Defining Dealer Act

This bill changes the legal definition of "dealer" in the Securities Exchange Act of 1934. Under the new definition, a dealer is a person in the business of handling securities transactions for customers by both buying securities from customers for the person's own account to resell elsewhere and selling customers securities the person bought elsewhere. The new definition would take effect 30 days after the bill becomes law. Courts or the Securities and Exchange Commission would have to cancel past orders or judgments, including consent orders, that would not have been issued under the new definition.

Full text and official record on Congress.gov

Sponsors

• Byron Donalds Republican sponsor
• 0 cosponsors