This bill would change the Securities Exchange Act of 1934 to add a specific definition of the term "dealer." Under the new wording, a "dealer" is any person in the business of handling securities transactions for customers both by: (1) buying securities from customers for their own account with the intent to sell them elsewhere, and (2) selling to customers securities they previously bought for their own account. The definition excludes most security-based swaps, except those with or for people who are not eligible contract participants. The change takes effect 30 days after the bill becomes law.
The bill also addresses court and SEC orders or judgments. For covered orders entered between enactment and the effective date that would not have been entered if the new definition had already applied, the court or the Securities and Exchange Commission must vacate those orders no later than five years after enactment. For covered orders entered before enactment that would not have been entered under the new definition, the court or the SEC must vacate them as soon as practicable. "Covered action" means an order or judgment, including a consent order, by a court or the SEC.
No publicly available information on costs or budget effects is included in the bill text or metadata.
No publicly available information on supporters' arguments or stated benefits is included in the bill text or metadata.
No publicly available information on opponents' arguments or stated concerns is included in the bill text or metadata.