The main purpose of this legislation, known as the "Defining Dealer Act," is to clarify and update the definition of the term "dealer" in the Securities Exchange Act of 1934. This is important because it helps to ensure that the rules governing securities transactions are clear and applicable to current market practices. The key provisions of this act include a specific definition of what constitutes a dealer. According to the new definition, a dealer is anyone who buys and sells securities for their own account and does so for customers.