A bill to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
Amends the Securities Exchange Act of 1934 to exempt from its registration requirements certain merger and acquisition brokers and associated persons.
Denies such registration exemption, however, to brokers who: (1) 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; (2) engage on behalf of an issuer in a public offering of securities that are either subject to mandatory registration, or with respect to which the issuer must file periodic information, documents, and reports; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration, or to certain statutory disqualifications, or to certain final orders.
Prohibits this Act from being construed to limit any other authority of the Securities and Exchange Commission to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 303.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 693.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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