SEC Adopts New Rules That Will Require More Market Participants to Register as Dealers

SEC Adopts New Rules That Will Require More Market Participants to Register as Dealers

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WilmerHale’s broker-dealer team draws on its intricate knowledge of the regulatory landscape to advise the world’s leading financial market participants.
WilmerHale has played a leading role in shaping the rules that govern the US financial services industry.
WilmerHale’s Investment Management Group provides sophisticated legal and regulatory advice to investment advisers, private fund sponsors, registered funds, and their independent trustees.
On February 6, 2024, by a vote of 3-2 along party lines, the Securities and Exchange Commission adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934, which will significantly expand the definitions of “dealer” and “government securities dealer” to cover additional market participants engaged in liquidity-providing activities, what the staff refers to as “pro forma” market makers.

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