M&A Brokers Receive Relief From Federal Registration But Must Remain Wary of State Requirements

On January 31, 2014, the SEC’s Division of Trading and Markets issued a no-action letter1 effectively permitting “M&A Brokers” to facilitate mergers, acquisitions, business sales, and business combinations (together, “M&A Transactions”) of privately-held companies without registering as a broker-dealer, under certain conditions.

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