Article 16
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An operator of any business specified in the subparagraphs of the preceding Article is a securities firm and shall be categorized as follows:<br/>1. If it operates the business specified in subparagraph 1 of the preceding Article, it is a securities underwriter.<br/>2. If it operates the business specified in subparagraph 2 of the preceding Article, it is a securities dealer.<br/>3. If it operates the business specified in subparagraph 3 of the preceding Article, it is a securities broker.
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