Title

M&A Brokers Receive No-Action Relief from Broker-Dealer Registration
Client Memorandum

Created date

2/12/2014

The SEC’s Division of Trading and Markets recently issued an important No-Action Letter that effectively permits “M&A Brokers” to advise on and arrange certain securities transactions in connection with the purchase or sale of privately-held companies without registration as broker-dealers, subject to conditions. Notably, the relief does not restrict either the types of compensation that eligible M&A Brokers can receive or the size of the privately-held company that is the subject of the transaction.