The Defining Dealer Act amends the Securities Exchange Act of 1934 to clarify the definition of "dealer.
The Defining Dealer Act amends the Securities Exchange Act of 1934 to provide a clear definition of the term "dealer." It specifies that a dealer is any person engaged in the business of effecting securities transactions for customers by buying or selling securities for their own account. The bill also includes provisions for vacating certain prior judgments and orders that would not have been entered if the new definition was in effect. The amendment takes effect 30 days after the enactment of the act.
The filed bill text is too short for analysis.