H.R. 8328

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8328 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8328

To amend the Securities Exchange Act of 1934 to provide a definition 
for dealer.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 16, 2026

Mr. Donalds introduced the following bill; which was referred to the 
Committee on Financial Services

_______________________________________________________________________

A BILL

To amend the Securities Exchange Act of 1934 to provide a definition 
for dealer.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Defining Dealer Act''.

SEC. 2. DEFINITION OF THE TERM DEALER.

(a) Amendment to Definition of the Term Dealer.--
(1) In general.--Subparagraph (A) of section 3(a)(5) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78C(a)(5)) is 
amended to read as follows:
``(A) Definition of dealer.--The term `dealer' 
means any person engaged in the business of effecting 
securities transactions for customers both--
``(i) by buying from their customers 
securities (not including security-based swaps, 
other than security-based swaps with or for 
persons that are not eligible contract 
participants) for such person's own account 
through a broker or otherwise with a view of 
disposing of them elsewhere; and
``(ii) by selling to their customers 
securities (not including security-based swaps, 
other than security-based swaps with or for 
persons that are not eligible contract 
participants) which they have purchased for 
their own account elsewhere.''.
(2) Effective date.--The amendment made by this subsection 
shall take effect on the date that is 30 days after the date of 
the enactment of this Act.
(b) Treatment of Certain Orders and Judgments.--
(1) Transition period.--With respect to a covered action 
entered between the date of the enactment of this Act and the 
effective date described in subsection (a)(2) that would not 
have been entered if the amendment described in subsection 
(a)(1) was in effect at the time such covered action was 
entered, the applicable court or the Securities and Exchange 
Commission shall vacate the covered action not later than 5 
years after the date of the enactment of this Act.
(2) Prior judgments.--With respect to a covered action 
entered prior to the date of the enactment of this Act that 
would not have been entered if amendment described in 
subsection (a)(1) was in effect at the time such covered action 
was entered, the applicable court or the Securities and 
Exchange Commission shall vacate the covered action as soon as 
practicable.
(3) Covered action.--In this subsection, the term ``covered 
action'' means an order or judgment (including a consent order) 
entered by a court or the Securities and Exchange Commission.
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