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Category Archives: Broker-Dealer Registration

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M&A BROKER RELIEF FROM REGISTRATION

Posted in Broker-Dealer Registration, Broker-Dealer Regulation, Mergers and Acquisitions, No-Action Relief

The SEC’s Division of Trading and Markets stated that it would not recommend enforcement action if a “mergers and acquisitions broker” were to engage in the sale or purchase of a privately held company without registering as a broker-dealer under Securities Exchange Act of 1934 Section 15(b). Lee M&A Brokers, SEC, No-Action Letter, avail, 1/31/14,… Continue Reading

When in Rome Do as the Romans or At Least Play by the Rules

Posted in Broker-Dealer Registration, Broker-Dealer Regulation, Foreign Broker-Dealers, International Securities Regulation

Usually, we spend a fair amount of time advising our American broker-dealer clients, who do business overseas, that they have to follow the rules of those countries as well.  However, the “shoe” may sometimes be on the other “foot.”  See http://www.sec.gov/litigation/admin/2014/34-71593.pdf. Recently, a foreign broker-dealer was forced to pay a 9 figure judgment to resolve an action brought… Continue Reading

More Unaswered/Answered Broker-Dealer Registration Questions

Posted in Broker-Dealer Registration, Broker-Dealer Regulation, Mergers and Acquisitions

Recently, the SEC’s Division of Trading and Markets Staff issued no action relief allowing those persons and entities specializing in mergers and acquistions (“M&A Broker”) to avoid broker-dealer registration.  See http://www.sec.gov/divisions/marketreg/mr-noaction/2014/ma-brokers-013114.pdf. The staff defined a M&A Broker as “a person engaged in the business of effecting securities transactions solely in connection with the transfer of ownership and… Continue Reading