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On January 31, in a significant no-action letter, the Staff of the Division of Trading and Markets provided assurances that it would not recommend enforcement action to the Commission under Section 15(a) of the Securities Exchange Act of 1934 if an "M&A Broker" were to engage in enumerated activities in connection with the purchase or sale of a privately-held company without registering as a broker-dealer pursuant to Section 15(b) of the Exchange Act.
On January 31, in a significant no-action letter (Letter), the
Staff of the Division of Trading and Markets provided assurances
that it would not recommend enforcement action to the Commission
under Section 15(a) of the Securities Exchange Act of 1934 if an
"M&A Broker" (as defined in the Letter) were to
engage in enumerated activities in connection with the purchase or
sale of a privately-held company without registering as a
broker-dealer pursuant to Section 15(b) of the Exchange Act.
The Letter is the culmination of years of effort (both political
and regulatory) and provides significant relief to a broad range of
activities heretofore restricted to registered broker-dealers. Letter.
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