Glaser Weil’s Marc Indeglia Comments on the “Backlash” from the SEC’s Proposed Registration Requirements

“In recent years, the SEC has pursued a novel and radically expansive view of who is a dealer. Under this view, any business that buys and sells securities for profit is a ‘dealer.’ On its face, the SEC’s view calls into question the legality of all private investment funds, including hedge funds, venture capital funds and private equity firms …. [The SEC’s] focus is dramatically weighted, if not exclusively weighted, toward ‘investor protection’ and gives little, if any, consideration toward the SEC’s other stated goal of promotion of capital formation,” said Indeglia.

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