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Market intermediaries are the gatekeepers of the financial system. These include brokers, dealers, investment advisors, and other professionals who handle investors' money. This principle emphasizes the need for strict regulation and oversight of market intermediaries to ensure they act in the best interests of their clients. This includes requirements for licensing, capital adequacy, and ethical conduct. Effective regulation of market intermediaries is critical for protecting investors from fraud and abuse. Market intermediary regulation involves:
