The State Securities Commission (Vietnam's equivalent of the Securities and Exchange Commission) says it has no idea how many Vietnamese are trading U.S. stocks.

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An earlier investigation by the state Securities Commission found that the actions of the association, i.e. giving investment advice for a fee, may have caused it to fall within the definition of investment adviser under Alabama law.

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Fahy is a private securities lawyer in Fort Worth, Texas, who previously worked for the Securities and Exchange Commission and the Texas State Securities Board.

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