Kelley Howes, Jeff Silberman, and Malka Levitin authored an article for Law360 discussing 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."
Read the full article.