This bill would amend the Securities Exchange Act of 1934 to exempt merger and acquisition brokers and their associates from registration requirements. The change would apply to companies whose gross earnings are less than $250 million.
The registration exemption would be denied to brokers who:
Receive, hold, transmit, or have custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company.
On behalf of an issue, engage in a public offering of securities that are subject to mandatory registration, or that require the periodic filing of information, documents, and reports.
Nothing in this bill could be interpreted as limiting the authority of the Securities and Exchange Commission to exempt any person, or any class of persons, from provision of this bill or any related rule or regulation.