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<p><span>The Exchange Act defines &ldquo;dealer&rdquo; broadly to encompass any person that is &ldquo;engaged in the business of buying and selling securities . . . for [its] own account,&rdquo; unless it is not doing so as &ldquo;part of a regular business.&rdquo;</span><a name="_ftnref1" href="https://www.sec.gov/news/statement/peirce-statement-proposal-further-define-dealer-032822?utm_medium=email&amp;utm_source=govdelivery#_ftn1">[1]</a><span>&nbsp;Drawing the line between dealers and other active parti...

The Securities and Exchange Commission (“SEC” or “Commission”) has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI. Criticized by SEC...

The Securities and Exchange Commission has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI.1 Criticized by SEC Commissioner Hester Peirce as too wide-ranging and unwieldy with too short of a comment period.

SEC recently issued proposed amendments to the Securities Exchange Act that would significantly broaden the definition of exchange for purposes of regulation under the Exchange Act. The Proposed Rule covers platforms for asset classes that bring together buyers and sellers.

The U.S. Securities and Exchange Commission (SEC) recently issued proposed amendments to the Securities Exchange Act (the “Exchange Act”) that would significantly broaden the definition...