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    Home /  Insights /  Memos and Newsletters /  Memo
    S&C Memos

    SEC Redefines “Dealer” to Expand Registration Requirements

    Though Narrower than Proposed, the Rules Remain Broad and Raise Many Significant Questions and Issues for the Market

    March 1, 2024 | min read |
    • Related Practices

    On February 6, 2024, the SEC adopted Rules 3a5-4 and 3a44-2 requiring certain liquidity providers to register as dealers or government securities dealers. Although narrower than initially proposed, the Final Rules remain broad, and outstanding questions remain regarding their scope and potentially adverse effect on market liquidity.

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