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Registration Requirements Eased for Brokers and Financial Advisors in M&A Transactions

Daniel I. DeWolf and Louis J. Froelich, two of our colleagues in Mintz Levin's Venture Capital & Emerging Companies Practice, have circulated an alert about a significant change in SEC policy that now allows financial advisors and business brokers to advise on many mergers and acquisitions of privately held companies involving stock transactions without having to register as broker-dealers. Previously, M&A brokers were in most cases required to register as broker-dealers when facilitating stock deals.  But a recent no-action letter issued by the SEC permits M&A brokers to facilitate M&A stock transactions of privately held companies without registering as broker-dealers, as long as they meet certain conditions.  To read the alert and learn more, please click here.

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Chip Phinney