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.
Senate Banking Committee Ranking Member Tim Scott raised concerns about SEC-proposed rules that expand the dealer registration requirement as to transactions in U.S. Treasury securities.
The SEC charged five unregistered broker-dealers and four unregistered investment companies with deceptive pre-initial public offerings.