A recently proposed Securities and Exchange Commission (“SEC”) exemption from broker-dealer registration may make it easier for small and medium-sized businesses to raise capital from accredited investors, but questions...more
At age 79, Paul Anka, the crooner and songwriter, is more relevant than ever. In 2020, he appeared on Season 4 of “The Masked Singer,” enjoyed a popular resurgence courtesy of TikTok, reworked his anthem “My Way” for the...more
• The SEC recently proposed to exempt certain finders from federal requirements to register as a broker - • Massachusetts regulators are opposed to the relief and retain state remedies for unregistered broker activity - ...more
The U.S. Securities and Exchange Commission (the “SEC”) recently proposed a new, conditional exemption from registration as a broker for individuals who are “finders” that connect accredited investors with issuers looking to...more
In order to clarify various no action letters and court decisions, the Securities and Exchange Commission (SEC) has proposed an rule that would allow two classes of “finders” to avoid having to register as a broker-dealer or...more
While an SEC proposal to exempt “finders” from broker-dealer registration requirements is promising, potential hazards remain and interpretive questions may persist. ...more
On October 7, 2020, the US Securities and Exchange Commission (SEC) proposed granting exemptive relief from the broker registration requirement in Section 15 of the Securities Exchange Act of 1934, as amended (the Exchange...more
On October 7, 2020, the Securities and Exchange Commission (SEC) proposed to address long-standing questions regarding the applicability of the broker registration requirements to finders for small and emerging businesses....more
Earlier this month, the SEC proposed an order that would exempt “Finders” — individuals who connect private issuers with accredited investors — from federal broker registration requirements, provided that certain conditions...more
On October 7, 2020, the Securities and Exchange Commission (the “SEC”) proposed a limited, conditional exemption from the broker registration requirements of Section 15(a) of the Securities Exchange Act of 1934 (the “Exchange...more
The Securities and Exchange Commission voted 3-2 on October 7, 2020 to publish for comment a proposed conditional exemption (Proposed Exemption), which would allow a natural person to act as a “finder” to connect accredited...more
Today, the SEC published in the Federal Register a proposed notice of an exemptive order (the “Proposal”) that would, subject to limitations and conditions discussed below, exempt certain individuals seeking to find investors...more
On October 9, 2020, the Securities and Exchange Commission (SEC) proposed an order that would exempt from registration as broker-dealers certain natural person “finders” who help locate investors in connection with the sale...more
SEC Chairman Jay Clayton recently noted that: “Many small businesses face difficulties raising the capital they need to grow and thrive . . . [and] finders may play an important role in facilitating capital formation for...more
The California Department of Business Oversight has enacted final rules to implement an exemption from broker-dealer registration licensing requirements in California for individuals acting as “finders” in securities...more
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
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
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/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