association of Securities Dealers, Inc. is a recognized association of over-the-counter dealers. It operates in co-operation with SEC, and has as its objective to "adopt, administer, and enforce rules of fair practice and rules to prevent fraudulent and manipulative acts and practices, and in general to promote just and equitable principles of trade for the protection of investors." NASD has the power to expel members found guilty of unethical practices; while the SEC has the power to suspend broker-dealer licenses. (SEC has three major sanctions it can pursue: civil injunction, criminal prosecution, and administrative remedy.) The National Association of Securities Dealers isthe outgrowth of the Code of Fair Competition for Investment Brokers, drawn up in 1933.

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