M&A / Mergers and Acquisition Brokers – Amendment to Section 15(b) of the Exchange Act

On December 23, 2022, the House of Representatives passed H.R. 2617, the “Consolidated Appropriations Act of 2023″. Title V of this Act amends Section 15(b) of the Securities Exchange Act of 1934 to add new subsection (13). This new section provides an exemption from broker-dealer registration for certain investment banking activities (E.g. An “M&A broker”). Contact us for more information.

Ref: SEC M&A Brokers No-Action Letter (January 31, 2014, amended February 4, 2014) – https://www.sec.gov/divisions/marketreg/mr-noaction/2014/ma-brokers-013114.pdf

Ref: North American Securities Administrators Association (NASAA) Model Rule – https://www.nasaa.org/wp-content/uploads/2011/07/MA-Broker-Model-Rule-adopted-Sept-29-2015-corrected.pdf

Ref: https://www.congress.gov/bill/117th-congress/house-bill/2617
Ref: https://www.govinfo.gov/content/pkg/BILLS-117hr2617enr/pdf/BILLS-117hr2617enr.pdf