An SEC final rule expanding the definition of "broker-dealer" under the Securities Exchange Act was published in the Federal Register.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr reported that, going forward, the Federal Reserve plans to focus on supervision over fundamental risk management related to counterparty credit risk practices.
The SEC adopted two new rules requiring certain market participants that "play an increasingly significant liquidity providing role," to register with the SEC as broker-dealers or as government securities broker-dealers under the Securities Exchange Act.
The SEC adopted two new rules under the Securities Exchange Act to further define the term "as a part of a regular business." The new rules expand the scope of firms that are required to register as broker-dealers and as government securities broker-dealers.
The New York State Department of Financial Services adopted amendments to state cybersecurity program requirements applicable to entities that operate under a license or registration provided under New York Banking Law, Insurance Law or Financial Services Law.