### Question
How does the law define gross revenues from the securities business?


### Answer
Under *15 U.S.C. § 78lll*, **gross revenues from the securities business** is defined as:

> the sum of (but without duplication)—


 (A) commissions earned in connection with transactions in securities effected for customers as agent (net of commissions paid to other brokers and dealers in connection with such transactions) and markups with respect to purchases or sales of securities as principal

#### Citation:
  - *15 U.S.C. § 78lll*
  - Heading: **CHAPTER 2Bdash1-SECURITIES INVESTOR PROTECTION**

