SEC Rule Expanding Broker-Dealer Definition Published in the Federal Register
An SEC final rule expanding the definition of "broker-dealer" under the Securities Exchange Act was published in the Federal Register. (See previous coverage.)
The final rule will go into effect on April 29, 2024.
An updated memorandum on this proposed rule is to follow.
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Regulatory Intelligence Commentary: SEC Expands Broker-Dealer Registration Requirement: The Rule, The Consequences, The Legal Questions
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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.
