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SEC Releases M&A Brokers from Registration

In a stunning reversal from over a decade of ruling differently, last Friday the SEC released a “no-action” letter saying it will not go after intermediaries in merger & acquisition transactions for failure to register as a broker-dealer even if they receive a commission equal to a percentage...

SEC Provides Exemption from Broker-Dealer Registration Requirements for M&A Brokers

On January 31, 2014 (revised February 4, 2014), the SEC issued a no-action letter to a group of attorneys who requested assurance on an issue that has long been on the minds of securities lawyers: are people who facilitate the sale of a controlling interest in a business involving a transfer of stock...