SEC may lack legal clout to impose new dealer rule – Citadel

Adoption of quantitative dealer definition may require congressional changes to the US Securities Exchange Act

US Securities and Exchange Commission

The US Securities and Exchange Commission (SEC) may be stepping outside its statutory authority in its attempt to make buy-side Treasury market participants register as dealers, a lobbyist for the hedge fund Citadel said last week.

A proposed rule would require participants to register as dealers if they have traded more than $25 billion of US Treasuries in four of the last six months, subjecting them to a range of additional regulatory requirements.

Aaron Friedman, deputy US head of

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