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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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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