Regulatory Alerts2022-03-28
Further Definition of 'As a Part of a Regular Business' in the Definitions of Dealer and Government Securities Dealer
The Securities and Exchange Commission proposes new rules to further define 'as a part of a regular business' within the statutory definitions of dealer and government securities dealer under the Securities Exchange Act of 1934. The proposed amendments require market participants, particularly principal trading firms providing significant liquidity through electronic platforms, to register as dealers or government securities dealers if they meet specific activity thresholds. This regulatory expansion aims to ensure consistent oversight, enhance market stability, and protect investors by aligning the registration requirements with modern trading practices.
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