News & Analysis as of

Registration Securities and Exchange Commission (SEC) No-Action Letters

Perkins Coie

SEC Staff Withdraws 2014 Letter in Response to Federal M&A Broker Exemption

Perkins Coie on

A new development has emerged in the series of changes to the regulation of finders (i.e., persons that receive compensation for making an introduction leading to a securities transaction) and mergers and acquisition brokers...more

DarrowEverett LLP

New M&A Broker Exemption: To Be Or Not To Be, That Is The Question

DarrowEverett LLP on

On March 29, 2023, a new exemption from SEC registration for brokers providing services in mergers and acquisitions (“M&A”) transactions officially went into effect. The exemption, outlined in Section 501 of the Consolidated...more

Smith Anderson

Private Company M&A Brokers Exempt from SEC Registration

Smith Anderson on

The SEC has granted relief to Mergers and Acquisitions (M&A) advisory firms to allow them to facilitate private company M&A transactions and receive transaction-based fees without registering as broker-dealers. It has long...more

BakerHostetler

SEC Recently Issued a No-Action Letter Exempting Private Company M&A Brokers From Registration With the SEC as Broker-Dealers

BakerHostetler on

The staff of the Division of Trading and Markets of the Securities and Exchange Commission (the "SEC") recently issued a No-Action Letter[1] that should reduce significantly the registration burdens upon certain brokers and...more

Baker Donelson

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

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

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Provides No-Action Relief to M&A Brokers in Connection With Broker-Dealer Registration Requirements"

On January 31, 2014, the Division of Trading and Markets (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued a no-action letter (as revised on February 4, 2014, the “No-Action Letter”) that permits...more

Katten Muchin Rosenman LLP

SEC Issues No-action Relief Regarding Registration of M&A Brokers

The Securities and Exchange Commission Division of Trading and Markets (Division) issued no-action relief on January 31, in response to a request from attorneys on behalf of firms effecting securities transactions in...more

Eversheds Sutherland (US) LLP

M&A Brokers Exempt from SEC Broker-Dealer Registration Requirements

On January 31, 2014, the U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets issued a No-Action Letter (Letter)1 that allows a private business broker (M&A Broker) to receive transaction-based...more

Morrison & Foerster LLP

Private Company M&A Brokers Don’t Need to Register With the SEC as Broker-Dealers

On January 31, 2014, the SEC issued a ground-breaking no-action letter, taking the position that a financial intermediary that limits its business activity to advising privately held companies in M&A transactions need not...more

Orrick - Finance 20/20

SEC No-Action Relief Under the JOBS Act

On March 26, the Staff of the Division of Trading and Markets of the SEC provided no-action letter relief from the broker-dealer registration requirements of the Securities Exchange Act of 1934 to FundersClub Inc. and its...more

Miller & Martin PLLC

Family Office Relief from CPO Registration

Miller & Martin PLLC on

As noted in an earlier Client bulletin, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued a no-action letter dated November 29, 2012 enabling...more

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