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SEC No-Action Letter: How it Applies to M&A Brokers

March 25, 2014 • Webinar

The Staff of the SEC recently issued a novel No-Action Letter that allows M&A Brokers to receive transaction-based compensation for effecting securities transactions in the purchase or sale of privately-held businesses (M&A Transactions) without registering as brokers with the SEC. The Letter expands limited staff relief previously granted to business brokers in several significant ways, including allowing an M&A Broker to represent both buyers and  sellers, to participate in the negotiation of a securities transaction, and to effect transactions involving less than the entire business. M&A Brokers may also represent buyers or sellers of any size company. 

This webcast will address questions raised by M&A Brokers and their attorneys following the issuance of the Letter, including:

  • How the relief applies to venture capital and private equity firms’ transactions with portfolio companies
  • Whether foreign intermediaries can act as M&A Brokers
  • Whether M&A brokers can pay a finder’s fee to third parties who are not themselves qualified to be M&A Brokers
  • Whether a registered broker can also be an M&A Broker
  • The duty of a registered broker-dealer to supervise the M&A Brokerage activities

Join David Blass and Darren Vieira of the SEC, and three of the lawyers who drafted the No-Action Letter request, in a session aimed at providing clarity on these issues. Participants may also ask questions of the staff so please feel free to submit those in advance  to

David Blass
Chief Counsel
US Securities and Exchange Commission

Darren Vieira
Special Counsel
US Securities and Exchange Commission

Faith Colish
Carter Ledyard & Milburn LLP

Martin Hewitt
Attorney at Law

Linda Lerner
Crowell & Moring LLP
Please click here to register. Shortly after registering, you will receive log-on and dial-in information.

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