“To amend the Securities Exchange Act of 1934 to provide a definition for dealer.”
No CRS summary available for this bill.
This section revises the definition of "dealer" in the Securities Exchange Act of 1934 to mean any person engaged in the business of effecting securities transactions for customers by both (1) buying securities (excluding security-based swaps other than those with or for non-eligible contract participants) from customers for the person's own account with a view to disposing of them elsewhere and (2) selling securities purchased elsewhere for the person's own account to customers. The revision takes effect 30 days after enactment. It further directs courts and the Securities and Exchange Commission (SEC) to vacate "covered actions" (i.e., orders or judgments, including consent orders) that would not have been entered under the new dealer definition—those entered prior to enactment as soon as practicable, and those entered between enactment and the effective date not later than five years after enactment. (Thus, the provision limits the scope of persons subject to dealer registration and related SEC enforcement while providing retroactive relief from certain prior actions.)