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Securities Exchange Act of 1934

A foundational U.S. law that governs the buying and selling of stocks and other securities, creating the Securities and Exchange Commission (SEC) and regulating stock exchanges, brokers, and dealers.

National securities exchange

An organized marketplace, like the New York Stock Exchange (NYSE) or NASDAQ, where stocks and other securities are bought and sold, and which is registered with the SEC.

Variable interest entity (VIE)

A company structure, often used by foreign companies, where a U.S. investor buys shares in an entity that has contractual control over the underlying operating company, but does not have direct equity ownership or direct legal rights to its assets.

Consolidated variable interest entity

A variable interest entity whose financial results are combined with a parent company's financial statements for reporting purposes, even though the parent doesn't directly own it.

Broker

A firm or person that buys and sells stocks and other securities on behalf of clients, usually for a fee.

Dealer

A firm or person that buys and sells stocks and other securities for its own account, acting as a principal in the transaction.