News & Analysis as of

Finders

California Finders Exemption Regulations Are Now Effective

by Allen Matkins on

The Commissioner of Business Oversight’s final regulations implementing a new exemption for finders from the broker-dealer provisions of the Corporate Securities Law took effect on June 21, 2017. See 10 CCR §§ 260.211.4,...more

California Finders Rule May Soon Take Effect

by Allen Matkins on

Nearly one year ago, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption...more

Will California Regulate Lead Generators?

by Allen Matkins on

In February, I wrote about SB 297 (Dodd) which as introduced would have required the licensing of finders under the California Finance Lenders Law, Cal. Fin. Code § 22000 et seq. In April, Senator Dodd amended SB 297 to,...more

The Danger of Paying Finder’s Fees to Unregistered Broker-Dealers

by Dorsey & Whitney LLP on

We get asked from time-to-time whether it is advisable for issuers to pay fees to unregistered “finders” for introducing potential investors in the United States to the issuer in connection with securities offerings. The...more

Department Of Business Oversight Proposes Changes To Proposed Finders Rule

by Allen Matkins on

Last July, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the...more

Finance Lenders Annual Report Deadline Is Nigh

by Allen Matkins on

Lenders and brokers licensed under the California Finance Lenders Law must file an annual report by the Ides of March (i.e., March 15) of each year. Cal. Fin. Code § 22159. This is a hard deadline and the Department of...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

by Allen Matkins on

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

Agenda Announced For Next SEC Advisory Committee On Small And Emerging Companies Meeting

The SEC’s Advisory Committee on Small and Emerging Companies announced its agenda for its upcoming February 15 meeting. The committee will discuss...more

Technology Industry Newsletter - June 2016

by Buchalter on

For technology companies seeking investment capital, the new SEC regulations on crowdfunding that went into effect on May 16, 2016 present new funding options by expanding the pool of investors beyond the traditional funding...more

California DBO Proposes Finders Exemption Regulations

by Allen Matkins on

Last fall, California enacted a finders exemption to the broker-dealer registration requirement under the Corporate Securities Law of 1968. See Governor Signs Finders Exemption Bill. This new exemption took effect on...more

California Finders Exemption Has Yet To Catch On

by Allen Matkins on

Last October, Governor Brown signed AB 667 (Wagner) into law. The bill, which was thefor “finders” product of the efforts of the Corporations Committee of the Business Law Section of the California State Bar, created a...more

Finders Keepers, Winners Weepers? Startups Using ‘Finders’ to Bring in Investors May Face Penalties

by Bryan Cave on

Many startups engage third-party consultants, or “finders”, to make introductions to potential investors. Startup founders generally have a technical background, and may lack meaningful connections in the finance/venture...more

Governor Signs Finders Exemption Bill

by Allen Matkins on

Yesterday was the last day for Governor Brown to sign or veto bills passed by the Legislature on or before September 11 and in the his possession after that date.  Cal. Const. Art. IV, § 10(b)(1).  On Saturday, he signed into...more

SEC Advisory Committee on Small and Emerging Companies Makes Recommendations

On September 23, the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies (Advisory Committee) met to discuss, and submit to the SEC, recommendations regarding (1) public company disclosure...more

Corporate and Financial Weekly Digest - Volume X, Issue 37

SEC/CORPORATE - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - On September 23, the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies (Advisory...more

Advisory Committee on Small and Emerging Companies Makes Three Written Recommendations to SEC

It was a productive morning at the last meeting of its current term for the SEC Advisory Committee on Small and Emerging Companies. The Committee, which has been renewed for two more years, approved three recommendations to...more

Senate Appropriations Committee Is Next Stop For California Finders Bill

by Allen Matkins on

AB 667 (Wagner) continues to wend its way through the California legislature.  The bill, which was sponsored by the Corporations Committee of the Business Law Section of the California State Bar, defines a finder as a natural...more

Treatment of “Finders” and Disclosure Effectiveness Discussed at SEC Advisory Committee Meeting

During their July 15 open telephone meeting, the SEC’s Advisory Committee on Small and Emerging Companies continued discussion on the regulatory treatment of “finders” and disclosure effectiveness relating to small...more

Discussion Topics for July 15 SEC Advisory Committee Meeting

The SEC Advisory Committee on Small and Emerging Companies plans to continue discussions from its June 3 meeting regarding public company disclosure effectiveness and the regulatory treatment of “finders” at its July 15, 2015...more

Tips & Traps When Talking to Potential Investors

by Foley & Lardner LLP on

The fundraising process requires countless hours to develop and refine an investor pitch. While the majority of that time will be focused on how to find and raise money from the best investors on the best terms, it is...more

Broker-Dealer Beat - June 2015: Foreign Finders

by Proskauer Rose LLP on

Foreign Finders - The longstanding rules on foreign finders – when a brokerage firm can pay transaction-based compensation to a non-registered foreign finder – will be incorporated into new FINRA Rule 2040, effective...more

Corporate & Financial Weekly Digest - Volume X, Issue 23

In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more

Finders Bill Finds Success In Assembly Committee

by Allen Matkins on

In February, I wrote about the resurrection of a bill that would clarify the status of finders under the California Corporate Securities Law of 1968.  Earlier this week, the bill, AB 667 (Wagner) cleared its first policy...more

SEC No-Action Letter Exempts M&A Brokers from Federal Registration Requirements

by Baker Donelson on

On February 3, 2013, the Security and Exchange Commission's (SEC) Division of Trading and Markets publically issued a significant no-action letter advising that M&A brokers do not need to register as broker-dealers to...more

SEC Relief For "M&A Brokers:" Not Required To Register As Broker-Dealers

by Perkins Coie on

The Chief Counsel of the SEC’s Division of Trading and Markets recently issued an important no-enforcement letter regarding the status of a person engaged in effecting transactions in connection with the transfer of ownership...more

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