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Federal judge strikes down SEC’s dealer rule amendments

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Photo: Chris McGrath/Getty Images

Julie DiMauro

2 min read
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The SEC’s broader definition faced backlash soon after it was issued from some industry leaders, lawmakers, and investors, plus SEC Commissioners Hester Peirce and Mark Uyeda.

A federal judge in Texas has struck down the SEC’s overhaul of broker-dealer rules that expanded the definition of “dealer” to include proprietary traders and some hedge funds, finding the SEC had exceeded its authority based on the text, history, and structure of the Securities Exchange Act of 1934.

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