News & Analysis as of

Dealers Securities and Exchange Commission (SEC)

Mayer Brown

US SEC Adopts Rules on Definitions of “Dealer” and “Government Securities Dealer”: Focus on Investment Advisers and Investment...

Mayer Brown on

On February 6, 2024, the Securities and Exchange Commission (SEC) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (Exchange Act), which significantly expand the definitions of “dealer” and “government...more

Seward & Kissel LLP

There Is Really Nothing I Can Add, Even If I ShapeShift

Seward & Kissel LLP on

As lawyer, I pride myself of my ability to wordsmith; like most lawyers, I cannot resist marking up a draft even if it is only just stylistic changes. But sometimes, there is just no way to improve on someone else’s words....more

Jones Day

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

Jones Day on

The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more

Latham & Watkins LLP

The SEC’s Definition of a “Dealer” - End of the Road for DeFi, or Just Another Bump?

Latham & Watkins LLP on

The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC) adopted a new rule on...more

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

Lowenstein Sandler LLP

SEC Expands Definitions of ‘Dealer’ and ‘Government Securities Dealer’ to Adapt to Modern Market Practices

Lowenstein Sandler LLP on

On Feb. 6, the Securities and Exchange Commission (SEC) announced two new rules that expanded the definition of “dealer” and “government securities dealer” under the Securities Exchange Act of 1934 (Exchange Act). These...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

Mayer Brown Free Writings + Perspectives

SEC Rule Proposal Seeks to Clarify “Dealer” Definition for Persons Engaging in Liquidity-Providing Activities

Proposed Rules Could Require Dealer Registration by Certain Principal Trading Firms, Private Funds, Investment Advisers and Other Market Participants - On March 28, 2022, the U.S. Securities and Exchange Commission (“SEC”)...more

Holland & Hart LLP

SEC Proposes Limited Exemption for Individual "Finders"

Holland & Hart LLP on

On October 8, 2020, the Securities and Exchange Commission (the "SEC") voted to propose a new limited conditional exemption from broker registration requirements for "finders." The SEC's press release is accessible here....more

McDermott Will & Emery

Can a Virtual Currency Position Be Treated as a Commodity for Tax Purposes?

McDermott Will & Emery on

Some virtual currency units and positions are treated as commodities by the CFTC and US courts. The IRS has told taxpayers that it views convertible virtual currency as property, not foreign currency, for federal tax...more

Dickinson Wright

Dealing with Your Obligations to Clients During the COVID-19 Pandemic

Dickinson Wright on

While securities regulators on both sides of the border have provided some relief to dealers and advisors, the Canadian Securities Administrators (“CSA”) and the Securities and Exchange Commission (“SEC”) have not extended...more

Dechert LLP

NFA Adopts Cybersecurity Guidance

Dechert LLP on

The National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more

Troutman Pepper

The SEC Releases the First Distribution-In-Guise Enforcement Action Concerning Fund Assets Used to Pay For Marketing and...

Troutman Pepper on

The SEC’s order provides significant guidance on how the SEC staff will scrutinize the propriety of payments made pursuant to commonly occurring agreements between mutual funds and their service providers and with respect to...more

Katten Muchin Rosenman LLP

Bridging the Week - August 2015 #5

Charles Schwab Fined US $2 Million by FINRA for Net Capital Deficiencies: Charles Schwab & Co. agreed to pay US $2 million to the Financial Industry Regulatory Authority to resolve allegations that it had net capital...more

Adler Pollock & Sheehan P.C.

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

Jackson Walker

Texas Adopts Intrastate M&A Dealer Exemption

Jackson Walker on

On February 16, 2015, the Texas State Securities Board voted to formally adopt their proposed Rule 139.27, which provides an exemption from dealer registration for intermediaries providing services solely in connection with...more

Manatt, Phelps & Phillips, LLP

FinCEN Hits Repeat Offender with $20M Penalty

Why it matters - The $20 million civil money penalty assessed by the Financial Crimes Enforcement Network (FinCEN) against Oppenheimer & Co. is intended to send several strong messages to all types of financial services...more

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