15 U.S.C. § 78o–1 — Brokers deemed to be registered

This section is a one-time transition rule. Section 78o requires brokers and dealers to register with the SEC. Before that requirement took full effect, the SEC already had rules letting brokers and dealers register. This section says: any broker or dealer whose registration was already in effect on May 27, 1936, under those earlier SEC rules, is treated as registered under section 78o itself. Those brokers and dealers did not have to file a brand-new application just because section 78o's registration requirement began to apply to them. Their existing 1936 registration automatically carried over and counted as registration under section 78o.