September 14, 2022
Glaser Weil LLP’s Marc Indeglia, a securities law partner at the firm and president of the Small Public Company Coalition, offers insight in The Deal’s article on the U.S. Securities and Exchange Commission’s (SEC) attempt to require certain traders and private investment funds to register as broker-dealers.
“In recent years, the SEC has pursued a novel and radically expansive view of who is a dealer. Under this view, any business that buys and sells securities for profit is a ‘dealer.’ On its face, the SEC’s view calls into question the legality of all private investment funds, including hedge funds, venture capital funds and private equity firms …. [The SEC’s] focus is dramatically weighted, if not exclusively weighted, toward ‘investor protection’ and gives little, if any, consideration toward the SEC’s other stated goal of promotion of capital formation,” said Indeglia.
To read the article, click here. (Subscription required.)