M&A Brokers - Federal Exemption from Securities Broker Registration

On March 29, 2023, a federal exemption from securities broker registration for qualifying mergers and acquisitions brokers (M&A brokers) became effective. On the same date, the SEC withdrew its 2014 No-Action Letter to M&A Brokers. This webinar will discuss broker status generally, securities broker registration requirements, the history of the treatment of M&A brokers, the conditions to qualify for the new federal registration exemption, the activities that exclude an M&A broker from the exemption, the differences between the federal exemption and the now-withdrawn 2014 No-Action Letter, and the status of state securities registration.


Learning Objectives:

1. Define "broker" and registration requirements and the new federal exemption for M&A brokers 

2. Review excluded activities

3. Discuss withdrawal of M&A Brokers SEC No-action letter

4. Identify key differences between a No-action letter and a federal exemption

5. Examine the NASAA Model rule and state registration issues