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New Rules Dealers Government Securities

WilmerHale

SEC Adopts New Rules That Will Require More Market Participants to Register as Dealers

WilmerHale on

On February 6, 2024, by a vote of 3-2 along party lines, the Securities and Exchange Commission (the SEC or the Commission) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (the Exchange Act), which...more

Latham & Watkins LLP

SEC Expands Statutory Definition of “Dealer” and “Government Securities Dealer”

Latham & Watkins LLP on

SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC) adopted new rules that...more

Goodwin

SEC Expands Dealer Definition to Capture Large Traders Regularly Providing Liquidity to the Markets

Goodwin on

High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register as a securities dealer...more

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