On November 21, 2024, the US District Court for the Northern District of Texas vacated rules adopted by the Securities and Exchange Commission (SEC) in February 2024. Those rules had defined language in the definitions of “dealer” and “government securities dealer” (collectively, dealers) under the Securities Exchange Act of 1934 (Exchange Act) in a way that could be read to capture many market participants—including proprietary trading firms, private funds and crypto trading firms—not currently registered as broker-dealers.
Please see full publication below for more information.
