Defining Dealer Act

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