Andrew J. Sioson

Apr 26, 2023 | lexology.com | Andrew Blake |Charles Sommers |Lilya Tessler |Conner Brown |Michael J. Ogershok |Andrew J. Sioson

On April 14, 2023, the U.S. Securities and Exchange Commission (SEC) reopened the comment period — for the second time — for proposed amendments to Rule 3b-16 (the Proposal) under the Securities Exchange Act of 1934 (Exchange Act), which defines certain terms used in the statutory definition of “exchange,” excludes certain systems from the definition of exchange, and provides a functional test to assess whether a trading platform meets the definition of exchange.