M&A Broker Exemption Update
We are updating our March 6, 2023 QuickStudy that discussed the new statutory exemption under section 15(b)(13) of the Securities Exchange Act of 1934 from broker registration that allows unregistered M&A advisers to provide M&A advice and services in certain smaller transactions. As anticipated in our QuickStudy, on March 29, the SEC announced that it revoked the 2014 no-action letter that allowed similar activities by unregistered M&A advisers without the limitations under the statutory exemption.
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