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The securities business in a transition stage over the past few years. The role of the self-regulating association, including the Exchange. The views on regulation by the speaker, who has spent about half of his business life representing private interests, the other half representing the public interest and is now contemplating a move to a position where these interests meld. The role and obligation of the president of the Exchange. A detailed discussion on the role of self-regulation in the securities business follows, under the following headings: Dual Regulation; Self-Regulation; Value of Self-Regulation; Duty Under Self-Regulation; Scope of Duty; Immediate Responsibility of Exchange; Co-operative Regulation; Philosophy of Regulation; Role of the Businessman; Lawrence Report; Summation. The speaker recognizes regulation as part and parcel of the securities business; that the obligation to regulate falls upon various shoulders. Responsibilities of the industry, the businessmen who avail themselves of the securities market, the investors who have the obligation to pursue their remedies, and governments who must assume the role of supervisors over the whole of the industry and be involved directly by supplementary regulation and action, in those areas which cannot be governed by self-regulation. The aim of all regulation. Achieving this end. Serving the investing public and the whole economy through the strengthening of our securities market.