,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #hcbh  ,,in ,,the ,,house ,,of  
,,representatives  ,april #af1 #bjbf,mr4
 ,donalds introduced the following bill2
 which was referred to the ,committee on
 ,financial ,services  ,a ,,bill  ,to   
amend the ,securities ,exchange ,act of 
#aicd to provide a definition for       
dealer4  #a4 ,short title ,this ,act may
 be cited as the ,defining ,dealer ,act4
  #b4 ,definition of the term dealer    
7a7 ,amendment to definition of the term
 dealer  7#a7 ,in general ,subparagraph 
7,a7 of section #c7;a77#e7 of the       
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;,c7a77#e77 is amended to 
read as follows3  7,a7 ,definition of   
dealer ,the term dealer means any person
 engaged in the business of effecting   
securities transactions for customers   
both-- 7i7 by buying from their         
customers securities 7not including     
security-based swaps1 other than        
security-based swaps with or for persons
 that are not eligible contract         

participants7 for such person's own     
account through a broker or otherwise   
with a view of disposing of them        
elsewhere2 and  7ii7 by selling to their
 customers securities 7not including    
security-based swaps1 other than        
security-based swaps with or for persons
 that are not eligible contract         
participants7 which they have purchased 
for their own account elsewhere4  4     
7#b7 ,effective date ,the amendment made
 by this subsection shall take effect on
 the date that is #cj days after the    
date of the enactment of this ,act4  7b7
 ,treatment of certain orders and       
judgments  7#a7 ,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 7a77#b7 that    
would not have been entered if the      
amendment described in subsection       
7a77#a7 was in effect at the time such  
covered action was entered1 the         
applicable court or the ,securities and 

,exchange ,commission shall vacate the  
covered action not later than #e years  
after the date of the enactment of this 
,act4  7#b7 ,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 7a77#a7 was in effect at the 
time such covered action was entered1   
the applicable court or the ,securities 
and ,exchange ,commission shall vacate  
the covered action as soon as           
practicable4  7#c7 ,covered action ,in  
this subsection1 the term covered action
 means an order or judgment 7including a
 consent order7 entered by a court or   
the ,securities and ,exchange           
,commission4