Defining Dealer Act

HR 8328, the "Defining Dealer Act," amends the Securities Exchange Act of 1934 to update the definition of who qualifies as a "dealer" in securities. This change directly affects individuals and firms engaged in buying and selling securities for customers. Specifically, it defines a dealer as someone who both buys securities from customers for their own account to sell elsewhere, and sells securities to customers that they had purchased for their own account elsewhere, generally excluding most security-based swaps. The bill also includes provisions requiring courts or the Securities and Exchange Commission to vacate certain past orders or judgments if those actions would not have been entered under the bill's new definition. These vacating requirements apply to actions entered both before and shortly after the bill's enactment.