Kelley Howes, Jeff Silberman, and Malka Levitin authored an article forLaw360discussing the U.S. Securities and Exchange Commission (SEC) reopening the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act.
"These amendments would significantly expand the number and type of platforms that would be subject to registration with the SEC as exchanges or broker-dealers," the authors wrote.
They added: "Under the proposed amendments, CPSs (communication protocol systems) would be required to register with the SEC as exchanges or broker-dealers. This, the SEC believes, would extend investor protections to CPS market participants, enhance regulatory oversight, promote fair and orderly market principles, and level the regulatory disparity between like marketplaces for securities."
