Schulte partner William Barbera discusses the SEC’s latest dealer rule expansion with The Wall Street Journal 

Schulte Roth & Zabel partner William Barbera spoke with Wall Street Journal reporter Peter Rudegeair on the heels of the SEC’s newly adopted rules which broaden its definition of what it classifies as a securities “dealer” in the article, “SEC Increases Oversight for Hedge Funds, High-Speed Traders.” 

Terms of the rule have been debated with opponents warning that proposed guidelines would negatively impact the industry hampering investment strategies and limiting market activity, especially in US Treasurys. The SEC, in response to industry concerns, elected not to adopt the more controversial aspects of the proposed rule, although the impact of the remaining tests on the private funds industry remains to be seen. 

William provided feedback on the final rule, stating, “My initial reaction is that the SEC actually listened to commenters as the most problematic aspects appear to have been omitted.” 

Read more here.