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Welcome to SEC Roundup, a bimonthly video sequence by former Securities and Trade Fee senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Alternative Advocates Community.
On this episode, Morgan talks with the Various Funding Administration Affiliation’s Suzan Rose in regards to the just lately finalized SEC guidelines relating to securities sellers, which Rose says broaden the scope of broker-dealer registration to entities not historically thought-about as such, marking a considerable departure from longstanding practices.
Rose underscores the potential ramifications for companies, notably fund managers and personal funds, whose operations might not align effectively with broker-dealer necessities.
A key concern raised is the open-ended nature of sure provisions throughout the guidelines, leaving room for interpretation and granting the SEC appreciable discretion of their software. Whereas some problematic requirements have been dropped from the ultimate rule, the remaining provisions nonetheless pose challenges, particularly relating to the potential classification of fund managers as sellers.
See the video above for the dialogue with Rose.
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