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Author: C. Dirk Peterson

McIntyre & Lemon: > Articles posted by C. Dirk Peterson

Dealer Rules Face Turbulent Start: Private Funds Industry Sues The SEC

As widely anticipated, the private funds industry sued the Securities and Exchange Commission (“SEC”) seeking the invalidation and the postponement of the compliance date of recently adopted dealer rules [National Association of Private Fund Managers v. SEC, Case No. 4:24-cv-00250 (N.D. Tex., Ft. Worth Div.) (March 18, 2024)]. The suit, filed in the business friendly Fifth Circuit, joins another suit against the SEC also seeking to vacate recently adopted private fund adviser rules. ...

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Advocating for 529 Savings Plan Legislation Supported by Clients

As a federal lobbyist, it is not every day that I have an opportunity to advocate for legislation that is supported by thousands of different companies in numerous industries. Further, it is perhaps even less likely these days to be able to work an issue that has strong bipartisan and bicameral support in Washington, DC....

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Compliance Date For Dealer Registration

Today, the Federal Register published the newly adopted dealer registration rules, meaning certain traders (heretofore previously exempt from dealer registration) must register with the Securities and Exchange Commission (“SEC”) and become members of the Financial Industry Regulatory Authority (“FINRA”) by April 29, 2025. ...

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The SEC Significantly Expanded Its Jurisdiction Over Securities Traders By Adopting New Dealer Rules

In the face of overwhelming and near universal industry opposition, the Securities and Exchange Commission (“SEC” or “Commission”), in a split 3-2 vote, adopted new rules designed to capture “de facto market makers” and regulate them as registered “dealers”.1 The adoption of the new dealer rules perhaps should not have been surprising when viewed cumulatively with the Commission’s equity markets concept release,2 a recent amendment to an obscure trading rule, the net effect of which will direct a class of new dealers into membership with the Financial Industry Regulatory Authority (“FINRA”),3 and dealer enforcement actions applying the Commission’s de facto market maker theory that comprises the legal principle at the center of the new rules....

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Traders Now May Be Dealers Under SEC’S New Dealer Rules

In a 3-2 split vote at today’s open meeting, the Securities and Exchange Commission (“SEC” or “Commission”), adopted controversial new rules that establish a liquidity or revenue test as part of a regular dealer business under the Securities Exchange Act of 1934 (“Exchange Act”). That is, the tests prescribed by the new dealer rules are intended to capture so-called “liquidity providers” primarily focused on the Treasury markets but they also sweep in certain traders in the equity markets. ...

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