[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8328 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 8328

 To amend the Securities Exchange Act of 1934 to provide a definition 
                              for dealer.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 16, 2026

 Mr. Donalds introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to provide a definition 
                              for dealer.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Defining Dealer Act''.

SEC. 2. DEFINITION OF THE TERM DEALER.

    (a) Amendment to Definition of the Term Dealer.--
            (1) In general.--Subparagraph (A) of section 3(a)(5) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78C(a)(5)) is 
        amended to read as follows:
                    ``(A) Definition of dealer.--The term `dealer' 
                means any person engaged in the business of effecting 
                securities transactions for customers both--
                            ``(i) by buying from their customers 
                        securities (not including security-based swaps, 
                        other than security-based swaps with or for 
                        persons that are not eligible contract 
                        participants) for such person's own account 
                        through a broker or otherwise with a view of 
                        disposing of them elsewhere; and
                            ``(ii) by selling to their customers 
                        securities (not including security-based swaps, 
                        other than security-based swaps with or for 
                        persons that are not eligible contract 
                        participants) which they have purchased for 
                        their own account elsewhere.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect on the date that is 30 days after the date of 
        the enactment of this Act.
    (b) Treatment of Certain Orders and Judgments.--
            (1) Transition period.--With respect to a covered action 
        entered between the date of the enactment of this Act and the 
        effective date described in subsection (a)(2) that would not 
        have been entered if the amendment described in subsection 
        (a)(1) was in effect at the time such covered action was 
        entered, the applicable court or the Securities and Exchange 
        Commission shall vacate the covered action not later than 5 
        years after the date of the enactment of this Act.
            (2) Prior judgments.--With respect to a covered action 
        entered prior to the date of the enactment of this Act that 
        would not have been entered if amendment described in 
        subsection (a)(1) was in effect at the time such covered action 
        was entered, the applicable court or the Securities and 
        Exchange Commission shall vacate the covered action as soon as 
        practicable.
            (3) Covered action.--In this subsection, the term ``covered 
        action'' means an order or judgment (including a consent order) 
        entered by a court or the Securities and Exchange Commission.
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