Client Alert
The SEC Issues No Action Letter Providing Relief to M&A Brokers from Broker-Dealer Registration Requirements
Client Alert
The SEC Issues No Action Letter Providing Relief to M&A Brokers from Broker-Dealer Registration Requirements
February 6, 2014
On January 31, 2014, the Securities and Exchange Commission’s (“SEC”) Division of Trading and Markets (the “Division”) granted no-action relief (the “No-Action Relief”) to “M&A Brokers” (defined below) that engage in certain activities in connection with the purchase or sale of privately-held companies from the brokerdealer registration requirements of Section 15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
