Partner Gabi Gillett Highlights Implications of the SEC’s Attempts to Broaden the Definition of “Dealer”

Partner Gabi Gillett is quoted extensively in an article by The National Law Journal that examines the US Securities and Exchange Commission’s (SEC) campaign to expand its definition of a “dealer.” In several recent cases, the SEC has sought penalties and disgorgement from defendants it alleges have acted as dealers without registering as dealers. As Gabi explains, the SEC has argued that anyone who buys and sells securities as a business can be deemed a dealer even if they don’t have customers, transaction-based compensation, or meet the factors the SEC has traditionally relied upon. “This has an impact on regular people,” he tells The NLJ. “This is a real red flag. It’s potentially a big problem. Investors, individuals, and other market participants need to understand what the SEC is trying to do here; they could really be at risk if the SEC’s view prevails.”

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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

Partner Gabi Gillett Highlights Implications of the SEC’s Attempts to Broaden the Definition of “Dealer”

Partner Gabi Gillett is quoted extensively in an article by The National Law Journal that examines the US Securities and Exchange Commission’s (SEC) campaign to expand its definition of a “dealer.” In several recent cases, the SEC has sought penalties and disgorgement from defendants it alleges have acted as dealers without registering as dealers. As Gabi explains, the SEC has argued that anyone who buys and sells securities as a business can be deemed a dealer even if they don’t have customers, transaction-based compensation, or meet the factors the SEC has traditionally relied upon. “This has an impact on regular people,” he tells The NLJ. “This is a real red flag. It’s potentially a big problem. Investors, individuals, and other market participants need to understand what the SEC is trying to do here; they could really be at risk if the SEC’s view prevails.”

Related Capabilities

Related Locations

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

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