He isn't a registered securities broker in Arizona or with the National Association of Securities Dealers.

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But under U.S. law, a banker can't advertise securities products or take orders on transactions from U.S. clients without being registered with the Securities and Exchange Commission.

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And while investment advisers (including planners who give investment advice) are required to register with the SEC and securities officials in 37 states, officials are concerned that some planners who aren't registered are giving advice anyway.

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