Hedge funds raise stakes in fight over dealer rule

Two prominent industry bodies file legal papers in key court case over SEC’s proposed extension of dealer definition

Image of a judge's gavel on a pile of US$100 notes

Alternative investment trade bodies have joined one of several court battles that could influence a controversial plan by US regulators to require more firms to register as securities dealers.

Industry groups Aima and the MFA separately filed legal documents with a US federal court last week in the case SEC v Justin Keener. The groups are hoping for a legal toehold that could strengthen future challenges to the Securities and Exchange Commission’s proposal to widen the scope of its dealer

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