M&A Brokers Exempted From SEC Broker-Dealer Registration Requirements

LeGaye Law Firm comments on SEC no-action letter. In what appears to be a noteworthy departure from the Securities and Exchange Commission (“SEC”) long-held view that persons receiving transaction-based compensation in connection with facilitating the acquisition and or sale of a company must register with the SEC as a broker-dealer, the SEC issued a No-Action Letter on January 31, 2014, revised February 4, 2014 (the “No Action Letter”), that stated that “.. the SEC would not recommend enforcement action .. if an M&A Broker were to effect securities transactions in connection with the tr

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