Understanding the SEC's New Rules on Dealer Definition

SEC Significantly Broadens "Dealer" Definition

Two new rules that significantly expand who may be required to register as a "dealer" or a "government securities dealer" were adopted by the Securities and ...

Regularly expressing trading interest that is at or near the best available prices on both sides of the market for the same security and that is ...

Understanding the SEC's New Dealer Rule | ACI Secure

The new rules further clarify the definitions of “dealers” and “government securities dealers” under the Exchange Act. These rules aim to ensure ...

What's the Deal? SEC Expands “Dealer” Definition | Winston & Strawn

On February 6, 2024, the Securities and Exchange Commission (“SEC”) in a 3-2 vote adopted new Rules 3a5-4 and 3a44-2 (collectively, the “New Rules”), ...

SEC Adopts Rules to Include Certain Significant Market Participants ...

Congress did not intend for registration and regulatory requirements to apply to some dealers and not to others. Absent an exemption or ...

U.S. SEC Expands Dealer Registration Requirements, Including to ...

On February 6, 2024, in a 3–2 vote along party lines, the U.S. Securities and Exchange Commission (SEC) adopted rules that further define ...

SEC Expands "Dealer" Definition to Capture Liquidity Providers | HUB

On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the ...

US SEC Adopts Rules on Definitions of “Dealer” and “Government ...

This Legal Update focuses on the potential impact of the rules specifically on investment advisers and investment companies. ... The rules have an ...

“What? I'm a Dealer?”: New SEC Definitional Rules Add to the ...

Thus, the SEC emphasized that market participants acting similarly to traditional dealers that are buying and selling U.S. Treasuries as part of ...

Further Definition of “As a Part of a Regular Business” in the ...

The Securities and Exchange Commission ("SEC" or "Commission") is adopting new rules to further define the phrase "as a part of a regular ...

Final Rules: Changes to Definition of Dealer and Government ...

The public comment file is available online. New Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 further define the phrase “as ...

The SEC Expands the Definition of Dealer - ACA Group

The Final Rules expand the definition of “dealer” and “government securities dealer” by incorporating two qualitative standards to establish whether an entity ...

Understanding the New Definition of a 'Dealer' in Securities Law

The Act defines a “dealer” as “any person engaged in the business of buying and selling securities for such person's own account through a broker or otherwise.”

Who Needs Customers, Anyway? New SEC Rules Turn Traders Into ...

As noted above, a "dealer" buys and sells securities for its "own account." For purposes of the new rule, the term "own account" means any ...

SEC Expands Dealer Definition to Capture Large Traders Regularly ...

Any person, firm, or even a private fund that has or controls total assets of at least $50 million and satisfies one of two new qualitative ...

SEC Adopts New Rules Broadening Dealer Registration ...

Under both the “dealer” and “government securities dealer” definitions, persons are considered dealers if they are “engaged in the business” of ...

SEC Adopts New Dealer Rules to Capture Liquidity Providers

According to the SEC, the Final Rules are intended to retain the dealer-trader distinction for those market participants that only provide ...

SEC Broadens 'Dealer' Definition | Katten Muchin Rosenman LLP

On February 6, 2024, the Securities and Exchange Commission (SEC) adopted two new rules that expand who may be considered a dealer or a ...

SEC Finalizes Rules Updating the Definition of “Dealer” (Part One of ...

Two years ago, the SEC proposed a significant expansion of the definition of “dealer” intended to capture certain unregistered firms that provide liquidity ...

Davis Polk Discusses New SEC Rules on Definition of “Dealer”

The final rules expand the scope of dealers by “further defining” the words “as a part of a regular business” for purposes of the trader exclusion.